The global orthotic devices, casts, and splints market is witnessing substantial growth, with market projections forecasting a Compound Annual Growth Rate (CAGR) of 6.2% from 2022 to 2024. Valued at USD 2.95 billion in 2022, the market is expected to expand to USD 3.32 billion by the end of 2024.
Factors such as an aging population, a growing number of sports-related injuries, and a surge in post-surgical rehabilitation cases are fueling the adoption of orthotic devices, casts, and splints. Technological innovations, including 3D printing and lightweight, durable materials, are further enhancing product effectiveness and patient comfort.
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With healthcare providers emphasizing non-invasive treatment options and personalized orthotic solutions, the market is poised for continued expansion. Industry players are focusing on product innovation, strategic partnerships, and geographical expansion to strengthen their market position and cater to evolving consumer needs.
As the demand for efficient, patient-friendly orthopedic solutions rises, the orthotic devices, casts, and splints market is set to witness robust growth, shaping the future of rehabilitation and orthopedic care.
Key Takeaways: Global Orthotic Devices, Casts, and Splints Market
- The global market for orthotic devices, casts, and splints is expected to grow significantly at a CAGR of 6.2% from 2022 to 2024, reaching a value of USD 3.32 billion by 2024.
- North America holds a leading market share (38% in 2022) driven by factors like senior population growth, rising sports injuries, and increasing musculoskeletal disorders.
- Advancements in orthotic technology and supportive reimbursement policies are expected to further propel market growth.
- Rising adoption of healthcare coverage, product launches, healthcare infrastructure expansion, and presence of key suppliers are driving the US market.
- Availability of skilled professionals, advanced orthotic devices, and patient demand for these products are boosting the US market.
- The Chinese market is anticipated to grow rapidly due to urbanization, government healthcare improvements, medical tourism, and rising disposable income.
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Competitive Landscape:
Limitations in traditional orthotics manufacturing processes mean patients often face long wait times for necessary devices. Consequently, there is a significant emphasis on technological advancements aimed at providing a competitive advantage to providers of orthotic devices, casts, and splints throughout the forecast period.
Companies are actively pursuing strategies to enhance production capacity and innovate new products to drive revenue growth. Additionally, they are leveraging partnership strategies such as acquisitions and mergers.
For example,
- In February 2021, Breg, Inc. introduced Pinnacle and Ascend™, two new lines of spinal orthoses. This launch included 15 new products designed to enhance care for individuals with spinal injuries, while expanding their product offerings.
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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