Global Orthotic Devices, Casts, and Splints Market Set to Experience Significant Growth, Projected to Reach USD 3.32 Billion by 2024

The global orthotic devices, casts, and splints market is on an impressive growth trajectory, projected to achieve a robust Compound Annual Growth Rate (CAGR) of 6.2% from 2022 to 2024. Market value is expected to rise from USD 2.95 billion in 2022 to an impressive USD 3.32 billion by the end of 2024.

As the global population ages, the prevalence of musculoskeletal ailments such as arthritis and osteoporosis is rising sharply. This demographic shift is driving an increased demand for orthotic solutions, which play a crucial role in rehabilitation and treatment protocols.

Innovative advancements in 3D printing, imaging technologies, and computer-aided design/manufacturing (CAD/CAM) are revolutionizing the orthotics field. These cutting-edge technologies facilitate the development of highly personalized orthotic devices, promising enhanced comfort and efficacy for patients. The potential for future at-home 3D printing of orthotics exemplifies the industry’s commitment to accessibility and patient-centric care.

A notable trend is the growing patient preference for non-surgical approaches to managing pain and correcting deformities. This shift is fueling demand for orthotic devices that offer effective alternatives to invasive procedures. Additionally, ongoing technological advancements are making these devices more affordable and accessible.

Despite the promising growth outlook, upfront costs continue to pose a barrier for many patients seeking orthotic solutions. Addressing this challenge requires innovative pricing models and enhanced insurance coverage to ensure broader accessibility.

In regions where medical personnel lack sufficient training in applying orthotic devices, patient discomfort and complications can occur. Bridging this gap through targeted education and training initiatives is crucial for improving patient outcomes and satisfaction.

The future of the orthotic devices, casts, and splints market appears bright, driven by continuous advancements and an increasing demand from an aging population. Manufacturers are well-positioned to capitalize on the opportunities presented by minimally invasive techniques and personalized medicine, positioning the industry for sustained growth.

Orthotic devices provide targeted support for musculoskeletal conditions such as scoliosis and arthritis, while casts and splints immobilize and assist in the healing of fractured bones and unstable joints. The market’s growth is further fueled by advancements in materials and manufacturing processes, along with heightened awareness and diagnosis of orthopedic conditions.

As the market expands, innovations in materials and manufacturing processes will continue to enhance the efficacy and comfort of orthotic solutions. With a steadfast commitment to addressing accessibility barriers and advancing technological capabilities, the future promises transformative growth in orthotic devices, casts, and splints, ensuring better outcomes for patients worldwide.

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)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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