United States, Rockville MD, Aug. 10, 2022 (GLOBE NEWSWIRE) -- According to detailed industry analysis by Fact.MR, a market research and competitive intelligence provider, expanding at a CAGR of 6%, the global orthopedic braces & support, casting, and splints market is projected to reach a valuation of US$ 8 billion by 2026.
The senior population, which is particularly sensitive to musculoskeletal disorders, is driving majorly demand in this market. Furthermore, the popularity of fitness-related sports such as biking and running among health-conscious consumers is raising the frequency of muscular soreness, sports injuries, and ligament tears, which is driving the demand for orthopedic braces and supports.
Athletes also use orthopedic braces to prevent injuries while playing their sports, which limits unwanted motion while playing games and makes movement easier.
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Orthopedic braces are devices made of soft materials such as spandex or other closely-knit textiles and rigid materials such as hard plastics that are designed to restrict joint movement. Braces are orthopedic devices made to ease discomfort in the body's upper and lower extremities. These enhance daily living and aid in the recovery from injuries. Splints and casts are wrapped with a hard exterior. These serve as a support to cover and connect the torn ligaments, tendons, and bones. In addition to maintaining muscular activity and bone healing, casts and splints immobilize the injured area.
Key Takeaways from Market Study
- North America holds a leading position in the global orthopedic braces and support, castings, and splints market due to its advanced healthcare infrastructure and increasing elderly population.
- The global market for orthopedic braces & support, castings & splints is expanding as a result of rising accident rates and an increasing ageing population.
- Increased use of POP for less expensive fracture treatment will greatly accelerate market growth over the next 4 years.
- The United States market is valued at US$ 2 billion in 2022.
- Sales of orthopedic braces & support, castings & splints are predicted to increase at a CAGR of 6% from 2022 to 2026.
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Winning Strategy
Players in the orthopedic braces and support, castings, and splints market use several different primary tactics, including product launches, acquisitions and mergers, joint ventures, and geographical growth.
To release new and enhanced solutions, major market players are heavily investing in R&D for orthopedic braces and support, castings, and splints.
- Breg Inc. teamed with U.K.-based distributor Joint Operations LLP in July 2020 to expand its market for its high-end orthopedic solutions in the U.K. and Ireland.
- In November 2018, Colfax invested US$ 3.15 billion to purchase DJO Global, a market leader in braces and support equipment.
Segments of Orthopedic Braces & Support, Casting, and Splints Industry Research
- By Product :
- Orthopedic Braces & Supports
- Casting Supplies & Equipment
- Splinting Supplies & Equipment
- By Distribution Channel :
- Orthopedic Clinics
- Hospitals
- Over-the-Counter
- Online
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global orthopedic braces & support, casting, and splints market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2026.
The study divulges essential insights on the market on the basis of product (orthopedic braces & supports, casting supplies & equipment, splinting supplies & equipment) and end user (orthopedic clinics, hospitals, over-the-counter, online, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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