Orthopedic Braces & Support, Casting & Splints Market to Reach US$7.9 Bn by 2024
Albany, NY -- (SBWire) -- 08/10/2018 --Global Orthopedic Braces & Support, Casting, and Splints Market: Snapshot
The orthopedic braces and support, casting and splints are finding takers fast owing to patients increasingly seeking better quality of life. This coupled with increasing number of sports injuries has provided a substantial fillip to the market. The latter has resulted in the swift uptake of foot and ankle devices, in particular. In fact, the American Academy of Orthopedic Surgeons (AAOS) finds that about a quarter of sports injuries are caused in the ankle and foot.
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Yet another factor majorly boosting the global market for orthopedic braces and supports, casts, and splints is the burgeoning geriatric population and alarming rise in obesity. The elderly population is highly susceptible to bone disorders such as arthritis, osteoporosis, and back pain. The obese are also at increased risk of bone disorders owing to excessive body weight putting severe pressure on the joints in the lower extremity.
Some of the key companies operating in the market are Prime Medical, Zimmer Biomet Holdings, Inc., 3M Healthcare, Össur Hf, DJO, LLC, and Stryker Corporation. The global orthopedic braces and support, casting, and splints market was worth US$4.6 bn in 2015 and expanding at a CAGR of 6.4% during 2016 and 2024, it is slated to reach US$7.9 bn by 2024.
Easy Treatment Options Buoy the Orthopedic Clinics Segment
Based on distribution channels in the global market for orthopedic braces and support, casting, and splints, the orthopedic clinics segment leads. This is because orthopedic clinics are mostly preferred for treatment of bone disorders. Going forward, the segment is predicted to retain its dominance due to treatment specificity and diversity in product availability. In terms of growth rate, the ecommerce and hospital segment are also expected to rise at a healthy clip.
Product-wise, orthopedic braces and support segment leads the market. The product segment is slated to clock healthy growth in the near future to account for well over half the market share in 2024. The demand for braces is predicted to rise because of the rising instances of obesity. In close collaboration with doctors and orthopedic technicians, manufacturers are coming up with more cutting-edge products and product concepts which have a much better effect in supporting and improving immobility.
Substantial Number of People Ailing from Osteoporosis and Osteopenia Propels Market in North America
North America leads the global orthopedic braces and support, casting, and splints market with maximum share. In the near future too, it is slated to retain its leading position on the back of a sizeable proportion of the population suffering from bone disorders such as osteoporosis and osteopenia. Other factors propelling the market in the region are a robust network of clinics and hospitals in the U.S. and continued technological progress in the healthcare industry.
The market in Asia Pacific is also forecasted to grow at healthy clip – a CAGR of 7.3% during 2016 and 2024. It is considered one of the most attractive markets because of the growing accessibility to essential healthcare services, rising awareness regarding available treatment options, and increased expenses on healthcare services. India is a key economy powering the growth in the market in Asia Pacific.
The swift pace of urbanization and robust policy support by the government along with improving healthcare conditions is driving impressive growth in the Asia Pacific market. Other developing countries in the region are also prompting corporate hospitals to provide enhanced facilities in the orthopedic segment, thereby significantly filliping the Asia Pacific market.
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