Orthopedic Braces & Support, Casting & Splints Market to Garner Brimming Revenues by 2024

The competitive landscape for the global market for orthopedic braces and support, casting and splints is a highly fragmented one and is pointed out by the existence of large number of global as well as local players. The distributors across the globe are now collaborating with small and mid-sized manufacturers to provide off-label product with a big margins of profit. Some of the key companies in the global market for orthopedic braces and support, casting and splints include names such as Stryker Corporation, DJO LLC, Össur Hf, and 3M Healthcare among others. These companies are constantly striving to gain an upper hand in the market and are adopting key market strategies such as product diversity and technological advancements. Back in 2015, six new wound care products were launched by BSN Medical GmbH. Of these six, three are based on the company’s DACC (dialkyl carbamoyl chloride) technology. These new products have significantly contributed to the overall revenue generation of the company.

The global market for braces and support, casting, and splints stood at an overall valuation of US$4.6 bn in the year 2015. This growth is projected expand and reach a figure worth US$7.9 bn over the course of the given forecast period 2016 to 2024. This growth of the global market is expected to be achieved with the help of an impressive CAGR of 6.4% over the same forecast period.

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Increasing Number of Injuries through Sports to Fuel Growth of Global Market

One of the key factors for the development of the global market for orthopedic braces and supports, castings, and splints is the increasing number of injures through sports across the globe. This factor is most possibly to influence the market growth for ankle and foot devices in particular. The American Academy of Orthopedic Surgeons (AAOS) has stated that a projected 25% of injuries through sport are associated with the lower extremities such as foot and ankle.

According to the CDC (Centers for Disease Control and Prevention), every year, more than 2.6 million children in the age group of 0 to 19 are diagnose and treated in the department of emergency for recreation and sports related injuries. This can be seen as another major factor significantly driving the overall growth of the global orthopedic brace and supports, castings, and splints market over the course of the given forecast period.

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Growth of Elder and Obese Population Augment Demand for Orthopedic Braces and Supports, Casts, and Splints

In addition to this, a consistent growth in the elderly population along with that of obese people can also be indicated as the vital factor for the growth of the global market. Elderly people are more vulnerable to bone related issues such as arthritis, osteoporosis, and back pain. The case is the same for obese people, where due to saturation of excessive fat and cholesterol, the body weight is on the rise. This increase body weight can have a severe impact on lower extremities such as foot and ankle and also on joints of the body. All the factors are expected to significantly drive the growth of the global orthopedic braces and supports, castings, and splints market.

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