Continued Frequency of Bone Injury Cases to Present Lucrative Opportunities for Global Orthopedic Braces and Support, Casting and Splints Market
According to Transparency Market Research (TMR), the global market for orthopedic braces and support, casting and splints, which was worth US$4.6 bn in 2015, is estimated to rise at a 6.40% CAGR during the period from 2016 to 2024 and reach an opportunity worth US$7.9 bn by the end of 2024.
Here, in this blog post, researchers at TMR answer some important queries regarding the worldwide market for orthopedic braces and support, casting and splints:
What are the key driving forces behind the growth of the global orthopedic braces and support, casting and splints market?
The frequent rise in the cases of sports injuries is the main factor that has been influencing the global market for orthopedic braces and support, casting and splints over the last few years. Specifically, the foot and ankle device segment has gained significant impetus due to this factor.
The ever-increasing base of the geriatric and the obese population has also been fueling the demand for orthopedic braces and supports, casts, and splint across the world, as obese and elderly people are prone to osteoporosis and other orthopedic disorders. Over the forthcoming years, the increasing investment in the medical and healthcare industry is likely to boost this market considerably.
Which of the regional markets will exhibit strong presence in this market?
North America has been leading the global market for orthopedic braces and support, casting and splints since the past few years and is expected to retain its position over the forthcoming years. The presence of an increasing pool of patients affected by bone disorders, such as osteopenia and osteoporosis, are expected to drive the North America orthopedic braces and support, casting and splints.
Apart from this, Asia Pacific is also anticipated to exhibit a robust rise in its market size in the near future, thanks to the rising accessibility to essential medical and healthcare services, growing awareness pertaining to available treatment options, and the increasing out-of-pocket expenses on healthcare services.
Which will be the most favored strategy among players looking for business development?
Product diversity and technological advancements in the current offerings are prime strategies key players are adopting for the development of their businesses. Recently, BSN Medical GmbH, a prominent name in the global orthopedic braces and support, casting and splints market introduced six new wound care products. Among them, three are based on the dialkyl carbamoyl chloride technology developed by BSN itself. The company hopes to gain a significant share of its annual revenue from these products.
Some of the key players in the global orthopedic braces and support, casting and splints market are De royal Industries Inc., 3M Healthcare, and Prime Medical.