Dublin, Nov. 11, 2021 (GLOBE NEWSWIRE) -- The "Orthopedic Braces & Support, Casting and Splints - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
Key Topics Covered:
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
Developing Regions Exhibit the Fastest Growth
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
Orthopedic Braces and Support Devices
Orthopedic Casting and Splinting Segment
Recent Market Activity
2. FOCUS ON SELECT PLAYERS(Total 146 Featured)
BSN Medical GmbH
DeRoyal Industries, Inc.
DJO Global, Inc.
Prime Medical Inc.
Zimmer Biomet Holdings, Inc.
3. MARKET TRENDS & DRIVERS
Aging Population and the Associated Orthopedic Disorders Drive the Demand for Orthopedic Braces & Support, Casting and Splints Market
Rising Incidence of Musculoskeletal Disorders - A Key Propeller of Orthopedic Braces, Casting and Splints Market
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
Growing Incidence of Osteoporosis Drives the Orthopedic Braces Market
Osteoporosis and Other Bone Related Health Concerns: Factsheet
Orthopedic Braces & Support, Casting and Splints Find Increasing Demand in Treatment of Osteoarthritis and Rheumatoid Arthritis
Orthopedic Braces Find Increasing Usage in Spinal Fusion
Epidemic Proportion of Obesity Fuels the Demand for Orthopedic Braces & Support, Casting and Splints
Key Contributing Categories
Compression Knee Sleeves
Back Support & Abdominal Binders
Rise in Healthcare Expenditure to Drive Growth
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. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/sgc1k
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900