Orthopedic Splints Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3779
Orthopedic Splints Market size is projected to experience significant growth from 2019 to 2025.
Increasing number of bone fractures will stimulate global orthopedic splints business growth in the coming years. According to a recent survey, each year in the U.S., approximately 6.3 million individuals suffer from bone fractures. Also, 1 in 3 women and 1 in 5 men will suffer from a bone fracture during their lifetime. Thus, increasing number of fractures will create significant demand for various orthopedic splints in the forecast period.
Growing incidence of musculoskeletal disorders coupled with expanding geriatric population pool will positively impact orthopedic splints industry growth in the forecast period. According to the World Health Organization (WHO), musculoskeletal condition is the second largest contributor to disability, globally. Also, according to the National Arthritis Data Working Group (NADWG), in 2018, 27 million adults suffered from osteoarthritis. Thus, growing pervasiveness of musculoskeletal disorders will drive orthopedic splints market growth in the coming years.
However, high cost of orthopedic splints may hamper the demand for orthopedic splints among the lower-income and emerging countries. Furthermore, stringent government regulations, limiting the product approvals will impede the orthopedic splints market growth.
Fiberglass splints segment will hold a significant revenue size over the forecast years due to its superior features such as light-weight and high strength in comparison with plaster. Also, rising number of sports injuries, bone fractures, and orthopedic diseases will significantly boost the segmental growth in the projection timeframe. According to the National Center of Biotechnology Information, acute fractures comprise 5-10% of the sports injuries, being one of the major sources of morbidity among the athletes. Thus, due to increasing number of fractures among athletes, the demand for these fiberglass splints will rise in the coming years.
Spinal splints segment will witness momentous growth due to the rising number of sports injuries, road accidents, and spine-related diseases. According to the Association for Safe International Road Travel (ASIRT), about 1.3 million individuals die in road accidents each year, and approximately 20-30 million get disabled or injured. Additionally, spinal splints provide high standards of comfort, correctness of the posture, and excellent relief from pain to ensure better result for the spine-injured patients. These applications are expected to drive the adoption of orthopedic splints over the projection timeframe.
Hospitals segment will show momentous growth owing to the availability of improved and specialized technology-based orthopedic devices in these facilities. Growing infrastructure to provide quick therapy transitions and favorable reimbursement policies will enhance the market growth. Furthermore, growing number of hospitalizations for orthopedic injuries will drive the segmental growth during the projection timeframe.
U.S. orthopedic splints market is estimated to witness lucrative growth over the forecast period due to increasing adoption of advanced orthopedic solutions and improved healthcare infrastructure. Also, rising obese population coupled with greater adoption of unhealthy lifestyle and increasing spinal cord injuries in these region will enhance market growth. According to the National Spinal Cord Injury Statistical Center, each year in the U.S., about 17,500 people suffer from spinal cord injuries. Moreover, rising research & development support to develop innovative products will augment the U.S. orthopedic splints industry growth.
China orthopedic splints market is estimated to witness lucrative growth over the forecast period due to the rising number of orthopedic disorders coupled with rising government investment in healthcare research. For instance, according to the National Bureau of Statistics (NBS), in 2018, the research and development (R&D) expenditure by China increased to 11.6% in 2017 from 10.6% in 2016. Moreover, booming elderly population, susceptible to various orthopedic disorders will offer momentous growth opportunities over the coming years.
Few of the key companies operating in the orthopedic splints market include Breg, Inc., BSN Medical, 3M, Ottobock and DeRoyal Industries, Inc. among the other players. These industry players focus on strategic initiatives such as new product launch, mergers & acquisitions to maintain their market position. For instance, in March 2019, Keystone Industries collaborated with Carbon, a leading industry player of advanced Digital Light Synthesis (DLS) technology to provide an efficient manufacturing workflow and to produce flexible orthopedic splints. The strategy will expand the company’s orthopedic splints market product portfolio.
Orthopedic Splints Market by Product, 2014-2025 (USD Million)
- Fiberglass splints
- Prefabricated splints
- Air splints
- Plaster splints (POP)
Orthopedic Splints Market by Application, 2014-2025 (USD Million)
- Lower extremity splints
- Upper extremity splints
- Spinal splints
Orthopedic Splints Market by End-Use, 2014-2025 (USD Million)
- Orthopedic Centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Bird & Cronin, Inc.
- Breg, Inc.
- BSN Medical
- DeRoyal Industries, Inc.
- Medi GmbH & Co. KG
- Stryker Corporation
- Zimmer Biomet
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