Over the projected period (2022-2024), the global orthotic devices, casts, and splints industry growth is anticipated to grow at a CAGR of 6.2%. The market for orthotic devices, casts, and splints is expected to grow from its current value of US$ 2.95 billion in 2022 to US$ 3.32 billion by the end of 2024.
In recent years, the global orthotic devices, casts, and splints industry growth has seen substantial expansion and innovation. These medical tools are essential for the rehabilitation and treatment of patients with musculoskeletal diseases, fractures, and other orthopaedic conditions. The market for these items has increased dramatically as the world’s population ages and lifestyles become more sedentary, spurring improvements in technology and design.
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The rising incidence of chronic orthopaedic disorders including osteoarthritis, rheumatoid arthritis, and osteoporosis is one of the major factors fueling the growth of the orthotic devices market. In order to support and stabilise the damaged joints, lessen pain, and increase mobility, these diseases frequently call for the use of orthotic devices. The market has also grown as a result of the increase in sports-related injuries and awareness of the value of early treatment in orthopaedic cases.
Innovations in material science and manufacturing technologies have led to the development of more comfortable, lightweight, and durable orthotic devices, casts, and splints. This has not only improved patient compliance but also expanded the range of conditions that can be effectively treated. 3D printing technology, in particular, has revolutionized the production of custom orthotic devices, allowing for precise and patient-specific solutions.
Another significant trend in this market is the integration of digital technology. Smart orthotic devices equipped with sensors and connectivity features are gaining popularity. These devices can monitor a patient’s progress, provide real-time feedback, and even communicate with healthcare providers, leading to more personalized and effective care.
The orthotic devices, casts, and splints industry is highly competitive, with several major players and numerous smaller companies vying for market share. This competition has driven research and development efforts, resulting in a continuous stream of new and improved products.
Here Are Some Key Components And Aspects Of The Orthotic Devices, Casts, and Splints Industry:
- Orthotic Devices: These are specialized medical devices designed to support, align, or correct specific parts of the body, usually the musculoskeletal system. Examples include custom orthotic insoles, braces, and supports for the spine, limbs, and joints. Orthotic devices can be used to manage conditions such as scoliosis, arthritis, plantar fasciitis, and more.
- Casts: Casts are rigid or semi-rigid structures typically made of plaster or fiberglass that are used to immobilize and support fractured or injured bones during the healing process. Casts are commonly used in orthopedics to treat bone fractures and to provide stability to the affected area.
- Splints: Splints are similar to casts but are often less rigid and provide varying degrees of support. They are used to immobilize and protect injured or unstable body parts, such as limbs, joints, or the spine. Splints can be made from materials like metal, plastic, or fabric.
- Market Growth: The market for orthotic devices, casts, and splints has been experiencing steady growth due to several factors. These include an aging population, increased awareness and diagnosis of orthopedic conditions, advancements in materials and manufacturing technologies, and a rise in sports-related injuries.
- Technological Advancements: Advances in materials, such as lightweight and durable plastics and carbon-fiber composites, have led to the development of more comfortable and effective orthotic devices and splints. Additionally, innovations in 3D printing technology have allowed for the creation of custom-fit orthotics and casts.
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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)
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