Orthopedic Braces & Support Casting & Splints Market Growth, Size, Share, Demand, and Forecast 2030

Orthopedic Braces & Support Casting & Splints Industry Prospective:

The global orthopedic braces & support casting & splints market size was evaluated at $6.3 billion in 2022 and is slated to hit $10.3 billion by the end of 2030 with a CAGR of nearly 5.1% between 2023 and 2030.

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The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global market space. The orthopedic braces & support casting & splints industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the orthopedic braces & support casting & splints market report explores the investor and stakeholder space to help companies make data-driven decisions.

Orthopedic Braces & Support Casting & Splints Market: Overview

Orthopedic braces & support casting & splints are used in the healthcare sector for protecting as well as supporting fractured joints & bones. Moreover, these medical devices assist in immobilizing the injured limb and help in halting the bone movement so that it can heal completely. In addition to this, wearable medical equipment provides apt alignment, positional correction, supporting muscles, and protection of many body parts that include joints, muscles, and bones. For the record, the equipment is prescribed by orthotists and orthopedics for individuals suffering from major bone and joint damage. In addition to this, orthopedic braces, support casting, and splints are used for patients immediately after any damage to bones & joints and are worn during hospitalization as well as rehabilitation.

Key Insights

• As per the analysis shared by our research analyst, the global orthopedic braces & support casting & splints market is projected to expand annually at the annual growth rate of around 5.1% over the forecast timespan (2023-2030)
• In terms of revenue, the global orthopedic braces & support casting & splints market size was evaluated at nearly $6.3 billion in 2022 and is expected to reach $10.3 billion by 2030.
• The global orthopedic braces & support casting & splints market is anticipated to record massive growth over the forecast period owing to the rise in the elderly population prone to orthopedic ailments.
• In terms of product type, the casting & splinting supplies segment is slated to register the fastest CAGR over the analysis period.
• On the basis of application, the hospital segment is slated to dominate the segmental surge over the forecast period.
• Region-wise, the Asia-Pacific orthopedic braces & support casting & splints market is projected to register the highest CAGR during the assessment timeline.

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Orthopedic Braces & Support Casting & Splints Market: Growth Factors

The surge in healthcare investments will prompt the expansion of the global market over 2023-2030

The rise in the elderly population prone to orthopedic ailments will drive the growth of the global orthopedic braces & support casting & splints market. Furthermore, a prominent rise in spending on healthcare activities will embellish the market trends across the globe. In addition to this, large-scale cases of musculoskeletal disorders witnessed among adults can scale up the demand for medical devices in the near future. Apart from this, an increase in sports events held every year across the globe has resulted in a rise in sports injuries, thereby prompting the demand for orthopedic braces in the medical sector. A surge in the incidences of osteoporosis and bone-related disorders along with an increase in the number of bone or limb fractures will scale up the expansion of the market across the globe. The rise in the demand for orthopedic braces & support casting & splints for treating rheumatoid arthritis and osteoarthritis will embellish the growth of the market globally.

Growing penetration of orthopedic braces in spinal fusion will boost the market growth across the globe. New product launches are predicted to make major contributions toward the global market size in the upcoming years. In June 2020, DJO®, a key player providing healthcare systems to help people move, launched the X-ROM™ brace. The product assists patients in recovering from knee surgeries as well as ACL repair with comfort and confidence. Such initiatives will contribute lucratively towards the growth of the market globally.

Orthopedic Braces & Support Casting & Splints Market: Restraints

Lack of knowledge about product benefits can hinder the global industry surge over the forecast period

High raw material costs and low levels of awareness about the benefits of the product can negatively impact the growth of the global orthopedic braces & support casting & splints industry. Apart from this, a surge in demand for painkiller drugs can further put brakes on the global industry expansion. In addition to this, huge product costs can impede the global industry surge. Low availability of strong healthcare infrastructure facilities in developing countries can pose a threat to the growth of the industry across the globe.

