The global orthopedic splints market is expected to be driven by increasing incidence of age-related osteoporotic fractures, musculoskeletal conditions, and trauma caused due to road accidents and falls and also the increasing of the geriatric population.
According to the Arthritis Research UK report on “The State of Musculoskeletal Health 2018”, it was estimated that 17.8 million people live with a musculoskeletal condition in the United Kingdom, which is around 28.9% of the total population.
Also, according to the National Arthritis Data Working Group (NADWG), in 2018, 27 million adults suffered from osteoarthritis. Thus, with such huge disease burden, the usage of splints is expected to increase during the forecast years. Splints, also known as half-casts, are easier and majorly used to heal and support a variety of acute orthopedic conditions such as sprains.
The other factors, such as increasing geriatric population and obese population are also driving the orthopedic splints market. Most of the times, people prefer self-prescribing for several musculoskeletal pains and swelling. This mostly involves the usage of pain killers and pain relief ointments, because few pain killers are usually available in the market as OTC medications. Hence such factors possibly affect the growth of the market.
Key Market Trends
Spinal Splints Segment Dominates the Orthopedic Splints market
Spinal splints segment is anticipated to witness a high CAGR during the forecast period, owing to the rise in geriatric population, rise in the incidence of sports injuries, and road accidents, technological advancements, the introduction of new technologies and products, and also rise in prevalence of spine related diseases.
According to the National Spinal Cord Injury Statistical Center, it is estimated that in 2017, the number of people in the United States with spinal cord injury has been approximately 285,000 persons, with a range from 245,000 to 353,000 persons. Additionally, spinal splints provide high standards of comfort, correctness of the posture, and excellent relief from pain to ensure better result for the spine-injured patients. These applications are expected to drive the adoption of splints over the projection timeframe. Hence, the spinal splints segment will thus witness momentous growth due to the rising number of sports injuries, road accidents, and spine-related diseases.
Asia Pacific is the Expected to be the Fastest Growing Region for Orthopedic Splints Market
The orthopedic splints market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period.The demand for orthopedic surgeries in China and India is also expected to grow tremendously in the near future. India and China are anticipated to account the largest market share in APAC region, owing to the high increase in the geriatric population pool.
Moreover, propelling medical tourism due to the availability of cost-efficient and advanced healthcare treatment options compared to the other geographical regions and increasing adoption of novel technologies are bolstering the growth of orthopedic splints market in the Asia-Pacific region.
Moreover, advanced health care facilities and developed health care infrastructure are boosting the growth of the market in the U.S.
The orthopedic splints market is fragmented. Market players focus on continuous product development and offering orthopedic devices at competitive prices, especially in developing countries. Minimally invasive orthopedic surgeries which do not require repeat procedures are expected to boost the number of procedures in the developed, as well as developing regions. For instance, in February 2018, Stryker had completed the acquisition of Entellus Medical.
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