ORTHOPEDIC BRACES & SUPPORT, CASTING & SPLINTS MARKET ANALYSIS

Orthopedic braces are a class of wearable medical devices that provide the body's joints, bones, and muscles with the proper alignment, positional correction, support, stabilization, and protection. Orthotists and orthopaedic surgeons typically recommend these devices to patients who have sustained severe injuries and use them to prevent further harm. Products in the global market for orthopaedic braces, support, casting, and splints help relieve joint pain, particularly in cases of sports injuries and chronic orthopaedic conditions like arthritis. Stabilizing and treating joint abnormalities is the main purpose of the products in the global orthopaedic braces & support, casting & splints market.

Global orthopedic braces & support, casting & splints market is estimated to be valued at US$ 7,399.5 million in 2022 and is expected to exhibit a CAGR of 6.5% during the forecast period (2022-2030).

Figure 1. Global Orthopedic Braces & Support, Casting & Splints Market Share (%), by Type, 2022

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Global Orthopedic Braces & Support, Casting & Splints Market: Driver

Increasing prevalence of orthopedic diseases & disorders is expected to drive growth of the global orthopedic braces & support, casting & splints market

Increasing prevalence of orthopedic diseases & disorders such as osteoarthritis is expected to drive market growth over the forecast period. For instance, according to the world health organization (WHO), as on 14 July, 2022, there are about 528 million people suffering from osteoarthritis globally.

Figure 2. Global Orthopedic Braces & Support, Casting & Splints Market Share (%), by Region, 2022

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Increasing geriatric population is expected to propel growth of the global orthopedic braces & support, casting & splints market over the forecast period.

Increasing geriatrics population is expected to drive market growth over the forecast period. For instance, according to the world health organization (WHO), on 1 October, 2022, between 2015 and 2050, the proportion of the world's population over 60 years will nearly get double from 12% to 22% and by 2050, the world’s population of people aged 60 years and older will be around 2.1 billion.

Global Orthopedic Braces & Support, Casting & Splints Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another. The COVID-19 pandemic had limited impact on global orthopedic braces & support, casting & splints market due to the lockdown in many countries, patient visits to hospitals have been reduced significantly. As a result, the number of diagnostic tests has reduced.

Global Orthopedic Braces & Support, Casting & Splints Market: Key Developments

On August 30, 2021, Zimmer Biomet Holdings, Inc., a medical device company, and Canary Medical, a medical data company jointly announced that they have received the U.S. Food and Drug Administration (FDA) De Novo classification grant and authorization to market the tibial extension for Persona IQ, the world's first smart knee cleared by the FDA for total knee replacement surgery.

Global Orthopedic Braces & Support, Casting & Splints Market: Restraint

Variations in reimbursement scenario in different regions such as public & private player’s guidelines, and high cost associated with fiber material are some of the major factors which is expected to hinder the orthopedic braces & support, casting & splints market growth.

Key Players

Major players operating in the global orthopedic braces & support, casting & splints market include 3M, Össur Corporate, BSN medical GmbH, DeRoyal Industries, Inc., DJO Global, Inc., Orfit Industries N.V., Spencer Italia S.r.l., Prime Medical, Inc., Breg, Inc., Stryker Corporation, and Zimmer Biomet Holdings, Inc.