Orthotic Devices, Casts and Splints Market

Orthotic Devices, Casts, and Splints Market Outlook (2022 to 2024)

Worldwide demand for orthotic devices, casts, and splints is expected to increase at a CAGR of 6.2% over the forecast period (2022 to 2024). The global orthotic devices, casts, and splints market is valued at USD 2.95 Billion in 2022, and is projected to reach USD 3.32 Billion by the end of 2024.

Attribute	Details
Orthotic Devices, Casts, and Splints Market Size (2022)	USD 2.95 billion
Sales Forecast (2024)	USD 3.32 billion
Global Market Growth Rate (2022 to 2024)	6.2% CAGR
North America Region USD Share	38%

Sales of orthotic devices, casts, and splints accounted for 28% share of the global fracture fixation products market in 2021.

How The Market Progressed Till June 2022?

Particulars	Details
H1, 2021	5.39%
H1, 2022 Projected	5.54%
H1, 2022 Outlook	5.24%
BPS Change - H1, 2022 (O) - H1, 2022 (P)	(-) 30 ↓
BPS Change - H1, 2022 (O) - H1, 2021	(-) 15 ↓

According to Future Market Insights' analysis, the global orthotic devices, casts and splints market expects to drop by 15 Basis Point Share (BPS) in H1-2022 as compared to H1- 2021. Whereas in comparison to H1-2022 projected value, the market during H1-2022 outlook period will show a dip of 30 BPS.

The drop in the BPS values is associated with the costs related to the replacement, repairs, and modifications of orthotic devices. Moreover, significant drawbacks concerning the interaction of orthotic devices, such as, orthosis and prosthetics, with respect to material properties, has further provided a restraint towards the growth in the BPS outlook.

Conversely, with the introduction of 3D printing technology and the adoption of CAD/CAM, the manufacturing costs of orthotic devices, casts and splints will significantly be reduced. This factor is set to propel the growth of the market through the forecasted years.

Key developments in the market include incorporation of neuromuscular signal technology, microprocessor technology, and 3D printing for novel orthotic devices.

Revenue Analysis of Orthotic Devices, Casts, and Splints from 2014 to 2021 Vs Future Market Outlook for 2022 to 2024

Rising Incidence of Sports Injuries Worldwide Driving Market Growth

From 2014 to 2021, the market value of the orthotic devices, casts, and splints industry registered a CAGR of 5.8%.

Orthotic devices, casts, and splints are a key management option for various types of injuries. The increase in the number of injuries suffered due to road accidents, as well as during recreational and professional sporting events has remained a key market driver.

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As per ASIRT (Association of System Integrators and Retailers in Technology), almost 50 million people get adversely affected by road accidents every single year globally.

Also, per the AAOS (American Academy of Orthopedic Surgeons), over 25% of sports injuries concern lower extremities. The CDC states that close to 9.2 Million children aged 1 to 19 get admitted to the emergency departments in the wake of sports injuries. Moreover, around 62% of sports injuries occur during practice than during actual games.

Increasing prevalence of age-related osteoporotic fractures, musculoskeletal problems, and trauma caused by road accidents and falls, as well as the growing geriatric population, are likely to drive the global market.

The global orthotic devices, casts, and splints market is projected to rise at a 6.2% CAGR from 2022 to 2024.

What’s Driving Orthotic Devices, Casts, and Splints Market Growth?

Advancements in 3D Technology to Boost Sales of Orthotic Devices, Casts, and Splints

The orthotic devices, casts, and splints industry will be revolutionized by rising technologies such as 3D imaging and scanning, CAM/CAD, and so on. These technologies will become more widely available in the future years, allowing patients to 3D print orthotic devices in the comfort of their own homes.

As people seek alternatives to surgical deformity repair and pain management, the use of orthotic devices will be promoted around the world. Furthermore, advancements in orthotic devices are making them more accessible and affordable.

