The orthotic devices, casts and splints market will witness a CAGR of 6.2% over the forecast period 2022-2024 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.
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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
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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.
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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.
Orthotic Devices, Casts, and Splints Industry Survey
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
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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