Transparency Market Research (TMR) has published a new report titled, ‘Orthopedic Braces & Support, Casting & Splints Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global Orthopedic Braces & Support, Casting & Splints market was valued at US$ 5,492.5 Mn in 2018 and is projected to expand at a CAGR of 5.9 % from 2019 to 2027.
Overview
Orthopedic Braces & Support, Casting & Splints are the instruments and equipment used in the treatment of the musculoskeletal disorders including acute injuries, knee fracture, and unstable knee joint, sports injuries. Braces are orthopedic products designed to relieve pain in the upper and lower extremity of the body. These also help in recovering from injuries and improve daily life.
Casts and splints are wraps, which are hard in nature and due to this property they are used as a support to protect and join the broken bones, ligaments and tendons. Casts and splints provide immobilization to the area from where the bones are broken and maintains the muscle activity and bone recovery. Casts includes plaster casts, casting tapes, cast cutters and other tools and accessories. Splinting material includes fiberglass splints, plaster splints and other tools and accessories. Various type of materials used to make braces such as metal, plastic and fiber glass. Earlier the braces were made using cardboard, plastic and other natural readily available materials.
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Technological advancements in Orthopedic Braces & Support, Casting & Splints to Drive Market
Novel technologies and materials are expected to reshape the casting, splinting, braces and support market. 3D printed product expected to offer multiple opportunities in the casting and splinting market. 3D designed casts and splints, known as the Cortex cast, are expected to offer significant opportunities in the market. Furthermore, 3D printed cortex casts are reusable and washable. Thus this technically advanced products offers faster mobility and accelerate the process of innovation.
Customized orthopedic braces and support products are popular and offers significant demand among the young and sports athlete patient population. Demand for advanced casting and splinting products such as casting tapes, fiberglass, polyester, and metal splints in these nations is increasing. Prominent companies are taking efforts to introduce advanced technology based casting and splinting products to attract new customers.
Orthopedic braces & support Segment to Dominate Market
Based on product, the global Orthopedic Braces & Support, Casting & Splints market has been divided into casting supplies & equipment, splinting supplies & equipment’s, and orthopaedic braces and supports. The casting supplies & equipment segment has been bifurcated into plaster casts, casting tapes, cast cutters, and casting tools and accessories.
The orthopaedic braces and supports segment dominated the global Orthopedic Braces & Support, Casting & Splints market in 2018 and the trend is projected to continue during the forecast period. Large number of people wear braces which drives the companies to continuously work on material and technology to provide braces as per requirement of the patient. This in turn is expected to fuel the growth of the orthopedic braces & support segment in the next few years.
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North America to Dominate Global Market
In terms of region, the global Orthopedic Braces & Support, Casting & Splints market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global Orthopedic Braces & Support, Casting & Splints market in 2018, followed by Europe.
North America accounted for major share of the global Orthopedic Braces & Support, Casting & Splints market in 2018, owing to technological advancements, growing incidences of orthopedic injuries, including spots injuries or road accidents coupled with favorable reimbursement policies. According to Los Angeles County Health Survey, osteoporosis is the most common bone disorder in the U.S. with around 10 million people were diagnosed with osteoporosis in the country and 54 million Americans are at risk of breaking bone or have low bone density in year 2018. Moreover, by year 2025, osteoporosis estimated to incur US$ 25.3 billion cost to the United States .This is expected to fuel the growth of the market in the next few years.
The Orthopedic Braces & Support, Casting & Splints market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to growing aging population, increase in admission of patient due to road accidents, sport injuries , rise in awareness, and developing health care infrastructure. Rising rate of urbanization in India and government efforts to improve health care is prompting corporate hospitals to provide better facilities for enhanced diagnosis in the orthopedic segment.
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Competitive Landscape
The global Orthopedic Braces & Support, Casting & Splints market is fragmented in terms of number of players. Key players in the global market include 3M, Ossur Corporate, BSN Medical GmbH, DeRoyal Industries, Inc, DJO Global, Orfit Industries n.v., Spencer Italia S.r.l, Prime Medical, Inc., Stryker Corporation, Zimmer Biomet Holdings, Inc., and other Prominent Players
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