Market Overview: The global market size for orthopedic braces, support, and casting splints reached USD 6.0 billion in 2022 and is anticipated to reach USD 10.14 billion by 2032, with a projected revenue CAGR of 6% during the forecast period. Key drivers of market growth include the increase in orthopedic injuries and illnesses, an aging population, and advancements in orthopedic braces and casting splints technology.
The elderly population, susceptible to fractures and orthopedic diseases, is expected to rise to 2 billion by 2050, boosting the demand for orthopedic braces and casting splints. Additionally, factors such as a surge in traffic and sports-related injuries contribute to the growing need for these products.
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Technological advancements, particularly in the development of 3D-printed braces, enhance patient experience by providing personalized options. The market is further propelled by increasing demand for minimally invasive surgery, rising healthcare spending, and the prevalence of chronic conditions like diabetes and obesity leading to orthopedic issues.
However, challenges hindering market growth include the high cost of orthopedic devices, lack of reimbursement policies in developing nations, a shortage of qualified experts, and potential complications in device usage.
Product Type Outlook: The market is segmented into spinal braces, upper extremity braces, lower extremity braces, casting splints, and other orthopedic supports. In 2021, the upper extremity braces segment dominated in terms of revenue, driven by increased demand for support in joints and muscles such as shoulders, elbows, wrists, and hands. The lower extremity braces segment is expected to experience the fastest revenue growth during the forecast period due to rising musculoskeletal conditions and an aging population. The spinal braces and casting splints segments are also projected to expand significantly.
End-Use Outlook: The market is categorized by end-use into hospitals and clinics, homecare settings, and others. In 2021, hospitals and clinics held a substantial revenue share, attributed to advanced medical facilities and qualified healthcare personnel. Homecare settings are expected to witness the fastest revenue CAGR, driven by the growing demand for home healthcare services and patient-based treatment for orthopedic disorders. The others sector, including ambulatory surgery centers, rehabilitation centers, and sports centers, is expected to contribute significantly to market revenue.
Regional Outlook: Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America led in revenue share, owing to the presence of major market players, increased prevalence of orthopedic disorders, and higher healthcare costs. The Asia Pacific region is projected to experience the fastest revenue CAGR, driven by improved healthcare infrastructure, a growing senior population, and increased prevalence of orthopedic disorders. Europe is also expected to play a crucial role in market growth, supported by favorable reimbursement policies and expanding healthcare spending.
Competitive Landscape: The global orthopedic braces support casting splint market is highly consolidated, with a few dominant players holding the majority of market share. Key strategies employed by major companies include mergers and acquisitions, collaborations, product launches, and partnerships. Leading companies in the market include Össur hf, DJO Global, Bauerfeind AG, BSN Medical, DeRoyal Industries, 3M Company, Breg, Inc., medi GmbH & Co. KG, Thuasne Group, and Zimmer Biomet Holdings, Inc. The market is characterized by intense competition, with players investing in R&D to develop innovative products to meet evolving patient needs.
Strategic Developments:
- In 2020, Össur acquired College Park Industries to expand its prosthetics product portfolio.
- Breg, Inc. acquired Synaptive Medical in 2019 to enhance its orthopedic bracing and support capabilities.
- DJO Global expanded its product portfolio through acquisitions, including Trilliant Surgical in 2020 and LiteCure in 2018.
New Product Launches:
- Össur launched the Rebound PCL brace in 2020, providing support for patients with posterior cruciate ligament (PCL) injuries.
- DJO Global introduced the Exos FORM II 631, an advanced back brace with customizable support, in 2020.
- Breg, Inc. launched the Breg Quantum OA brace in 2019, offering comfortable support for patients with knee osteoarthritis.
Market Segmentation: The market is segmented based on product type, end-use, and region. The report covers revenue forecasts, company rankings, the competitive landscape, growth factors, and trends.
In conclusion, the global orthopedic braces support casting splint market is poised for significant growth, driven by factors such as an aging population, increased prevalence of orthopedic disorders, and technological advancements. The market’s expansion is expected across various geographies, supported by favorable reimbursement policies and the availability of cutting-edge medical facilities.
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