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Orthopedic Braces & Support, Casting and Splints - Global Market Trajectory & Analytics

  • ID: 4806477
  • Report
  • August 2021
  • Region: Global
  • 386 pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • BSN Medical GmbH
  • DeRoyal Industries, Inc.
  • DJO Global, Inc.
  • Ossur HF
  • Prime Medical Inc.
  • Stryker Corporation
  • MORE

Global Orthopedic Braces & Support, Casting and Splints Market to Reach US$7.8 Billion by the Year 2026


Orthopedic braces & support tools are used widely in the treatment modalities of issues like orthopedic fractures, rheumatoid arthritis and osteoarthritis, carpal tunnel syndrome and osteoporotic fractures. Growth in the global market is being driven by increase in awareness in regards to the aids; as well as the increasing incidents of arthritis in practically all age groups. The products are gaining increasing popularity for clinically managing various orthopaedic disorders such as rheumatoid arthritis (RA), carpal tunnel syndrome, osteoporotic fractures, and osteoarthritis (OA), among others due to the rapid recovery rate and improved clinical efficiency of orthopedic braces and supports. The market is witnessing an increased demand from the geriatric population, which is very sensitive in regards to musculoskeletal illnesses. Also, increased sports activities pertaining to fitness that include biking and running among health conscious people is leading to increase in muscle pain, sports injuries and ligament wounds; thereby increasing demand pertaining to orthopedic braces and supports. Additionally, athletes utilize orthopedic braces for preventing additional injuries during their sports; thereby restricting undesired motion while playing games and enabling easy playing.

Amid the COVID-19 crisis, the global market for Orthopedic Braces & Support, Casting and Splints estimated at US$5.6 Billion in the year 2020, is projected to reach a revised size of US$7.8 Billion by 2026, growing at a CAGR of 5.7% over the analysis period. Orthopedic Braces & Supports, one of the segments analyzed in the report, is projected to grow at a 5.7% CAGR to reach US$4.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Casting Supplies & Equipment segment is readjusted to a revised 6.2% CAGR for the next 7-year period. This segment currently accounts for a 24.9% share of the global Orthopedic Braces & Support, Casting and Splints market. Growth of the casting and splinting market would be driven by increasing availability and adoption of advanced casting and splinting products. These products are available in various shapes and sizes that contribute to improving patients` comfort. In addition, casting and splinting products made of different materials, such as fiberglass, polyester, and polyethylene, introduced by major industry players is expected to drive market growth.

The U.S. Market is Estimated at $1.9 Billion in 2021, While China is Forecast to Reach $1.1 Billion by 2026


The Orthopedic Braces & Support, Casting and Splints market in the U.S. is estimated at US$1.9 Billion in the year 2021. The country currently accounts for a 32.71% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2026 trailing a CAGR of 7.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5% CAGR while Rest of European market (as defined in the study) will reach US$1.1 Billion by the end of the analysis period. The US is witnessing considerable growth in the orthopedic braces and supports market owing to increased awareness in regards to bracing products that enable in avoiding further injuries and promoting mobility. Also, incidence of osteoporosis in the U.S. are likely to increase due to increasing number of geriatric and obese people; thereby leading to increasing adoption of orthopedic braces and supports. Europe also represents a major market and growth is being driven by availability of refined and sophisticated products; professional experts; increasing demand pertaining to sophisticated products and therapies in the region; and a well-developed healthcare infrastructure. The market demand in the Asia-Pacific region is likely to be driven by a huge geriatric base in China; as well as the presence of sophisticated methods and plants in Japan.

Splinting Supplies & Equipment Segment to Reach $1.5 Billion by 2026


Growth in the splinting supplies segment is being driven by increasing incidences of road accidents and musculoskeletal injuries; a growing population base comprising people above the age of 65 and the prevalence of orthopedic complications associated with aging; advancements in technology and the use of advanced materials by manufacturers; and the ability of these products to enhance patient compliance in terms of secured support and comfort over the course of the entire treatment. In the global Splinting Supplies & Equipment segment, USA, Canada, Japan, China and Europe will drive the 4.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$820.3 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$142.7 Million by the year 2026, while Latin America will expand at a 6% CAGR through the analysis period.

