Albany, NY -- (SBWIRE) -- 09/05/2017 -- The global orthopedic braces and support, casting, and splints market is highly fragmented and is marked by the presence of a large number of international as well as local players. Distributors around the world are collaborating with small manufacturers to offer off-label products with a high profit margin, notes Transparency Market Research.
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"Technological advancements and product diversity are the two key growth strategies adopted by players in this market," the author of the report notes. For instance, in May 2015, BSN Medical GmbH launched six new wound care products, of which, three are based on the company's dialkyl carbamoyl chloride (DACC) technology. These new products have contributed significantly to the company's annual revenue.
The global orthopedic braces and support, casting, and splints market was valued at US$4.6 bn in 2015 and is projected to expand at a CAGR of 6.4% from 2016 to 2024 to reach US$7.9 bn by 2024.
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Orthopedic Braces and Support Segment to Register Strong Y-o-Y Growth through 2024
In terms of product, the orthopedic braces and support, casting, and splints market is led by the orthopedic braces and support segment, accounting for a 58.4% share by 2024. Companies are consistently working on new materials and technologies in order to develop braces that are as per the requirements of the patient. This is expected to enable the orthopedic braces and support segment to register the highest year-on-year growth over the course of the forecast period.
By distribution channel, the orthopedic clinics segment accounted for the major share in the global orthopedic braces and support, casting, and splints market. Accounting for an estimated 37.4% share in 2016, North America dominates the global orthopedic braces and support, casting, and splints market on the basis of geography and is likely to retain its lead throughout the forecast period. The market in Asia Pacific is projected to reflect a CAGR of 7.3% from 2016 to 2024, emerging as one of the most attractive regional segments.
Rise in Geriatric and Obese Population Supporting Demand for Orthopedic Braces & Supports, Casts, & Splints
One of the main factors driving the demand for orthopedic braces and supports, casts, and splints is the reported rise in sports injuries across the globe. This factor is most likely to impact the market for foot and ankle devices in particular. The American Academy of Orthopedic Surgeons (AAOS) states that an estimated 25% of sports injuries are related to lower extremities such as ankle and foot.
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According to the Centers for Disease Control and Prevention (CDC), each year, over 2.6 million children between the ages of 0 and 19 are treated in the emergency department for sports and recreation-related injuries. Serious bone injuries have also been reported among professionals as well as amateur sportsmen, strengthening the demand for orthopedic braces and supports, casts, and splints.
"A continuous growth in geriatric as well as obese population is also a major factor driving the demand for orthopedic braces and supports, casts, and splints," the lead analyst states. Geriatrics are more susceptible to bone disorders such as arthritis, back pain, and osteoporosis. The same is true for the obese, wherein the accumulation of excessive fat and cholesterol results in the increase in body weight, causing severe pressure on the joints in the lower extremity.
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