Orthopedic Braces & Support, Casting and Splints
Global Orthopedic Braces & Support, Casting and Splints Market to Reach US$7.8 Billion by the Year 2026
Orthopedic braces & support tools are used widely in the treatment modalities of issues like orthopedic fractures, rheumatoid arthritis and osteoarthritis, carpal tunnel syndrome and osteoporotic fractures. Growth in the global market is being driven by increase in awareness in regards to the aids; as well as the increasing incidents of arthritis in practically all age groups. The products are gaining increasing popularity for clinically managing various orthopedic disorders such as rheumatoid arthritis (RA), carpal tunnel syndrome, osteoporotic fractures, and osteoarthritis (OA), among others due to the rapid recovery rate and improved clinical efficiency of orthopedic braces and supports. The market is witnessing an increased demand from the geriatric population, which is very sensitive in regards to musculoskeletal illnesses. Also, increased sports activities pertaining to fitness that include biking and running among health conscious people is leading to increase in muscle pain, sports injuries and ligament wounds; thereby increasing demand pertaining to orthopedic braces and supports. Additionally, athletes utilize orthopedic braces for preventing additional injuries during their sports; thereby restricting undesired motion while playing games and enabling easy playing. Increasing government expenditure and awareness in regards to growth within healthcare is expected to provide immense growth opportunities for the orthopedic braces and supports market in future.
Amid the COVID-19 crisis, the global market for Orthopedic Braces & Support, Casting and Splints estimated at US$6.1 Billion in the year 2022, is projected to reach a revised size of US$7.8 Billion by 2026, growing at a CAGR of 5.7% over the analysis period. Orthopedic Braces & Supports, one of the segments analyzed in the report, is projected to grow at a 5.7% CAGR to reach US$4.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Casting Supplies & Equipment segment is readjusted to a revised 6.2% CAGR for the next 7-year period. This segment currently accounts for a 24.9% share of the global Orthopedic Braces & Support, Casting and Splints market. Growth of the casting and splinting market would be driven by increasing availability and adoption of advanced casting and splinting products. These products are available in various shapes and sizes that contribute to improving patients` comfort. In addition, casting and splinting products made of different materials, such as fiberglass, polyester, and polyethylene, introduced by major industry players is expected to drive market growth.
The U.S. Market is Estimated at $2 Billion in 2022, While China is Forecast to Reach $1.1 Billion by 2026
The Orthopedic Braces & Support, Casting and Splints market in the U.S. is estimated at US$2 Billion in the year 2022. The country currently accounts for a 32.71% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2026 trailing a CAGR of 7.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5% CAGR while Rest of European market (as defined in the study) will reach US$1.1 Billion by the end of the analysis period. The US is witnessing considerable growth in the orthopedic braces and supports market owing to increased awareness in regards to bracing products that enable in avoiding further injuries and promoting mobility. Also, incidence of osteoporosis in the U.S. are likely to increase due to increasing number of geriatric and obese people; thereby leading to increasing adoption of orthopedic braces and supports. Europe also represents a major market and growth is being driven by availability of refined and sophisticated products; professional experts; increasing demand pertaining to sophisticated products and therapies in the region; and a well-developed healthcare infrastructure. The market demand in the Asia-Pacific region is likely to be driven by a huge geriatric base in China; as well as the presence of sophisticated methods and plants in Japan.
Splinting Supplies & Equipment Segment to Reach $1.5 Billion by 2026
Growth in the splinting supplies segment is being driven by increasing incidences of road accidents and musculoskeletal injuries; a growing population base comprising people above the age of 65 and the prevalence of orthopedic complications associated with aging; advancements in technology and the use of advanced materials by manufacturers; and the ability of these products to enhance patient compliance in terms of secured support and comfort over the course of the entire treatment. In the global Splinting Supplies & Equipment segment, USA, Canada, Japan, China and Europe will drive the 4.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$820.3 Million will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$142.7 Million by the year 2026, while Latin America will expand at a 6% CAGR through the analysis period.
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