Select Competitors (Total 146 Featured) -

  • BSN Medical GmbH
  • DeRoyal Industries, Inc.
  • DJO Global, Inc.
  • Ossur HF
  • Prime Medical Inc.
  • Stryker Corporation
  • Zimmer Biomet Holdings, Inc.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • BSN Medical GmbH
  • DeRoyal Industries, Inc.
  • DJO Global, Inc.
  • Ossur HF
  • Prime Medical Inc.
  • Stryker Corporation
  • MORE
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of Covid-19 and a Looming Global Recession
  • COVID 19 Immobilizes Orthopedic Patients
  • Impact of COVID-19 on Orthopedic Braces & Support, Casting and Splints
  • Global Market Prospects and Outlook
  • Global Orthopedic Braces & Support, Casting and Splints Market Set to Witness Robust Growth
  • The US Corners Largest Market Share Globally
  • Exhibit 1: Percentage of Adults in the US with Arthritis in 2019, by Gender for Select States
  • Developing Regions Exhibit the Fastest Growth
  • Segment Analysis
  • Orthopedic Braces & Support Account for a Major Share
  • Types of Orthopedic Braces and Supports and Application Areas
  • Orthopedic Casting and Splinting Segment Also to Show Rapid Growth
  • Competitive Landscape
  • Orthopedic Braces and Support Devices
  • Orthopedic Casting and Splinting Segment
  • Recent Market Activity
  • WORLD BRANDS
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Aging Population and the Associated Orthopedic Disorders Drive the Demand for Orthopedic Braces & Support, Casting and Splints Market
  • Exhibit 2: Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
  • Exhibit 3: Elderly Population (65+ Years) as a % of Total Population by Developed, Less Developed and Least Developed Regions: 2019 & 2030
  • Rising Incidence of Musculoskeletal Disorders - A Key Propeller of Orthopedic Braces, Casting and Splints Market
  • Exhibit 4: Select Musculoskeletal Conditions - Percentage Breakdown by Age Group
  • Rising Incidents of Sports Injuries Stirs Demand for Orthopedic Braces
  • Increase in Number of Fractures and Rise in incidence of Delayed Union & Nonunion Bone Fractures Elevates Demand for & Support, Casting and Splints
  • Exhibit 5: Percentage Share Breakdown of Number of Fractures by Age Group: 2019
  • Growing Incidence of Osteoporosis Drives the Orthopedic Braces Market
  • Osteoporosis and Other Bone Related Health Concerns: Factsheet
  • Exhibit 6: Global Osteoporosis Prevalence by Country/Region (2012 & 2022P): Number of People with Osteoporosis in Millions for US, EU, Japan, China and India
  • Exhibit 7: % of Women Affected by Osteoporosis
  • Orthopedic Braces & Support, Casting and Splints Find Increasing Demand in Treatment of Osteoarthritis and Rheumatoid Arthritis
  • Orthopedic Braces Find Increasing Usage in Spinal Fusion
  • Exhibit 8: US Spinal Fusion Surgery Market: Percentage Breakdown of Procedure Volume by Age Group
  • Epidemic Proportion of Obesity Fuels the Demand for Orthopedic Braces & Support, Casting and Splints
  • Exhibit 9: Global Obesity Epidemic: Percentage of Overweight, Obese, and Severely Obese Adults for 2014 & 2025
  • Exhibit 10: Average Per Capita Annual Health Expenditure (In US$) due to Obesity
  • Exhibit 11: Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P
  • Key Contributing Categories
  • Knee Braces
  • Compression Knee Sleeves
  • Back Braces
  • Back Support & Abdominal Binders
  • Rise in Healthcare Expenditure to Drive Growth
  • Exhibit 12: World Healthcare Expenditure (In US$ Billion) for the Years 2017-2023
  • Technological Advancements Drive Market Growth
  • Greater Affordability of the Orthopedic Braces to Spur Market Expansion
  • Online and Retail Channels for Orthopedic Braces Witness Increased Popularity
  • Limited Availability of Curated Orthopedic Braces and Support - A Concern
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

UNITED STATES

CANADA

JAPAN

CHINA

EUROPE

FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 146
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • BSN Medical GmbH
  • DeRoyal Industries, Inc.
  • DJO Global, Inc.
  • Ossur HF
  • Prime Medical Inc.
  • Stryker Corporation
  • Zimmer Biomet Holdings, Inc.
Note: Product cover images may vary from those shown
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