Orthopedic Braces & Support, Casting & Splints Market
Overview:
Orthopedic braces are designed to alleviate the pain in the lower and upper limbs of the body. These orthopedic braces help to recover from injuries, as well as they enhance the daily life of an individual. These braces can be made from various types of materials such as plastic, fiber glass, and metal. Orthopaedics and orthotists mainly prescribe these devices to patients affected by major injuries.
The global orthopedic braces & support, casting & splints market was valued at US$ 5,839.3 Mn in 2019 and is forecast to reach a value of US$ 9,634.3 Mn by 2027 at a CAGR of 6.5% between 2020 and 2027.
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Drivers:
Rising prevalence of accidents are expected to fuel growth of the global orthopedic braces & support, casting & splints market during the forecast period. For instance, in 2018, the National Informatics Center, India witnessed 467,044 road accidents.
Furthermore, growing geriatric population is also expected to boost growth of the global orthopedic braces & support, casting & splints market during the forecast period. For instance, the U.S. Census Bureau, the U.S. estimated that the old age population will increase by 2034 to 77 million.
Rising prevalence of falls is expected to support growth of the global orthopedic braces & support, casting & splints market. For instance, in January 2018, the World Health Organization reported that fall causes moderate to severe injuries such as hip fractures, head traumas, or bruises in 20-30% geriatric people in the U.S.
Restraints:
Factors such as high cost of fiber material, different reimbursement policies are expected to restrict growth of the global orthopedic braces & support, casting & splints market during the forecast period. The reimbursement scenarios in North America exhibits variations in terms of co-payments, settlements, and pricing. These variations create complexes for third-party market players like social security systems and private insurance organizations. Furthermore, the cost of high quality braces could go around US$ 900.
Opportunities:
Growing inclination towards use of 3D printing in production of finger splints is expected to create lucrative environment of growth opportunities for market players in the global orthopedic braces & support, casting & splints market. For instance, in April 2020, a research released in the Journal of Bioprinting demonstrated fabrication of splint for mallet finger injury with the use of an Ultimaker 2 Extended+ 3D printer.
𝐂𝐡𝐫𝐢𝐬𝐭𝐦𝐚𝐬 𝐒𝐚𝐥𝐞 𝐈𝐬 𝐋𝐢𝐯𝐞!
𝐁𝐮𝐲 𝐍𝐨𝐰 𝐓𝐨 𝐀𝐯𝐚𝐢𝐥 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐅𝐫𝐨𝐦 𝟐𝟓-𝟑𝟎% 𝐭𝐢𝐥𝐥 𝟑𝟏-𝐃𝐞𝐜-𝟐𝟎𝟐𝟏
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Key Takeaways
The market in Asia Pacific is driven by increasing number of work-related injuries. For instance, according to Safe Work Australia, Australia recorded 107,335 work-related injuries in 2017-18.
Increasing prevalence of diabetes is boosting growth of the market in Europe. For instance, according to Diabetes UK, over five million people will suffer from diabetes in the U.K. by 2025.
Regulations:
U.S.
- Orthopedic braces & supports and castings are classified by the U.S. FDA as physical medicine devices under 21 CFR 890 section 3475 of subpart D (Physical Medicine Prosthetic Devices)
- These devices are exempted from the premarket notification procedures in subpart E of part 807, subject to the limitations in 890.9.
- These devices are also exempted from the current good manufacturing practice requirements of the quality system regulation in part 820 of chapter I of 21CFR, also exempted from general requirements concerning records (820.180) and complaint files (820.198), unless the device is labelled or otherwise represented as sterile.
Key Players:
Key players active in the global orthopedic braces & support, casting & splints market are, Össur Corporate, DeRoyal Industries, Inc., Orfit Industries N.V., Prime Medical, Inc., Stryker Corporation, 3M, BSN medical GmbH, DJO Global, Inc., Spencer Italia S.r.l., Breg, Inc., and Zimmer Biomet Holdings, Inc.
Key Developments:
Key players in the market are focusing on keeping transparency over the cost of orthopedic braces & support, casting & splints to increase their market share. For instance, in January 2020, Breg, Inc. announced the launch of a novel software that focuses on enhancing transparency around the cost of long-lasting medical products such as shoulder slings, knee braces, boots, crutches, and splints at the time of their distribution.
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Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Type
- Market Snippet, By Distribution Channel
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Developments
- Technological Advancement
- Regulatory Scenario
- Market Dynamics
- Global Orthopedic Braces & Support, Casting & Splints Market, By Type, 2017 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2019–2027
- Segment Trends
- Orthopedic Braces and Supports
-
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
- Segment Trends
- Upper Extremity Braces and Support
- Low Extremity Braces and Support
-
- Casting Supplies & Equipment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
- Segment Trends
- Splinting Supplies & Equipment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
- Segment Trends
- Introduction
- Global Orthopedic Braces & Support, Casting & Splints Market, By Type, 2017 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2019–2027
- Segment Trends
- Orthopedic Clinics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
- Segment Trends
- Hospitals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
- Segment Trends
- OTC
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
- Segment Trends
- E-Commerce
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
- Segment Trends
- Introduction
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