Orthopedic Braces & Support Casting & Splints Market: Opportunities

Rise in the bone degeneration in the geriatric population will create new facets of growth for the global market

An increase in shoulder & knee degeneration in elderly people can generate new growth avenues for the orthopedic braces & support casting & splints market across the globe. A rise in osteoporosis in sports persons can further enhance the product demand. Expansion of the product portfolio will create new growth opportunities for the global market. Citing an instance, Breg, Inc., a key orthopedic bracing & billing services firm, introduced the launching of two product lines of spinal orthoses, namely, AscendTM and Pinnacle. The move is likely to help patients with spinal injuries recover quickly.

Orthopedic Braces & Support Casting & Splints Market: Challenges

Side effects caused by the product use can prove to be a key challenge in the growth of the global industry

Orthopedic braces & support casting & splints are heavy & bulky and this has decreased the sale of the products, thereby posing a huge challenge in the growth path of the global orthopedic braces & support casting & splints industry. Apart from this, they can cause skin irritation and discomfort in patients as well as swelling and this can obstruct the growth of the industry globally. Lack of favorable compensation policies in emerging economies and high duty on medical equipment can pose a challenge to the global industry growth.

Orthopedic Braces & Support Casting & Splints Market: Segmentation

The global orthopedic braces & support casting & splints market is sectored into type, application, and region.

In product type terms, the global orthopedic braces & support casting & splints market is segregated into orthopedic braces & support and casting & splinting supplies segments. In addition to this, the casting & splinting supplies segment, which gathered nearly one-third of the global market share in 2022, is predicted to record the fastest CAGR in the forecast timeline. The growth of the segment in the ensuing years can be credited to the surge in the demand for advanced materials and the ability of the product to provide comfort to patients during the treatment of musculoskeletal damage.

On the basis of the application, the orthopedic braces & support casting & splints industry across the globe is sectored into hospitals and retail pharmacies segments. Furthermore, the hospital segment, which gained a huge share of the global industry in 2022, is expected to lead the application landscape in the foreseeable future. The segmental surge in the forecast timespan can be subject to a rise in the use of orthopedic braces & support casting & splints while treating patients affected due to various bone and limb injuries in hospitals.

Orthopedic Braces & Support Casting & Splints Market: Report Scope

Orthopedic Braces & Support Casting & Splints Market: Regional Insights

North America to establish global market domination over 2023-2030

North America, which accounted for more than 55% of the global orthopedic braces & support casting & splints market revenue in 2022, is anticipated to record lucrative growth over the analysis timeline. The market expansion in the region over the assessment period can be subject to an increase in the number of sports injuries, road collisions, and orthopedic disorders. Apart from this, a surge in the allocation of funds for healthcare activities in the sub-continent will drive regional market trends. As per recent healthcare studies, more than 20 million people in the U.S. are affected due to osteoarthritis, and nearly 2, 40,000 children suffer from arthritis. Such medical conditions of patients will increase the demand as well as penetration of the product in the region. Easy access to cutting-edge raw materials and the availability of qualified healthcare service providers in countries such as Canada and the U.S. will spur regional market trends.

Furthermore, the orthopedic braces & support casting & splints industry in the Asia-Pacific region is expected to register the highest CAGR in the assessment timeframe. The key growth driving factors of the industry in the region include a rising obese population, a proliferating geriatric patient population base suffering from osteoarthritis, and the presence of key product manufacturers in the countries such as China, Japan, Taiwan, Singapore, Malaysia, South Korea, and India.   

Orthopedic Braces & Support Casting & Splints Market: Competitive Space

The global orthopedic braces & support casting & splints market profiles key players such as:

• Spencer Italia S.r.l.
• 3M Company
• Bauerfeind AG
• Stryker Corporation
• Bird & Cronin LLC
• Becker Orthopedic
• DJO LLC
• Breg Inc.
• DeRoyal Industries Inc.
• Ossur Hf
• Medi GmbH & Co. KG
• Orfit Industries N.V.
• Ottobock SE & Co. KGaA
• Prime Medical Inc.
• Trulife

The global orthopedic braces & support casting & splints market is segmented as follows:

By Product Type              

• Orthopedic Braces & Support
• Casting & Splinting Supplies

By Application

• Hospitals
• Retail Pharmacies

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa