The global market for orthotic devices, casts, and splints is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 6.2% from 2022 to 2024. This surge is expected to propel the market value from US$ 2.95 billion in 2022 to a staggering US$ 3.32 billion by the end of 2024.
This growth is attributed to several key factors:
- Rising Demand Due to Aging Population and Musculoskeletal Issues: The global population is aging rapidly, leading to an increased prevalence of musculoskeletal conditions like arthritis and osteoporosis. This creates a greater need for orthotics, casts, and splints in rehabilitation and treatment.
- Technological Advancements: The industry is witnessing exciting advancements in 3D printing, imaging, and computer-aided design (CAM)/computer-aided manufacturing (CAD). These technologies are paving the way for personalized and more comfortable orthotic devices, potentially even enabling 3D printing at home in the future.
- Shifting Preferences: Patients are increasingly seeking non-surgical alternatives for pain management and deformity correction, driving demand for orthotics. Additionally, advancements are making these devices more affordable and accessible.
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Challenges and Opportunities:
While the market enjoys a positive outlook, certain hurdles remain:
- High Cost of Orthotic Devices: The high upfront cost of these devices can be a barrier for some patients.
- Skilled Personnel Shortage: Inadequate training of medical personnel in applying casts in certain regions can lead to discomfort and complications for patients.
Despite these challenges, the future of the orthotic devices, casts, and splints market is promising. Continuous advancements, growing demand due to an aging population, and the need for minimally invasive techniques present significant growth opportunities for manufacturers.
Here Are Some Key Components And Aspects Of The Orthotic Devices, Casts, and Splints Industry:
- Orthotic Devices: These are specialized medical devices designed to support, align, or correct specific parts of the body, usually the musculoskeletal system. Examples include custom orthotic insoles, braces, and supports for the spine, limbs, and joints. Orthotic devices can be used to manage conditions such as scoliosis, arthritis, plantar fasciitis, and more.
- Casts: Casts are rigid or semi-rigid structures typically made of plaster or fiberglass that are used to immobilize and support fractured or injured bones during the healing process. Casts are commonly used in orthopedics to treat bone fractures and to provide stability to the affected area.
- Splints: Splints are similar to casts but are often less rigid and provide varying degrees of support. They are used to immobilize and protect injured or unstable body parts, such as limbs, joints, or the spine. Splints can be made from materials like metal, plastic, or fabric.
- Market Growth: The market for orthotic devices, casts, and splints has been experiencing steady growth due to several factors. These include an aging population, increased awareness and diagnosis of orthopedic conditions, advancements in materials and manufacturing technologies, and a rise in sports-related injuries.
- Technological Advancements: Advances in materials, such as lightweight and durable plastics and carbon-fiber composites, have led to the development of more comfortable and effective orthotic devices and splints. Additionally, innovations in 3D printing technology have allowed for the creation of custom-fit orthotics and casts.
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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 Industry 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 Industry by Distribution Channel:
- Institutional Sales
- Hospitals
- Orthopedic Clinics
- Nursing Facilities
- Retail Sales
- Online Sales
- Retail Pharmacies
- Drug Stores
Orthotic Devices, Casts, and Splints Industry by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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