Home > Pressrelease > Medical Crutches Market size to surpass $1.5 billion by 2032
Medical Crutches Market size to surpass $1.5 billion by 2032
- Published Date: April 14, 2023
Medical Crutches Market size is slated to cross USD 1.5 billion by 2032, according to a new research report by Global Market Insights Inc.
Increasing number of people suffering from non-fatal injuries is a key driver behind industry growth. Medical crutches help offload weight from the lower extremities to offer mobility support to patients in case of sports injury. Growing cases of non-fatal injuries such as fractures, sprains, muscle tears have increased hospital visits, fostering a strong demand for medical crutches.
Lightweight nature of carbon crutches to foster material segment expansion
Medical crutches market share from carbon or glass fiber-reinforced composite segment is expected to grow at over 6% CAGR through 2023 to 2032. Desirable properties of carbon crutches such as high strength, lightweight, and corrosion resistance give them an added advantage over their metal matrix counterparts, making them suitable for the healthcare sector. These crutches also demonstrate superior mechanical properties, which gives them a longer life span. Segment share is also likely to be driven by growing advancements in carbon crutches.
Poor public health infrastructure in emerging nations to spur out-of-pocket payer segment outlook
Medical crutches industry size from out-of-pocket segment is poised to record a valuation of over USD 482 million by 2032. Poor public health infrastructures and low public health spending in emerging and under-developed economies make out-of-pocket expenditure on medical devices a norm. In fact, the dearth of social protection and private and public insurance schemes in these nations often compels many patients to avail medical devices through out-of-pocket expenditures.
High availability of skilled talent pool to impel hospitals and clinics end-use segment growth
Medical crutches market valuation from hospitals and clinics segment is anticipated to grow beyond USD 906 million by 2032. Better availability of trained healthcare professionals at hospitals and clinics leads to higher patient footfall, translating into more value for orthopedic surgical procedures and elevating the progression for medical crutches. These facilities are also more capable of providing comprehensive postoperative care, making them a preferred healthcare service provider among patients diagnosed with orthopedic disorders.
Browse key industry insights spread across 220 pages with 497 market data tables & 18 figures & charts from the report, “Medical Crutches Market Size By Product (Forearm Crutch, Underarm Crutch, Platform Crutch, Leg Support Crutch, Tetrapod Crutch), By Material ( Aluminum, Wood, Carbon Or Glass Fiber Reinforced Composite, Thermoplastic), By Consumer (Pediatric/Teenager, Adult), By Payer (Public, Private, Out-of-Pocket), By Distribution Channel (Hospital Pharmacies, Medical retail stores, Online Stores), By End-use (Hospitals and Clinics, Home Care Settings), Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents:
Rising occurrence of orthopedic disorders to strengthen Europe medical crutches industry
Europe medical crutches market accounted for a valuation of over USD 236 million in 2022. Surging geriatric population suffering from orthopedic disorders has proliferated the demand for medical crutches in the region. As per the United Nations Population Fund, 1 in every 5 people in Europe is 65 years and above. By 2050, this demographic is expected to account for 30% of the total population in the region.
Moreover, rising healthcare expenditure is further creating more pathways for regional expansion. Recently, the government of France allocated €7.5 billion (USD 8.1 billion) in its Health Innovation Plan 2030 to be the healthcare leader in Europe.
Takeovers to shape competitive landscape for medical crutches market
The list of major medical crutches industry players includes names such as Breg, Inc., Ossenberg GmbH, Ottobock, Ergoactives, Carex, Chinesport, BESCO Medical Co. Ltd., and Invacare, among others. Firms have been increasingly emphasizing on takeovers in recent years to consolidate their industry standing.