The research study on Orthopedic Splints and Casts Market – Global Outlook & Forecast 2022-2027, recently published by Arizton Advisory & Intelligence, states that the market will grow at a CAGR of 6.06% during 2021-2027.
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Orthopedic Splints and Casts Market Report Scope
|Market Size (2027)||USD 3.34 Billion|
|Market Size (2021)||USD 2.34 Billion|
|Market Segments||Product, Material, Body Part, End User, and Geography|
|Geographic Analysis||North America, Europe, APAC, Latin America, and Middle East & Africa|
|Key Leading Countries||China, India, Japan, South Korea, Australia, Germany, Italy, Spain, France, the UK, the US, Canada, Brazil, Mexico, Argentina, Turkey, South Africa, South Arabia, Egypt, and Nigeria|
Many international, regional, and local vendors characterize the global orthopedic splints and casts market. Essity Medical Solutions, 3M, Breg, envois, DeRoyal Industries, Bauerfeind, and Tynor are the key players in the orthopedic splints and casts market. Prime Medical, Datta Mediproducts, Bird & Cronin, Performance health, DUK-IN, medi, Orthosys, and Alimed have a significant presence in respective regions and countries. Some small start-ups and regional players are also trying to compete in advanced orthopedic splints and casts. Larger healthcare companies tend to acquire, invest in, or partner with these SMEs to diversify their products and participate in digital health.
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Recent Developments in the Global Orthopedic Splints and Casts Market
- In early 2019, Enovis (formulary known as Colfax) completed the acquisition of DJO for around USD 3.15 billion. With this acquisition, Colfax aimed to create a new platform for itself in the orthopedic market, as DJO was one of the leading companies in braces and support devices.
- Breg, a leading orthopedic and billing services company, partnered with its UK distributor, Joint Operations, to expand the supply of high-quality orthopedic products to the UK/Ireland market in July 2020.
- The growing number of MSDs, road accident injuries, sports injuries, and the increasing elderly population is leading to an increase in the development of splints & casts.
- The 3D splints and cast are the next demanding innovation, anticipated to witness high growth in the developed region and emerging markets.
- Introducing spray-based form splints around orthopedic medicine can be a game changer because of its benefits over conventional orthopedic splints & casts.
- Casts accounted for the highest revenue share of 61.06% in the global orthopedic splints & casts market in 2021.
- Synthetic splints & casts accounted for the highest revenue share of 67.86% in the global orthopedic splints & casts market in 2021.
- APAC had the largest revenue share of 30.27% in the global orthopedic splints & casts market in 2021.
Market Trends and Opportunities
Growing Demand For 3D Printed Casts & Splints
The area of orthopedic medicine is best suited for this technology, and the current approach comes in creating orthotics, prosthetics, custom complete joint arthroplasty implants, and others. Orthopedics is one of the most speedily advancing fields in medicine. With musculoskeletal problems, new technology and treatment are developing yearly to aid patients. 3D-printed orthoses allow digital technology to enhance the patient’s experience while delivering appropriate immobilization. By scanning the limb, the fit of the cast matches the patient’s exact anatomy. This prevents pressure points and allows for open areas over wounds or incisions. Interestingly, a 3D cast model has been developed, incorporating a bone stimulator directly into its design.
Many emerging companies in the orthopedic splints and casts market are developing 3D-printed splints & casts. For instance, ActiveArmour, a leading global company in 3D printed casting/splinting, designs a wholly individualized and fitted splint based on the physician’s specific positioning and instructions for each patient’s unique needs.
Introduction of Spray-Based Form Splint
Inventions for fixing broken bones are offered to companies wishing to license and commercialize them. Dr. Army orthopedic surgeon Kevin Martin developed and tested a new approach using fast-curing foam. Polyurethane foam is sprayed directly onto the skin, eliminating the need for nasty and unsanitary cotton swabs. Medications such as antibiotics, pain relievers, and coagulants can be added to the foam. Note that fractures can be fixed without manipulation, which reduces the chance of secondary tissue damage, bleeding, and infection. This new process is also unique. Early studies show that spray foam splints offer better fracture resistance and are easier to apply than traditional splints.
The introduction of this innovative concept around orthopedic medicine in the orthopedic splints and casts market can be a game changer because of its benefits over conventional orthopedic splints and casts. The emergence of the spray-based form splint is offering leading players and start-ups the to develop orthopedic splints & casts with the help of polyurethane spray in the orthopedic splints & casts.
Increasing Target Patient Population
The number of older people is expected to double by 2050 to 1.5 billion. Globally, the population aged 65 and over has risen from 6% in 1990 to 9% in 2019. Orthopedic diseases and injuries affect the musculoskeletal system. This body’s system includes muscles, bones, nerves, joints, ligaments, tendons, and other connective tissues. Chronic orthopedic disease or injury can damage these tissues or structures.
Worldwide, 1.3 million people die yearly in road accidents, 70% of which occur in developing countries. Pedestrians are involved in 65% of deaths, 35% of which are children. Twenty to 50 million people have suffered non-fatal injuries in road accidents. These non-fatal injuries lead to fractures, bone damage, or other severe orthopedic problems. Therefore, a large target patient population, such as osteoporosis, fractures, arthritis, and road accident injury, has led to splinting and casting to heal the damaged part of the body. The technological advancements in splints and casts are helping even faster to recover or heal the injured body part. Thus, the increasing prevalence of aging, musculoskeletal disorders, sports, injury, and road accident injuries has boosted the orthopedic splints and casts market.
The report considers the present scenario of the orthopedic splints & casts market and its market dynamics for 2022−2027. It covers a detailed overview of several industry growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.
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