Introduction of New Tendon Repair Techniques to Aid Market Growth
In recent years, the number of traumatic injuries caused due to sports and other forms of physical activities has spurred up at a rapid pace. The significant rise in the number of finger injuries has triggered the demand for finger splints over the past few years. Recent advancements in arthroplasty and the advent of new techniques to address long-term residual pain stiffness, premature degenerative arthritis, and deformity are some of the factors that are expected to aid the growth of the finger splint market during the forecast period. Moreover, recent advancements and improvement in flexor tendon repair is a major factor that has indirectly increased the demand for finger splints in recent times. As surgeons and therapists across the world continue to deploy finger splint to improve the motion of the finger post-surgery, the finger splint market is set to witness a healthy growth in the coming years.
In addition, apart from a consistent growth in the number of finger injuries worldwide, the advent of new finger splints made from new and improved materials is expected to boost the adoption of finger splints in the near future. The advent of 3D printing is anticipated to play an imperative role in boosting the manufacturing process of finger splints in the upcoming period. While the novel coronavirus pandemic continues to cause havoc across the world, the lockdown imposed by government bodies coupled with unfavorable trade policies and import tariffs could dent the demand for finger splints during the assessment period. At the back of these factors and abundant growth opportunities, the global finger splint market is expected to surpass the market value of ~US$ 213 Mn by the end of 2027.
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3D Printed Finger Splints Gain Popularity; Companies Consider Using New Materials
The 3D printing technology continues to evolve at a rapid pace and is increasingly being used across a host of industrial sectors, including automotive, healthcare, aerospace, and food & beverages. More recently, participants in the finger splint market are predominantly investigating the potential of the 3D printing technology to manufacture finger splints. Several companies are exploring the potential of 316 L stainless steel to manufacture finger splints utilizing 3D printing systems for prototyping. At present, the 3D printing technology is at a relatively nascent stage within the finger splint market. However, as more number of companies continue to explore the benefits of 3D printing in the manufacturing of finger splints, its adoption is expected to increase in the coming years. Austenitic steel has emerged as an ideal choice of material, owing to its desirable properties mechanical properties, ability to withstand harsh industrial environments.
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Within the finger splint market, for several years, market players are increasingly focusing on customization. However, with the advent of 3D printing, the production of customized finger splints is expected to shift gears as companies are projected to launch customized finger splints cost-effectively. Within the finger splint market, aluminum finger splints are expected to generate the highest revenue, as aluminum finger splints are lighter in weight and sturdier.
Product Diversification Holds Key as COVID-19 Pandemic Likely to Disrupt Supply
The onset of the novel COVID-19 virus has disrupted all major core industries worldwide. As government bodies continue to combat the virus by imposing stringent guidelines and lockdown protocols, the manufacturing sector has taken a hit. Companies operating in the finger splint market are projected to assess the current scenario and formulate effective growth strategies going into the next few months. While the supply chains are expected to, more or less, be affected due to trade restrictions, companies operating in the current market landscape are anticipated to focus on fulfilling the demands across domestic markets to mitigate losses. Furthermore, as the demand for personal protective equipment continues to grow at an exponential rate, at present, finger splint manufacturers should evaluate their growth strategies and focus on increasing their sales via online and e-Commerce platforms.
Additionally, finger splint manufacturers, in their own capacity should explore the possibility of manufacturing personal protective equipment for healthcare workers or possibly collaborate with other companies to fulfill the soaring demand for the same. Market players are expected to streamline their distribution channels and leverage the looming opportunities in Asia Pacific and Europe.
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Finger Splint Market: Overview
- Splints are used universally for muscular, tendon/ligament, and bone fractures/injuries as well as in numerous other medical cases. Splints are also used for injuries that are complex in nature and require constant change of bandages due to skin/tissue impairment. A finger splint is a therapeutic device that can be applied to a finger as it heals from an injury and is usually made from foam, neoprene, plastic, and metal. Finger splints are used in several finger related injuries, including jamming injuries, fractures, and joint stiffness. The main purpose of the splint is to reduce strain on the finger during normal activities throughout the immobilization period, which means the finger is given few times to rest by avoiding movement to protect it from additional damage.
- Asia Pacific is expected to dominate the global finger splint market in terms of share as well as CAGR growth rate throughout the forecast period. According to the International Osteoporosis Foundation (IOF), Asia is expected to have 50% of the world’s osteoporotic population by 2050. Large number of unreported cases, high incidence rate of Vitamin D deficiency, and low calcium intake by the Asian population suggests that the region is likely to have the largest osteoporotic related fractures globally, which is expected to drive the demand for finger splints.
- Consumers prefer the online buying model rather than traditional shopping (going to a shop physically) due to improved service and advanced technology delivery. The trend is becoming so popular that many online third party sellers specialized in sale of finger splints are emerging worldwide. Sale through sites are booming owing to presence of wide variety of product portfolio at an affordable prices.
- Rise in elderly population, increasing incidence of road accidents and sports injuries, technological advancements, launch of new products and technologies, and rising incidence of finger related injuries are augmenting the demand for finger splints globally
Global Finger Splint Market: Drivers and Opportunities
- Globally, the use of finger splints is expected to experience continuous growth as incidence of adventure and sports related injuries is increasing globally. In addition, vehicular injuries, which primarily include road accidents, has increased in the last few decades and is more prevalent in emerging economies. These injuries require finger splinting related products.
- Demand for finger splints is increasing as utilization of these materials improve handling or usage, lowers the price of the product, and increases safety and portability
- Numerous research initiatives undertaken by various medical equipment manufacturing companies worldwide to develop splinting products which reduce sports causalities, gives more comfort, and which are lightweight products are creating new opportunities for finger splint manufacturers. Demand for or acceptance of advanced splinting products such as neoprene, polyester, or metal splints is increasing. Hence, companies domiciled globally, are taking efforts to introduce advanced technology based splinting products to attract new customers.
Finger Splint Market: Key Segments
- The global finger splint market has been segmented based on type, material, type & product, price, distribution channel, and region
- In terms of type, the global finger splint market has been divided into frog splints, finger extension splints, finger cot splints, thumb spica splints, and others
- On the basis of material, the market has been classified into aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others
- Based on type & material, the market has been classified into frog splints (aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others), finger extension splints (aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others), finger cot splints (aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others), thumb spica splints (aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others), and others (aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others)
- On the basis of price, the market has been classified into under US$ 10, US$ 10 – US$ 50, and above US$ 50
- According to distribution channel, the global finger splint market has been divided into online (e-commerce websites and company-owned websites) and offline (medical stores, sport stores, hypermarkets & supermarkets, and other retail stores)
- Based on region, the global finger splint market has been divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., France, Germany, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America)
Finger Splint Market: Competition Landscape
- The global finger splint market is fragmented with presence of several local players. Companies are investing in product innovation to increase their customer base. Furthermore, large number of manufacturers are engaging with local manufacturers and distributors to increase their presence or reach in different parts of the globe.
- Some of the key players operating in the finger splint market are
- Alimed, Inc.
- Tynor Orthotics Private Limited
- Zimmer Biomet
- Bird & Cronin Inc. (Dynatronics Corporation)
- Corflex, Inc.
- DJO Global, Inc. (Colfax Corporation)
- DeRoyal Industries, Inc.
- ORFIT INDUSTRIES NV
- Silver Ring Splint
- Ortholife Global
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