Global Orthopedic Splints Market – Industry Trends and Forecast to 2030

Orthopedic Splints Market Analysis and Size

The considerably increasing number of elderly individuals globally has led to higher burden of age-related osteoporotic fractures and other musculoskeletal conditions. An increase in the number of musculoskeletal disorders is also expected to boost the market growth. The lower extremity segment resulted in the maximum revenue share of about 55% in 2020.

Data Bridge Market Research analyses that the orthopedic splints market is expected to reach USD 3.56 billion by 2030, which is USD 1.74 billion in 2022, and is expected to undergo a CAGR of 9.4% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Orthopedic Splints Market Scope and Segmentation

Market Definition

Orthopedic splints are the type of orthopaedic instruments which are used to protect broken bones and joints and stabilize them. These are made of fibreglass or plaster. The splints are designed to offer functional support for fractures and soft tissue injuries, which improves flexibility and semi-rigid shape mobility, thus minimizing problems associated with immobilisation such as atrophy or joint stiffness, thus shortening the healing period.

Orthopedic Splints Market Dynamics

Drivers

• Increasing Adoption of Fiberglass Splints

The market is getting greatly benefitted by fiberglass splints. The market growth is due to the several advantages of fiberglass splints compared to other types of splints. They are more porous and durable, weigh less, and therefore are easy to use. Additionally, they are recommended in case the injured area needs to be X-rayed during the healing process. Furthermore, it is accessible in several colors, that makes it a perfect choice amongst the youth.

• Increase in Acquisitions Between Market Players

There are several market players that are acquiring different organizations assciaoted with orthopaedic splints and thus it is boosting the market growth. For instance, Stryker acquired Wright Medical in November 2020, supporting its product offerings and position in a high-growth segment of lower extremity & biologics.

Opportunities

• Increase in Elderly Population

The rise in the elderly population is anticipated to be a major factor to the market growth. According to WHO in October 2021, the proportion of the world's population over 60 years is projected to nearly double from 12% to 22% between 2015 and 2050. In the year 2050, 80% of older people will be residing in low- and middle-income countries. This population is thus more susceptible to getting age-related MSD and fractures because of falls. Therefore, it is anticipated to increase the demand for orthopedic splints for pain relief.

• Increasing Product Launches

The increasing development of product launches is increasing the growth of the market. For instance, Touro School of Health Sciences occupational therapy alumni in June 2021 launched a new company named Hook Splint with an aim to re-develop relative motion orthosis (RMO). It is a splint that places one finger relatively extended or flexed than the adjacent fingers and is used for treating various hand conditions. Such developments are expected to contribute to the market growth during the forecast period.

Restraints/Challenges

• High cost of Orthopedic Splints

The expensive instruments result from the major investments being made to match the major technical improvements in surgical equipment. Additionally, advanced splints has extreme acquisition cost, and it also has a high maintenance cost. This factor restrains industry expansion, mainly in developing and undeveloped regions.

This orthopedic splints market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the orthopedic splints market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Global Orthopedic Splints Market

The COVID-19 pandemic significantly disrupted different sectors of the global economy. The demand for orthopedic splints market also fallen during the outbreak because of the drastic impact on orthopedic care and practice. Major challenges in resident training, outpatient clinics, and all sub-specialties of orthopedics, along with reduced bone fractures and narrowed technological enhancements, contributed to the market growth.

Recent Developments

• In 2021, Dassiet launched its new tactical emergency splint UNO and sent its first batch of 180 units to Ukraine. The UNO is a lightweight, modular splint for severe situations thus it provides temporary immobilization for the head, limbs, neck, and pelvis
• In 2021, Promoteq collaborated with Dassiet to bring an emergency splint extensively available to professional customers and end users worldwide

Global Orthopedic Splints Market Scope

The orthopedic splints market is segmented on the basis of application, product and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Fiberglass Splints
• Plaster Splints
• Splinting Tools and Accessories
• Other Products

Application

• Lower Extremity
• Upper Extremity
• Spinal

End-User

• Hospital and Clinics
• Outpatient Centers
• Others

Orthopedic Splints Regional Analysis/Insights

The orthopedic splints market is analyzed and market size insights and trends are provided by application, product and end-user as referenced above.

The countries covered in the orthopedic splints market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the orthopedic splints market due to the growing occurrence of obese population along with increasing adoption of advanced solutions and well-established infrastructure. The increasing instances of obesity, arthritis, and orthopedic diseases will also push the market expansion.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 because of the growing number of R&D activities along with increasing occurrence of geriatric population and wide availability of cost-efficient technology in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The orthopedic splints market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for orthopedic splints market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the orthopedic splints market. The data is available for historic period 2011-2021.

Competitive Landscape and Global Orthopedic Splints Market Share Analysis

The orthopedic splints market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to orthopedic splints market.

Some of the major players operating in the orthopedic splints market are:

• Breg, Inc (U.S.)
• 3M (U.S.)
• Ottobock (Germany)
• DeRoyal Industries, Inc (U.S.)
• medi GmbH & Co. KG (Germany)
• Stryker (U.S.)
• Zimmer Biomet (U.S.)
•  Dynatronics Corporation. (U.S.)
• Performance Health (U.S.)
• Neither DJO, LLC (U.S.)
• Össur (Iceland)
• Prime Medical Inc. (U.S.)
•  ORFIT (Belgium)
• CORFLEX GLOBAL (U.S.)
•  MIKA MEDICAL CO (South Korea)
• BD (U.S.)

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