ORTHOPEDIC SPLINTS AND CASTS MARKET ANALYSIS

Market Challenges And Opportunities

Increasing incidence of musculoskeletal conditions to drive growth of the market

Growing prevalence of musculoskeletal diseases such as arthritis and osteoporosis, which are associated with growing geriatric population, is expected to drive growth of the orthopedic splints and casts market.

According to International Osteoporosis Foundation statistics, 2017, an estimated 8.9 million fractures are caused annually by osteoporosis, resulting in an osteoporotic fracture every 3 seconds, with around 1.6 million hip fractures occurring globally each year, the number of which is expected to reach 4.5 million by 2050.

Also, according to the World Health Organization (WHO), 2013, around 28.2% of the global population aged 60 years and above, suffered from osteoarthritis with an estimated 80% people recorded with mobility handicaps. Furthermore, WHO also states that increasing life expectancy and growing geriatric population is expected to increase the prevalence of osteoarthritis and is expected to be the fourth most common cause of disability by 2020.

However, the formation of pressure sores, compartment syndrome, and thermal injuries during casting or splinting process and development of bacterial and fungal infections occurring beneath the casts and splints are factors restraining the market growth.

Moreover, according to the Government of India, Ministry of Road Transport & Highways Transport Research Wing, 2016, road accidents is the major cause of injuries, disabilities, and death in India, accounting for 1,317 accidents per day with an average of 494,624 injured people in 2016. Thus, growing number of road accidents in India and China is expected to increase demand for orthopedic casts and splints, thereby increasing the market growth.

North America is expected to gain significant traction over the forecast period, owing to higher rate of sports injuries in the U.S. According to the American Academics of Pediatrics, 775,000 children aged 14 years and younger are admitted in hospital emergency rooms for sports-related injuries each year. Moreover, according to the National Institute of Health, 2012, knee injuries are common among adolescent athletes, with an estimated 2.5 million sports-related injuries registered annually in emergency departments in the U.S. This number is expected to increase over forecasted period, thereby propelling the orthopedic splints and casts market growth in the region.