Finger Splint Market to Grow at 7% CAGR Amid Advancements in Tendon Repair Techniques - Analysis by TMR

The global finger splint market has experienced considerable growth over the past few years. This growth can be attributed to several factors, including the increase in sports-related injuries, technological advancements in medical devices, and the rising awareness about the benefits of finger splints. Finger splints are therapeutic devices used to immobilize and protect injured fingers, facilitating the healing process. They are commonly used in cases of fractures, dislocations, and tendon injuries. The market has seen a shift towards the use of advanced materials and 3D printing technology to create customized and efficient splints.

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Market Size and Growth

The global finger splint market is projected to grow at a healthy CAGR of ~7% during the forecast period. The market size is expected to surpass ~US$ 213 Mn by the end of 2027. This growth is driven by the increasing incidence of finger injuries, advancements in tendon repair techniques, and the introduction of new materials used to manufacture finger splints. The market is also benefiting from the growing adoption of 3D printing technology, which enables the production of customized and cost-effective splints. The rise in the elderly population, increasing road accidents, and sports injuries are further contributing to the market growth.

Market Segmentation

The global finger splint market has been segmented based on type, material, price, distribution channel, and region. In terms of type, the market includes frog splints, finger extension splints, finger cot splints, thumb spica splints, and others. Based on material, the market is classified into aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others. The price segments include under US$ 10, US$ 10 - US$ 50, and above US$ 50. The distribution channels are divided into online (e-commerce websites and company-owned websites) and offline (medical stores, sport stores, hypermarkets & supermarkets, and other retail stores). Regionally, the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Regional Analysis

Asia Pacific is expected to dominate the global finger splint market in terms of share and CAGR growth rate throughout the forecast period. According to the International Osteoporosis Foundation (IOF), Asia is expected to have 50% of the world's osteoporotic population by 2050. The high incidence of Vitamin D deficiency, low calcium intake, and large number of unreported cases suggest that the region will have the largest osteoporotic related fractures globally. This is expected to drive the demand for finger splints. North America and Europe are also significant markets due to the high prevalence of sports injuries and advanced healthcare infrastructure.

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Market Drivers and Challenges

The primary drivers of the finger splint market include the increasing incidence of finger injuries due to sports and physical activities, advancements in tendon repair techniques, and the introduction of new materials and technologies. The growing elderly population and rising road accidents also contribute to the market growth. However, the market faces challenges such as the disruption caused by the COVID-19 pandemic, which has affected supply chains and manufacturing activities. Additionally, the high cost of advanced finger splints and lack of awareness in developing regions may hinder the market growth.

Market Trends

One of the notable trends in the finger splint market is the growing popularity of 3D printed finger splints. Companies are exploring the potential of 3D printing technology to manufacture customized and cost-effective splints. The use of advanced materials such as 316 L stainless steel and austenitic steel is also gaining traction due to their desirable mechanical properties and ability to withstand harsh environments. The trend towards product diversification and customization is expected to continue as companies aim to meet the specific needs of patients.

Competitive Landscape

The global finger splint market is fragmented with the presence of several local and international players. Key players in the market include Alimed, Inc., Tynor Orthotics Private Limited, Zimmer Biomet, Bird & Cronin Inc. (Dynatronics Corporation), Corflex, Inc., DJO Global, Inc. (Colfax Corporation), DeRoyal Industries, Inc., ORFIT INDUSTRIES NV, Silver Ring Splint, and Ortholife Global. These companies are investing in product innovation and collaborating with local manufacturers and distributors to expand their market presence. The competition is expected to intensify as companies focus on expanding their product portfolios and improving their product development activities.

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Future Outlook

The future of the finger splint market looks promising, with continuous growth expected over the forecast period. The market is likely to benefit from the increasing incidence of finger injuries, advancements in medical technology, and the growing adoption of 3D printing. Companies will need to focus on product diversification, customization, and collaboration to stay competitive. The demand for finger splints is expected to rise, particularly in regions with high rates of osteoporotic fractures and sports injuries. Overall, the market is set to witness healthy growth, driven by innovation and the need for effective finger injury management.

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