Orthopedic Splints Market
Number of pages: 100 | Report Format: PDF | Published date: February 22, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market Size Value in 2021 |
US$ 1.52 billion |
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Revenue Forecast in 2030 |
US$ 2.3 billion |
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CAGR |
8.9% |
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Base Year for Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
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Segments Covered |
Product, Application, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global orthopedic splints market was valued at US$ 1.52 billion in 2021 and is expected to register a revenue CAGR of 8.9% to reach US$ 2.3 billion by 2030.
Orthopedic Splints Market Fundamentals
Orthopedic splints are medical equipment used to support and protect broken or impaired bones and joints. A splint is described as a hard or flexible tool that holds a dislocated or mobile component in place while simultaneously protecting and stabilizing an injured part. Orthopedic splints can be employed at the place of injury for fractures that are not serious enough to require whole-body immobilization. Some fractures, soft tissue sprains, tendon injuries, and injuries that need to wait for orthopedic care can all benefit from the usage of splints. They assist in immobilizing the afflicted limb and keeping the broken bone in place while it heals completely. An orthopedic splint can be either static, which prevents motion, or dynamic, or permits controlled motion. Injured joints can potentially benefit from the usage of splints for pain relief. Splints can be applied quickly and easily without the use of a plastering process. Splints are often comprised of a flexible substance with a sturdy structure that resembles a pole for stability.
Orthopedic splints, sometimes referred to as half-casts, offer less support than casts. However, they are quicker and easier to apply. They can also be easily tightened or loosened if the arm or leg swelling increases or reduces. There are various sizes and shapes of pre-made or off-the-shelf splints. Sometimes it’s necessary to utilize customized splints. An orthopedic splint is easier to put on or take off for the patient or healthcare professional, thanks to velcro straps.
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Orthopedic Splints Market Dynamics
The increase in cases of orthopedic injuries and disorders is the most important factor driving the global orthopedic splints market revenue growth. The rise in orthopedic disorders around the world has boosted the demand for splints among healthcare service providers in various facilities. For instance, according to statistics provided by the World Health Organization (WHO), 568 million individuals worldwide suffer from low back pain, which accounts for the majority of the world’s 1.71 billion population with musculoskeletal problems. Orthopedic splints are frequently used due to rise in the cases of orthopedic injuries owing to the increased physical activity among adults and children, as well as the increase in sports injuries. The United States witnesses more than 3.5 million sports-related injuries every year, according to the U.S. Centers for Disease Control (CDC), which estimates that 30 million children and adults participate in sports and physical activities annually. Furthermore, the U.S. Department of Health and Human Services estimates more than 8 million sports injuries each year. Also, modern orthopedic equipment are incorporated into accepted clinical practice to lessen expensive complications, hasten healing, and lower readmission rates, which reduces costs for the public health system significantly. On the other hand, as a replacement for conventional methods, minimally invasive orthopedic therapeutics have developed and aroused a significant deal of public interest. Furthermore, due to the affordability of splints and easy market accessibility, orthopedic splints are becoming more and more popular among patients in emerging and developed economies. Orthopedic splints are being viewed more and more favorably as clinical alternatives to orthopedic surgery for illnesses, such as gout, osteoporosis, rheumatoid arthritis, and fractures. Several public-private sports groups and medical professionals are organizing conferences, workshops, and symposiums to raise awareness of the therapeutic care of orthopedic injuries, fueling revenue growth in the orthopedic splints market.
However, the stringent government regulations that must be followed before a product is sold in markets limit the market revenue growth. Individuals frequently ignore minor injuries owing to the lack of awareness about the splints. The high cost of insurance policies and lack of coverage of these conditions in less developed countries are other factors that constrain market expansion.
Orthopedic Splints Market Ecosystem
The global orthopedic splints market is analyzed from four perspectives: product, application, end-user, and region.
Orthopedic Splints Market by Product
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Based on the product, the global orthopedic splints market is segmented into fiberglass splints, plaster splints, splinting tools and accessories, and others.
The fiberglass splints segment accounted for the largest revenue share for the global orthopedic splints market in 2021. The different benefits of fiberglass splints over other types of splints are credited with the market expansion. These sprints are easier to use as they are lighter, more porous, and more durable. They are also a preferable option when an X-ray is required to monitor the healing of the wounded area. Also, it comes in a variety of colors, which makes it a popular choice among young people. Additionally, fiberglass splints are commonly used to assist in supporting the area while the swelling subsides since they are simple to modify. The doctor can examine the injury more closely when the swelling is reduced and determine whether a more supportive splint is required.
