In 2021, the market for orthopaedic splints was estimated to be worth roughly US$1.5 billion. The market is anticipated to grow at a CAGR of 11.5% over the following ten years, reaching a value of about US$ 4.9 billion by the end of 2032. Orthopedic splint demand has been sparked by the recent rise in osteoporosis cases and the growing number of elderly people.
From 2017 to 2021, the orthopaedic splint market expanded with a CAGR of 10.6%. The spike in demand for fibreglass splints is anticipated to support market growth. Comparatively speaking, fibreglass splints are vastly superior to plaster splints. They are a preferable option due to their improved durability and porosity in addition to the fact that they are lighter.
By the end of 2032, it is expected that the market for orthopaedic splints will have reached record sales of US$ 4.9 billion, growing at a CAGR of 11.5%. The USA will remain the largest market for the duration of the analysis, with an absolute monetary opportunity of approximately US$ 1.1 billion over the next ten years.
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One of the key factors fueling the need for orthopaedic splints over the next 10 years will be the sharp growth in the number of people suffering from musculoskeletal illnesses including osteoporosis and arthritis. The ageing of the world’s population is also projected to propel the market for orthopaedic splints because it will immediately contribute to an increase in the number of people suffering from orthopaedic conditions, which will positively affect the demand for orthopaedic splints. According to a 2020 report by the National Natural Science Funding Council of China, 16% of people worldwide have knee osteoarthritis, which is much higher among those who are 40 years of age and older. Issues like the rise in sports-related injuries .
Among the main growth inhibitors for the Orthopedic Splints market over the projected period are compartment syndrome, the development of pressure sores, and the danger of thermal damage during the splinting or casting method. Furthermore, the expansion of the orthopaedic splints market during the projected period may be hampered by high pricing associated with fibreglass splints and the related bespoke items in various countries of the world. Now, the BSN Medical Articast Fiberglass Casting Tape may be purchased in India for up to Rs. 1,144. Thus, the market for orthopaedic splints may suffer from exorbitant prices.
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Key Segments Covered in Market Survey
The Orthopedic Splints Market is segmented based on application, product type, end-user, and region.
By Product Type:
- Plaster Splints
- Fiberglass Splints
- Tools & Accessories
- Other Product Types
By Application:
- Upper Extremity
- Elbow
- Hand & Wrist
- Shoulder
- Neck
- Lower Extremity
- Hip
- Knee
- Ankle & Foot
By End-User:
- Specialty Centers
- Hospitals
- Other End-users
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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