Global Orthopedic Braces & Support, Casting & Splints Market, by Type (Orthopedic Braces and Supports (Upper Extremity Braces and Support and Low Extremity Braces and Support), Casting Supplies & Equipment, and Splinting Supplies & Equipment), by Distribution Channel (Orthopedic Clinics, Hospitals, OTC, and E-Commerce), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The geriatric population is more prone to orthopedic diseases due to organ deformities & aging. Hence, rising geriatric population with more risk to orthopedic disorders is expected to fuel the orthopedic braces & support, casting & splints market growth during the forecast period. For instance, according to Ministry of Health and Family Welfare (MoHFW), Government of India data, around 45% of women over the age of 65 years in India have symptoms of osteoarthritis in 2018 while 70% of those over 65 years show radiological evidence of osteoarthritis.
Global Orthopedic Braces & Support, Casting & Splints Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic. Due to the lockdown in many countries and the sharp decline in patient visits to hospitals, the COVID-19 pandemic had limited effect on the 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 22, 2021, OPUM Technologies Limited, an AI-based automated care platform developing company, announced partnership with Thuasne Group, a medical device manufacturer, to develop a digital solution for non-invasive non-pharmacological treatment of osteoarthritis (OA).
Browse 25 Market Data Tables and 26 Figures spread through 177 Pages and in-depth TOC on “Global Orthopedic Braces & Support, Casting & Splints Market”- Forecast to 2030, Global Orthopedic Braces & Support, Casting & Splints Market, by Type (Orthopedic Braces and Supports (Upper Extremity Braces and Support and Low Extremity Braces and Support), Casting Supplies & Equipment, and Splinting Supplies & Equipment), by Distribution Channel (Orthopedic Clinics, Hospitals, OTC, and E-Commerce), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/orthopedic-braces-and-support-market-417
Increasing prevalence of obesity is expected the drive the growth of the market over the forecast period. For instance, according to the world health organization (WHO), as on June 9, 2021, more than 1.9 billion adults aged 18 years and older were overweight in 2016 and in 2019, an estimated 38.2 million children under the age of 5 years were overweight or obese.
Key Takeaways of the Global Orthopedic Braces & Support, Casting & Splints Market:
- The global Orthopedic Braces & Support, Casting & Splints market is expected to exhibit a CAGR of 6.5% during the forecast period due to the increasing geriatrics population. For instance, according to a report published by Rural Health Information Hub, the U.S. government organization, as on 6 April 2019, there are more than 46 million older adults age 65 and older living in the U.S. and by 2050, that number is expected to grow to almost 90 million.
- Among the type, Orthopedic Braces and Supports segment is estimated to hold a dominant position in the global orthopedic braces & support, casting & splints market over the forecast period.
- Among regions, North America is estimated to account for the largest market share in the global orthopedic braces & support, casting & splints market over the forecast period.
- 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.
