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Global Casting and Splinting Market to Expand at 5.0% CAGR from 2014 to 2020 owing to its Increased use in Orthopedics Field

04-18-2016 08:38 PM CET | Health & Medicine

Press release from: Transparency Market Research

Global Casting and Splinting Market to Expand at 5.0% CAGR from

Casting and splinting products are commonly used equipment in the field of orthopedics. Casts are the traditional bone setting equipment commonly suggested for fractures with low complications. However, the need of periodic replacement of old cast and the added risk of skin injuries from the new cast application during the healing process, poses a major drawback of casts from the patient’s point of view. This is due to the fact that patients often experience discomfort and uneasiness from the saw cutting procedure and from the heat generated as a result of the heated new plaster.

In addition, splints are used universally for muscular, tendon/ligament and bone fractures/injuries as well as in numerous other medical cases. Splints are also used for injuries that are complex in nature and require constant change of bandages due to skin/tissue impairment. Together, casting and splinting products aid to form the basic support for accident and osteoporotic fracture patients globally.

The global casting and splinting market is divided into two segments: by products and by geography. Based on the product types, the market has been further segmented into two major sub segments namely, casting supplies and equipment and splinting supplies and equipment market. Between these two segments, casting supplies and equipment segment accounted for over 60% market share (in terms of revenue), in 2013.

Casting being the traditional and the most commonly used method of bone fracture treatment universally has thus exhibited a larger market size. The casting market is expected to grow gradually owing to the increasing number of road accidents and traumatic incidents, along with the growing osteoporotic geriatric population, particularly in the highly populated regions of the world.

Plaster casts, casting tapes, cast cutters, and casting tools and accessories together form the casting supplies and equipment market. Among these product categories, cast cutters accounted for the largest share of over 30% of the cast products market in 2013, and are expected to lead the market during the forecast period. The splinting supplies and equipment market is cumulatively formed of fiberglass splints, plaster splints, other splints and splinting tools & accessories.

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The other splints segment, which includes the relatively latest products such as Neoprene splints, plastic splints, metal splints and wooden splints is expected to undergo rapid growth in the global market. The factors fueling the growth of this segment involve high versatility and strength of neoprene splints in addition to the manufacturing ease of plastic splints enabling ready customization of the splints.

In terms of regional distribution, Asia Pacific currently accounts for the largest geographical market for casting and splinting (supplies and equipment) closely followed by North America. Heavily populated countries of Asia, namely China, India, Japan, Korea and others have a high incidence rate of road accidents and osteoporotic hip fractures. However, these countries are home to a large number of manufacturers that build affordable casting equipment in large quantities, which satisfied the large product demand in the local and international markets.

Casting equipment being the basic and widely used product is commonly sourced from Asian manufacturers since cost of manufacturing in Asia is low. This resulted in the increased demand and consecutively the increased revenue of the Asian casting market. Additionally, rapidly growing population and the presence of a large number of traditional casting procedures in emerging countries such as China and India are some of the primary reasons behind the high growth rate of this region. In addition, increasing investments by healthcare medical institutions in Asia Pacific will ensure steady market penetration and growth in the future. Furthermore, North America is expected to remain in second position in terms of market share during the forecast period due to high prevalence of musculoskeletal injuries and osteoporosis related fractures in the region.

Since, the global casting and splinting market is highly fragmented and region specific, a few players represent themselves as the largest players in the global market. Among these: 3M Healthcare, Stryker corporation, BSN Medical GmBH. and Prime Medical, Inc. exhibit the largest geographical outreach with presence in multiple casting and splinting product categories. Their market presence in developed and emerging markets along with their flexible offerings has made them an attractive provider segment in the global market. Other companies include AliMed, Bird & Cronin, Inc., Corflex, Inc., DJO, LLC, DeRoyal Industries, Inc., Orfit Industries n.v., Össur hf., Patterson Medical Holdings, Inc., Spencer Italia S.r.l., Stryker Corporation, and Zimmer, Inc.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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