The global casting and splinting market encapsulates a large number of small-, medium-, and large-scale players across various regional pockets. This has resulted in a highly fragmented nature of the competitive scenario wherein all of the players are making ardent efforts to gain a higher market share than they earlier had. The renown and acclaim attained by both, local and global players, increases competition within the market. Transparency Market Research finds that the leading players in the market are BSN Medical GmBH, Stryker Corporation, 3M healthcare, and Prime Medical, Inc. These companies are expected to acquire local players in order to reap the benefits of greater market penetration. The access to the market of emerging economies is projected to enhance the growth prospects of these players. Furthermore, strategic mergers, partnerships, and alliances are also expected to surface across the market. Development of novelty products that can come in handy for all forms of ailments are also on the to-do list of huge market players.
The market was valued at US$1.8 bn in 2015 and is expected to surge up to a valuation of US$3.1 bn by the end of 2024. The CAGR for the market during the period from 2016 to 2024 is prophesied to settle at 6.1%. Based on the type of products, casting supply and equipment is expected to outdo the other segment viz. splitting supplies and equipment. The former is expected to expand at a CAGR of 5.6% over the forecast period. On a geographical footing, Asia Pacific has exhibited the most lucrative opportunities for growth over the past years; the regional market held 26.7% of the total market share in 2015. The growth of the market in Asia Pacific is attributable to the rising geriatric population and the presence of large number of splint and cast supplies manufacturers.
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Rising Geriatric Population Upticks Demand for Casting and Splinting
The cases of sports, musculoskeletal, and orthopedic injuries have been on a rise in recent times, thus, creating demand for splinting and casting across the globe. This demand is amplified by the efforts of the market players to introduce split and cast materials that are more effective in speeding the recovery process. Furthermore, the instance of injuries is higher in the geriatric population, and hence, the rise of this demographic accentuates the market. The recurrence of road accidents has also played a pivotal role in enhancing the prospects of market growth. Ailments caused by injuries can deprive patients of a normal life, often resulting in mental trauma too. The advancement in splitting and casting technologies has regenerated hope amongst the ailing population. The various types of products under the casting supplies and equipment segment include cast cutters, casting tapes, casting tools and accessories, and plaster casts. Under the splitting supplies and equipment category, the products include plaster splints, splinting tools and accessories, fiberglass splints, and other splints such as neoprene and polyester.
Unfavorable Reimbursement Policies Could Obstruct Market Growth
Although the market has been riding on an affluent growth path, the market isn’t free of obstructions. The lack of insurance covers and reimbursement policies across several regional pockets has discouraged people from resorting to splinting and casting for treatments. The emerging economies are under the brunt of non-supportive government policies in this regard. Nevertheless, the rapid development of the healthcare industry would assist the global splinting and casting market.
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The report is based on TMR’s report titled “Casting and Splinting (Supplies and Equipment) Market (Product Type – Casting Supplies and Equipment (Plaster Casts, Casting Tapes, Cast Cutters, Casting Tools and Accessories), Splinting Supplies and Equipment (Fiberglass Splints, Plaster Splints, Splinting Tools and Accessories) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”
Key Takeaways:
- The cases of sports, musculoskeletal, and orthopedic injuries have been on a rise in recent times, thus, creating demand for splinting and casting across the globe.
- The lack of insurance covers and reimbursement policies across several regional pockets has discouraged people from resorting to splinting and casting for treatments.
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