Factors such as continuous technological advancements in 3D technology, increase in the number of people suffering from orthopedic ailments, and requirement for robot-assisted and minimally invasive techniques are offering substantial growth opportunities for orthotic system manufacturers.

Why is Demand for Orthotic Devices, Casts, and Splints Being Restrained?

High Cost of Orthotic Devices & Complications with Orthopedic Surgery Hampering Market Expansion

One of the most significant challenges impeding the market growth is the high cost of orthotic devices.

Inadequately trained medical attendants and nurses apply casts in rural areas. This could result in complications as discomfort on the part of patients could be higher. This factor remains a challenge, especially in developing economies as overcrowding of patients in city-based hospitals makes treatments difficult.

Which Region is Projected to Offer the Largest Opportunity for Manufacturers of Orthotic Devices, Casts, and Splints?

Continuous Innovations in Orthotics Driving Market Growth in North America

North America is expected to account 38% share of the orthotic devices, casts, and splints market in 2022. The use of orthotic devices for pain management in the senior population, the increase in sports injuries, the rise in the incidence of spine diseases, and the rise in the incidence of neuromuscular and musculoskeletal illnesses among the population are all driving the market expansion.

Innovations in orthotics and well-planned reimbursement regulations are expected to drive orthotic devices market growth over the coming years.

Country-wise Analysis

Where Does the U.S. Orthotic Devices, Casts, and Splints Market Stand?

High Adoption of Advanced Products Fueling U.S. Market Growth

Rising adoption of universal health coverage in developed and developing markets, rising product launches, steadily increasing healthcare infrastructure and expenditure, and the presence of key suppliers of orthotic devices, casts, and splints are key factors propelling orthotic systems market growth in the United States.

Skilled professionals, availability of refined and advanced items, and rising demand for advanced products and therapies are driving orthotic equipment market growth in the U.S.

Will China Offer Lucrative Growth Opportunity to Suppliers of Orthotic Devices, Casts, and Splints?

Favorable Government Initiatives for Improvement of Healthcare Facilities Driving Demand Growth

Market growth in China is anticipated to expand at a rapid pace during the forecast period due to the rising rate of urbanization and government attempts to improve healthcare facilities.

Furthermore, propelling medical tourism due to the availability of cost-effective and advanced healthcare treatment alternatives, a rise in disposable income, and increased adoption of novel technology are bolstering the market growth in China.

Category-wise Insights

Which Product Type of Orthotic Devices, Casts, and Splints is Expected to Garner Significant Traction?

Splinting Supplies & Equipment Gaining Traction Owing to Their Cost-effective Nature

Splinting supplies & equipment are predicted to develop rapidly over the coming years due to advantages such as the simplicity of making plastic splints, which allows for quick customization, and the high adaptability and strength of neoprene splints.

Increased instances of road accidents and musculoskeletal injuries, a growing population base of people over the age of 65, and the frequency of orthopedic complications associated with ageing are driving the demand for orthopedic casts and splints.

The capacity of these products to enhance patient compliance in terms of secured support and comfort over the course of treatment, rising technological advancements, and the use of advanced materials by manufacturers are driving demand for splinting supplies and equipment.

Which Distribution Channel of Orthotic Devices, Casts, and Splints Will Generate Highest Revenue?

Hospitals to Generate Highest Market Revenue Due to Growing Number of Orthopedic Surgery Operations

Hospitals have a considerable market share due to an increase in the number of admissions for the treatment of traumatic and spinal injuries, bone fractures, and injuries incurred in car accidents.

Demand for orthotic devices, casts, and splints in hospitals is being driven by an increase in the number of orthopedic surgical operations that require post-operative patient rehabilitation and favorable reimbursement for personalized orthotic devices across major countries.

Hospitals utilize orthotic devices, casts, and splints for a variety of reasons, including preventive, post-operative patient rehabilitation, osteoarthritis treatment, and maxillofacial operations. Orthotic devices, casts, and splints are the most commonly used in hospitals because of their extensive use in the treatment of spinal fusion and delayed union and nonunion bone fractures.

