The orthopedic industry has gained much traction since the development of modern orthopedic devices and supports as well as treatment procedures for various bone disorders. The growing need to provide patients with an improved quality of life drives the development of more efficient orthopedic braces, supports, casts, and splints.
The global orthopedic braces and support, casting, and splints market is supported by the rising number of sports injuries and the growing incidence of bone disorders. This has prompted the rapid as well as large-scale adoption of the latest orthopedic technologies.
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The global orthopedic braces and support, casting, and splints market was valued at US$4.6 bn in 2015 and is projected to expand at a CAGR of 6.4% from 2016 to 2024 to reach US$7.9 bn by 2024.
Orthopedic Clinics Most Preferred Settings for Treatment of Bone Disorders
By distribution channel, the orthopedic clinics segment accounted for the major share in the global orthopedic braces and support, casting, and splints market in 2015 and is projected to hold 31.2% by the end of 2016. Orthopedic clinics are the most preferred settings for any treatment related to bone disorders and have been identified as the most attractive segment of the market. This segment is likely to retain its dominance throughout the forecast period owing to treatment specificity and diversity in product availability.
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In terms of product, the orthopedic braces and support, casting, and splints market is led by the orthopedic braces and support segment. As far as incremental opportunity is concerned, this is forecast to be the most attractive product segment, accounting for a 58.4% share by 2024. The demand for braces is expected to increase in the coming years on the backdrop of an increase in obese population, globally.
Growing Accessibility to Quality Healthcare Services in APAC Driving Demand
Accounting for an estimated 37.4% share in 2016, North America dominates the global orthopedic braces and support, casting, and splints market and is likely to retain its lead throughout the forecast period. A large population base affected by bone disorders such as osteoporosis and osteopenia is the primary factor driving the market in this region. According to the Los Angeles County Health Survey, osteoporosis is the most common bone disorder in the U.S., with around 10 million people diagnosed with the disease in the country in 2014. This alarming rise in the incidence of osteoporosis is expected to continue fueling the market in the next few years. The presence of a large number of clinics and hospitals in the U.S. and ongoing technological advancements in the healthcare industry are expected to boost the orthopedic braces and support, casting, and splints market over the forecast period.
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The market in Asia Pacific is projected to reflect a CAGR of 7.3% from 2016 to 2024, emerging as one of the most lucrative regional segments. The increased accessibility to essential healthcare services, increased awareness regarding available treatment options, and the rising out-of-pocket expenses on healthcare services are some of the prominent factors fueling the demand for orthopedic support supplies in the Asia-Pacific region. The rapid rate of urbanization in India and strong government efforts to improve healthcare conditions across developing countries is prompting corporate hospitals to provide better facilities for enhanced diagnosis in the orthopedic segment. The APAC orthopedic braces and support, casting, and splints market is projected to benefit significantly from this.
Key companies operating in the global orthopedic braces and support, casting, and splints market include 3M Healthcare, Prime Medical, Össur Hf, DJO, LLC, Zimmer Biomet Holdings, Inc., and Stryker Corporation.
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