Orthotic Devices, Casts and Splints Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: LS24062701 | Research Suite: Report (PDF) & Market Data (Excel)
The global market value of orthotic devices, casts, and splints market was valued at USD 3.1 billion in 2022, and a CAGR of 27.8% is expected during the forecast period. Increasing incidences of sports injuries all over the world are driving significant growth in the market. Increasing demand to manage the injuries caused by recreational activities and road accidents is driving growth in the market significantly.
Advancements in 3D technologies are driving growth in the market. Continuous technological advancements in 3D technologies and people looking for alternative cures in cases of various injuries are driving growth in the market. The increasing number of patients due to orthopedic ailments is driving growth in the market significantly.
Growth Drivers
The increase in the number the number of people suffering from orthopedic ailments is driving growth in the market significantly. Increasing demand for robot--assisted and minimally invasive techniques is driving growth in the market. Increasing demand to control the high cost of orthotic devices is increasing. The increase in sports injuries and the rise the rise in the number the number of spine issues are driving the demand for orthotic devices on the market. Innovations in orthotics and well-planned reimbursement regulations are expected to drive the orthotic market significantly.
As the global population ages and lifestyle changes, there is a rise in musculoskeletal disorders such as arthritis, osteoporosis, and fractures, driving the demand for orthotic devices, casts, and splints. Innovations in materials like lightweight plastic, 3D design, and manufacturing processes have improved the effectiveness, comfort, and aesthetics of orthotic devices and splints, encouraging adoption. Participation in sports and physical activities continues to grow worldwide, leading to a higher incidence of sports-related injuries that often require orthotic supports for recovery and prevention.
Increasing awareness about the benefits of orthotic devices among patients and
healthcare providers, coupled with increasing healthcare spending globally,
supports market growth. The aging population is more prone to conditions like
arthritis and fractures, driving the demand for orthotic solutions to maintain
mobility and quality of life. Advances in technology allow for greater
customization of orthotic devices and splints to fit individual patient’s
needs, improving patient needs and treatment outcomes. Economic development in
emerging economies is improving access to healthcare services, including
orthotic devices, which drives market expansion.
Segmentation
By Product Type
·
Casting Supplies and Equipment
o Plaster
Casts
o Casting
Tapes
o Cast
Cutters
o Casting
Tools and Accessories
·
Splinting Supplies and Equipment
o Fiber
Glass Splints
o Plaster
Splints
o Other
Splints
o Splinting
Tools and Accessories
·
Orthotics
o Functional
Orthotics
o Accommodative
Orthotics
By Distributional Channels
·
Institutional Sales
o Hospitals
o Orthopedic
Clinics
o Nursing
Facilities
·
Retail Sales
o Online
Sales
o Retail
Pharmacy
o Drug
Stores
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Middle East and Africa
·
Europe
Orthotic Devices, Casts and Splints
Market by Distribution Channel
On the basis of distribution channel, the orthopedic devices, casts, and splints market is segmented into hospitals, orthopedic clinics, nursing facilities, online sales, retail pharmacies, and drug stores. Hospitals are leading segment, and is expected to grow during forecast period significantly. Hospitals are well equipped for the treatment of various types of injuries, like traumatic injuries, bone injuries, spinal injuries, and general injuries. Hospitals are the leading segment due to an increase in the number of orthopedic operations in hospitals.
Hospitals provide preventive
post-operative care by using these devices very efficiently. In the treatment
of osteoarthritis, these devices are used efficiently in hospitals. Orthopedic
clinics are also witnessing significant growth during the forecast period due
to the increasing number of injuries in all of the world’s sporting activities.
Retail pharmacies and drug stores are also witnessing growth during the
forecast period due to increasing demand for these devices in the market.
Orthotic Devices, Casts and Splints
Market by Product Type Segmentation
On the basis of product type, the orthotic devices, casts, and splints market is segmented into casting supplies and equipment, splinting supplies and equipment, and orthotics. Splinting supplies and equipment are a leading segment due to their cost-effective nature. The growing geriatric population and increasing incidents of road accidents are the main reasons behind the significant growth in the market.
The frequency of orthopedic complications based on the aging population is driving growth in the market significantly. An increasing number of sporting activities and recreational sports like hiking and trekking are driving growth in the market due to the increasing number of injuries worldwide. Hospitals equipped with all the facilities are driving growth in the market significantly. The increasing number of orthopedic surgeries is driving growth in the market.
Regional Outlook
On the basis of the regions, the orthotic device casts and splints market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment in the market and is expected to dominate during the forecast period. It allows for greater investment in advanced medical technologies, including orthotic devices, casts, and splints. The region boasts advanced healthcare infrastructure with well-established hospitals, clinics, and rehabilitation centers.
This infrastructure supports the adoption and utilization of orthotic devices. North America is a hub for technological innovation in healthcare. It includes advancements in materials, such as lightweight plastics and fibers, and manufacturing techniques like 3D printing, which enhances quality, and the customization of orthotic devices and splints.
North America has stringent regulatory standards for medical devices, ensuring the safety and efficacy of orthotic products. Like many other regions, North America has a significant number of aging-prone people. Older adults are more susceptible to musculoskeletal issues, which is driving the demand for orthotics devices, casts, and splints. The region has benefited from robust research and development efforts in healthcare, leading to continuous improvement in orthotic technologies. The increasing popularity of recreational activities and injuries due to them is driving growth in the market significantly. The presence of key players in North America and Europe is driving growth in the market significantly.
Key Players
·
Filauer LLC
·
ComfortFitOrthotic Labs Inc.
·
Hanger Inc.
·
Amfit Inc.
·
Ascent Meditech Ltd.
·
3M Healthcare
·
Stryker Corporation
·
Ascent Meditech Ltd.
·
Hanger Inc.
·
DJO, LLC
· Other Players