Competitive Landscape

Shortfalls in conventional manufacturing processes of orthotics imply that it could take ages for patients to acquire the devices that they require. As such, technological advancements are being focused upon. These advancements are likely to create a competitive edge for providers of orthotic devices, casts, and splints during the forecast period.

Companies are continuously coming up with new ways to ramp up production, such as capacity increases and new product development. To boost revenue sales, they are also focusing on partnership-oriented techniques such as acquisitions and mergers.

For instance,

• In February 2021, Breg, Inc. launched Pinnacle and Ascend™, its two new lines of spinal orthoses. 15 new products by the company were created to improve care for individuals with spinal injuries, while also expanding its produced goods offering.

Orthotic Devices, Casts, and Splints Industry Report Scope

Attribute	Details
Forecast Period	2022 to 2024
Historical Data Available for	2014 to 2021
Market Analysis	Value in USD Million, Volume in Units
Key Regions Covered	North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East & Africa (MEA)
Key Countries Covered	USA, Canada, Mexico, Brazil, Mexico, Argentina, Germany, Italy, France, UK, Nordic, Spain, Japan, China, India, Malaysia, Thailand, Australia, GCC Countries, South Africa, Turkey
Key Market Segments Covered	Product Type, Distribution Channel, Region
Key Companies Profiled	Fillauer LLC; ComfortFit Orthotic Labs Inc.; Hanger Inc.; Amfit Inc.; Ascent Meditech Ltd.; De royal Industries, Inc.; Performance Health Inc.; DJO, LLC; Zimmer Biomet Holdings, Inc.; Stryker Corporation; 3M Healthcare

Orthotic Devices, Casts, and Splints Industry Survey

Orthotic Devices, Casts, and Splints Market by Product Type:

• Casting Supplies & Equipment
  • Plaster Casts
  • Casting Tapes
  • Cast Cutters
  • Casting Tools and Accessories
• Splinting Supplies & Equipment
  • Fiberglass Splints
  • Plaster Splints
  • Other Splints
  • Splinting Tools and Accessories
• Orthotics
  • Functional Orthotics
  • Accommodative Orthotics

Orthotic Devices, Casts, and Splints Market by Distribution Channel:

• Institutional Sales
  • Hospitals
  • Orthopedic Clinics
  • Nursing Facilities
• Retail Sales
  • Online Sales
  • Retail Pharmacies
  • Drug Stores

Orthotic Devices, Casts, and Splints Market by Region:

• North America Orthotic Devices, Casts, and Splints Market
• Latin America Orthotic Devices, Casts, and Splints Market
• Europe Orthotic Devices, Casts, and Splints Market
• East Asia Orthotic Devices, Casts, and Splints Market
• South Asia & Pacific Orthotic Devices, Casts, and Splints Market
• Middle East & Africa (MEA) Orthotic Devices, Casts, and Splints Market

Frequently Asked Questions

What is the forecasted size of the global market for orthotic devices, casts, and splints?

The global orthotic devices, casts, and splints market is expected to reach USD 3.32 Billion by 2024.

Which region is dominating orthotic devices, casts, and splints market growth?

North America accounts for 38% share of the global orthotic devices, casts, and splints market.

Who are the key players in the global orthotic devices, casts, and splints market?

Fillauer LLC, ComfortFit Orthotic Labs Inc., Hanger Inc., Amfit Inc., and Ascent Meditech Ltd. are prominent manufacturers of orthotic devices, casts, and splints.

At what CAGR is the global orthotic devices, casts, and splints market expected to rise?

The global market for orthotic devices, casts, and splints is estimated to exhibit a CAGR of 6.2% during the forecast period (2022-2024).

What are the key factors driving demand growth of orthotic equipment?

Increasing count of bone diseases along with growing instances of trauma and road accidents are key factors driving orthotic systems market growth.