Seattle, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global orthopedic braces & support, casting & splints market is estimated to be valued at US$ 7,399.5 million in 2022 and is expected to exhibit a CAGR of 6.5% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Orthopedic Braces & Support, Casting & Splints Market:
Increasing prevalence of sports related injuries is expected to drive the growth of the market over the forecast period. For instance, according to a study published by The Johns Hopkins University, in 2021, in the U.S., about 30 million children and teens participate in some form of organized sports, and more than 3.5 million injuries occurs each year. Thus rise in sports related injuries is expected to provide lucrative growth to the market.
Moreover, increasing prevalence of orthopedic diseases & disorders such as musculoskeletal disorders is expected to drive market growth over the forecast period. For instance, according to the WHO (world health organization), as on 14 July 2022, approximately 1.71 billion people have musculoskeletal conditions worldwide. Musculoskeletal conditions are the leading contributor to disability worldwide, with low back pain being the single leading cause of disability in 160 countries. Musculoskeletal conditions significantly limit mobility and dexterity, leading to early retirement from work, lower levels of well-being and reduced ability to participate in society.
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Key Market Takeaways:
The global orthopedic braces & support, casting & splints market is expected to exhibit a CAGR of 6.5% during the forecast period due to increasing prevalence of bone related problem. For instance, according to an article published in December 2020 titled "Vertebral Compression Fractures," around 1 to 1.5 million Vertebral Compression Fractures (VCF) happen each year in the U. S. alone. As per the age and sex-adjusted incidence, it’s predicted that 25% of women 50 and older have at least one VCF. Furthermore, the lifetime risk of hip, forearm, and vertebral fractures is approaching clinical attention in around 40% of the world, which is comparable to the risk of cardiovascular disease.
Among the type, Orthopedic Braces and Supports segment is estimated to hold a dominant position in the global orthopedic braces & support, casting & splints market over the forecast period due to the several benefits offered by these products, such as medial and lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
Among regions, North America is estimated to account for the largest market share in the global orthopedic braces & support, casting & splints market over the forecast period
Competitive Landscape:
Key players operating in the global orthopedic braces & support, casting & splints market include 3M, Össur Corporate, BSN medical GmbH, DeRoyal Industries, Inc., DJO Global, Inc., Orfit Industries N.V., Spencer Italia S.r.l., Prime Medical, Inc., Breg, Inc., Stryker Corporation, and Zimmer Biomet Holdings, Inc.
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Market Segmentation:
- Global Orthopedic Braces & Support, Casting & Splints Market, By Type:
- Orthopedic Braces and Supports
- Upper Extremity Braces and Support
- Low Extremity Braces and Support
- Casting Supplies & Equipment
- Splinting Supplies & Equipment
- Orthopedic Braces and Supports
- Global Orthopedic Braces & Support, Casting & Splints Market, By Distribution Channel:
- Orthopedic Clinics
- Hospitals
- OTC
- E-Commerce
- Global Orthopedic Braces & Support, Casting & Splints Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
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