Orthotic Devices, Casts and Splints Market will reach a value of USD 3.32 Bn by 2024 at a CAGR of 6.2%
The orthotic devices, casts and splints market will witness a CAGR of 6.2% between 2022 and 2024, according to a latest report by ESOMAR-certified market research firm Future Market Insights.
According to the study, the orthotic devices, casts, and splints market growth has dipped as a result of prioritization of COVID-19 care. Decrease in hospital visits has also led to a decrease in demand.
The authors of the study are confident of a recovery in 2021, however, demand is not likely to be as strong as pre-COVID levels. To sustain growth in a sluggish landscape, manufacturers will need to bank of innovative offerings, according to the study. The report is bullish about the use of 3D technology in the orthotic devices, casts, and splints market.
Key Takeaways of Orthotic Devices, Casts and Splints Market Study
- North America and Europe collectively hold over 60% of the market share
- Innovations to be a key growth driver in the developed countries, with 3D printing to catalyse the process
- Increase in osteoporosis and osteoarthritis to bolster the market in the forecast period
Ankle-Foot Orthosis to witness a Surge in Demand
AFO (ankle-foot orthosis) could be effectively used for supporting weak limbs or normalizing a limb with contracted muscles. Also, musculoskeletal and neurologic disorders cause the foot to drop.
AFOs could be used to control this foot drop as well. As such, AFOs could be used to address deformity as well as functional recovery.
North America, Europe, and Oceania have been witnessing an increase in demand for AFO due to increase in sports injuries. This trend is expected to continue in the forecast period as well.
“Launch of innovative and customized products in western countries coupled with eastern countries shifting towards lightweight fiberglass products to drive the orthotic devices, casts and splints market” – says the FMI analyst.
Future Belongs to 3D Technology
3D printed casts, with their open-lattice plastic design, are available in customized form. They are waterproof and help bones in healing faster.
These casts have upsurged the demand for personalized 3D printed medical devices. 3D printed orthoses are effective in treating children with cerebral palsy as well.
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Orthotic devices, casts and splints market, a new study from Future Market Insights, opines on the orthotic devices, casts and splints from 2015 – 2019 and presents demand projections from 2020 – 2030 on the basis of product (casting supplies and equipment (plaster casts, casting tapes, cast cutters, casting tools and accessories), splinting supplies and accessories (fiberglass splints, plaster splints, other splints, splinting tools and accessories) and orthotics (functional orthotics and accommodative orthotics)), and distribution channel (Institutional sales (hospitals, orthopaedic clinics and nursing facilities) and retail sales (online sales, retail pharmacies and drug stores)) across seven prominent regions.
Market segmentation
Orthotic Devices, Casts, and Splints Market 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 Market by Distribution Channel:
- Institutional Sales
- Hospitals
- Orthopedic Clinics
- Nursing Facilities
- Retail Sales
- Online Sales
- Retail Pharmacies
- Drug Stores
Orthotic Devices, Casts, and Splints Market by Region:
- North America Orthotic Devices, Casts, and Splints Market
- Latin America Orthotic Devices, Casts, and Splints Market
- Europe Orthotic Devices, Casts, and Splints Market
- East Asia Orthotic Devices, Casts, and Splints Market
- South Asia & Pacific Orthotic Devices, Casts, and Splints Market
- Middle East & Africa (MEA) Orthotic Devices, Casts, and Splints Market
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Key Trends & Market Dynamics
1.3. Industry Evolution
1.4. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Key Market Trends
- Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Key Regulations
4.3. Orthotic Devices for Injury Prevention
- COVID19 Crisis Analysis
5.1. Current COVID19 Statistics
5.2. Current GDP Projection and Probable Impact
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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