New York, Oct. 22, 2020 (GLOBE NEWSWIRE) -- The market for casting and splinting will grow owing to the rising number of sports and vehicular accidents and other injuries, which will result in an increasing number of musculoskeletal problems among the populace.
Market Size in 2019 – USD 2,513.7 Million, Market Growth - CAGR of 6.1% over the forecast period, Market Trends – High demand from developing nations.
The global Casting and Splinting Market is forecast to reach USD 4,052.0 Million by 2027, according to a new report by Reports and Data. Casting and splinting products provide the wounded body part with added support and warmth, thus growing the need for casting and splinting. Besides, increasing accessibility of such goods with the obtainability of several raw materials, including polyethylene, polyester, and fiberglass, should foster demand for casting & splinting products.
Casts and splints immobilize orthopedic wounds and stimulate healing by supporting bone alignment, secure the damaged area, reducing pain, and aid to compensate for muscular weakness in the vicinity. Casting devices comprising orthopedic, body plaster, or surgical casting is often made of fiberglass/plaster, surrounding a limb to stabilize and uphold structural anatomy till the wound has healed. Splinting devices are deployed in several circumstances to provide support for spine/limb, comprising temporary support of possibly broken bones/damaged joints during any sort of activity. Casting is an essential in majority of the fractures by offering more effective immobilization. Splints deliver several benefits over casting in terms of easier and rapid application and letting for natural swelling at the time of the early inflammatory phase of the injury by averting pressure related concerns. The rising prevalence of road accidents and musculoskeletal injuries is also boosting the demand for casting and splinting.
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The COVID-19 impact:
As the COVID-19 epidemic rises, manufacturers are increasingly adapting strategies and objectives to satisfy the demand of a pandemic that has halted the requirement for casts and splints. A sequence of issues will arise over a few months as producers and their vendors adapt to changing customer demands. Various regions seem vulnerable to export-dependent economies, due to this unfortunate global situation. The impact of this pandemic is reshaping the global casting and splinting markets when certain manufacturers either close down or decrease their production due to a lack of downstream demand. While some have their production suspended by their governments as a precautionary measure by the respective nations to combat the spread of the virus, in other countries, when looking at the severity of the outbreak and the consequent behavior of the national authorities themselves, customers are centered on becoming more global. Market condition in Asia Pacific region has become very fragile in such cases, collapsing periodically and finding it impossible to stable themselves.
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Further key findings from the report suggest
- On the basis of product type, splinting products generated USD 1,114.0 million in 2019 and is anticipated to grow at a CAGR of 5.5% over the forecast period, owing to advantages associated with them like manufacturing ease of plastic splints, which allows fast customization of splints coupled with high versatility and strength of neoprene splints.
- Polyethylene material is expected to grow at a CAGR of 6.2% over the forecast period, owing to its superior properties, including hardness, low strength, and rigidity, but has high elasticity and impact strength as well as low friction, thereby making it suitable for a variety of applications.
- Casting and splinting applications in hospitals contributed to market growth. The commercial sector of the Asia Pacific region is the major shareholder of the market and held around 36.0% of the market in the year 2019, owing to the rising number of road accidents and other injuries.
- The Asia Pacific dominated the casting and splinting market in 2019. Factors driving market demand are the cost-effective and advanced procedures applied in the industry. The Asia Pacific area controlled approximately 46.0% of the market, followed by North America, which contains around 23.0% market in the year 2019.
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For the purpose of this report, Reports and Data have segmented into the global Casting and Splinting market on the basis of product type, material, application, and region:
Product Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Castings
- Plaster Casts
- Casting Plates
- Cast Cutters
- Others
- Splitting
- Fiberglass Splints
- Plaster Splints
Material Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Polyester
- Polyethylene
- Fiberglass
- Plaster of Paris
- Others
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Hospitals
- Clinics
- Ambulatory Surgical Centers
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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