On the other hand, in some circumstances, plaster is more flexible as it can be more easily molded than fiberglass and is less expensive. Therefore, the plaster splint segment also influences the global orthopedic splints market revenue growth. The segment is anticipated to rise as a result of numerous technological developments.
Orthopedic Splints Market by Application
Based on the application, the global orthopedic splints market is segmented as lower extremity, upper extremity, and spinal.
The lower extremity segment is further sub-segmented as ankle and foot, hip, and knee. The upper extremity segment is further sub-segmented into elbow, hand and wrist, neck, and shoulder.
The lower extremity segment accounted for the largest revenue share for the global orthopedic splints market in 2021. The increased incidence of ankle and knee injuries is the major factor responsible for the revenue growth of the lower extremity segment. Sports injuries are frequently associated with ankle and knee problems. Any age group can experience these injuries. In contrast to women over the age of 30, who have greater rates than men, men between the ages of 15 and 24 have higher rates of ankle sprain. Athletes account for 50% of ankle sprains. Around 25,000 people experience ankle sprains each day in the United States. Moreover, over a million people visit emergency rooms annually due to ankle injuries. Sprains and fractures, which affect the ligaments and bones in the ankle, are the most frequent types of ankle injuries. Also, strains of muscles and tendons are more common in the lower back and legs.
The spinal segment is anticipated to grow at the highest revenue CAGR during the forecast period owing to technological developments and an increase in spinal cord injuries. The August 2021 data for spinal cord injuries by the National Library of Medicine shows that 38% of new SCI are caused by motor vehicle collisions, 30% by falls, 13% by violence, 9% by sports injuries, and 5% by medical and surgical etiologies each year in the United States.
Orthopedic Splints Market by End User
Based on the end user, the global orthopedic splints market is segmented into hospitals, ambulatory surgical centers, and others.
The ambulatory surgical centers segment accounted for the largest revenue share of the global orthopedic splints market. Ambulatory surgery centers (ASCs) are professional health services that offer outpatient surgical services. ASCs, or more especially orthopedic ambulatory surgery clinics, have changed the outpatient experience for millions of individuals globally by providing a more convenient choice for a variety of operations. For instance, over the past 40 years, ASCs have experienced a sharp increase in the number of major and minor outpatient surgical operations in the United States. Additionally, according to the ASC Association (ASCA), over 5,300 ASCs performed over 25 million practices nationwide. The reasons behind the growth of this sector include different advantages of the service. For typical hospital-acquired infections, orthopedic ASCs generally have a lower infection rate than hospitals since it only accepts healthy patients who are having orthopedic treatment. Moreover, an orthopedic ASC has highly skilled personnel who are equipped with all the necessary instruments to provide orthopedic patient care. As a result, the turnaround time between procedures is significantly reduced, which makes the clinical schedule considerably more productive. Also, ASCs allow the patient to recover at home. After surgery, a patient who is doing well can be discharged and safely moved to their own home, where they can recuperate more comfortably than they could in a hospital.
Orthopedic Splints Market by Region
Based on the region, the global orthopedic splints market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America accounted for the largest revenue share for the global orthopedic market in 2021. The demand for orthopedic splints in North America is increasing as the population ages, and more individuals are having joint disorders and injuries, such as hip and knee damage. In addition, an increase in fractures linked to osteoporosis and musculoskeletal diagnostics is fueling the demand for orthopedic splints among people over 65. According to the Direct Orthopedic Care, U.S. reports, half of American adults aged 65 and older, or 51.8 million people, have arthritis, making it the most frequent cause of disability. The high frequency of orthopedic diseases, such as knee degenerative disorders, and the widespread usage of cutting-edge treatment methods are expected to drive market expansion in the United States. Also, the target patient population is continuously growing as a result of an increase in traffic accidents, which is further boosting the number of orthopedic surgeries performed.
Orthopedic Splints Market Competitive Landscape
The key players operating in the global orthopedic splints market are:
Orthopedic splints are medical equipment used to support and protect broken or damaged bones and joints.
The increasing geriatric population, emerging several orthopedic diseases, and accidental injuries are key trends governing the global orthopedic splints market revenue growth.
Breg, Inc., 3M Sciences, Ottobock, DeRoyal Industries, Inc., and medi GmbH & Co. KG are among the top market players.
Lack of awareness and stringent government regulations on new product approvals are major restraining factors for the global orthopedic splints market.
The global orthopedic splints market is expected to register growth at a revenue CAGR of 8.9% during the forecast period from 2020 to 2030.
*Insights on financial performance are subject to the availability of information in the public domain