Braces are orthopedic products designed to relieve pain in the upper and lower extremity of the body. These also help in recovering from injuries and improve daily life. There are various type of materials used to make braces such as metal, plastic, and fiber glass.
The global orthopedic braces & support, casting & splints market is estimated to account for US$ 6,214.5 Mn in terms of value in 2019 and is expected to reach US$ 9,634.3 Mn by the end of 2027.
Global Orthopedic Braces & Support, Casting & Splints Market: Drivers
Increasing geriatric population is expected to propel growth of the global orthopedic braces & support, casting & splints market over the forecast period. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Moreover, increasing cases of accidents are also expected to aid in growth of the market. For instance, according to National Informatics Center, India recorded a total of 467,044 road accidents in 2018.
Orthopedic Braces and Supports held dominant position in the global orthopedic braces & support, casting & splints market in 2019, accounting for 57.7% share in terms of value, followed by Casting Supplies & Equipment and Splinting Supplies & Equipment, respectively
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Global Orthopedic Braces & Support, Casting & Splints Market: Restraints
Variations in reimbursement scenario are expected to hinder growth of the market. The reimbursement scenario in North America varies considerably in terms of pricing, co-payments, and settlements. Complexities arising due to these differences creates complications for third-party payers such as private insurance companies and social security systems. They play a key role between the user and the healthcare organization.
Moreover, high cost associated with fiber material is also expected to limit growth of the market. For instance, the cost of high quality braces can be around US$ 900.
Global Orthopedic Braces & Support, Casting & Splints Market: Opportunities
Increasing adoption 3D printing in manufacturing of finger splints is expected to offer lucrative growth opportunities for players in the global orthopedic braces & support, casting & splints market. For instance, the research ‘Patient-specific 3D-printed Splint for Mallet Finger Injury,’ published in the International Journal of Bioprinting’, in April 2020, reported use of an Ultimaker 2 Extended+ 3D printer to fabricate splint for mallet finger injury.
Moreover, increasing cases of falls is also expected to aid in growth of the market. For instance, according to January 2018 factsheet of the World Health Organization, 20–30% of older people who fall suffer moderate to severe injuries such as bruises, hip fractures, or head trauma, in the U.S.
The global orthopedic braces & support, casting & splints market was valued at US$ 5,839.3 Mn in 2019 and is forecast to reach a value of US$ 9,634.3 Mn by 2027 at a CAGR of 6.5% between 2020 and 2027.
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Market Trends/Key Takeaways
The market in Asia Pacific is driven by increasing number of work-related injuries. For instance, according to Safe Work Australia, Australia recorded 107,335 work-related injuries in 2017-18.
Increasing prevalence of diabetes is boosting growth of the market in Europe. For instance, according to Diabetes UK, over five million people will suffer from diabetes in the U.K. by 2025.
Regulations:
U.S.
Orthopedic braces & supports and castings are classified by the U.S. FDA as physical medicine devices under 21 CFR 890 section 3475 of subpart D (Physical Medicine Prosthetic Devices)
These devices are exempted from the premarket notification procedures in subpart E of part 807, subject to the limitations in 890.9.
These devices are also exempted from the current good manufacturing practice requirements of the quality system regulation in part 820 of chapter I of 21CFR, also exempted from general requirements concerning records (820.180) and complaint files (820.198), unless the device is labelled or otherwise represented as sterile.
Global Orthopedic Braces & Support, Casting & Splints Market: Competitive Landscape
Major players operating in the global orthopedic braces & support, casting & splints market include, 3M, Össur Corporate, BSN medical GmbH, DeRoyal Industries, Inc., DJO Global, Inc., Orfit Industries N.V., Spencer Italia S.r.l., Prime Medical, Inc., Breg, Inc., Stryker Corporation, and Zimmer Biomet Holdings, Inc.
Global Orthopedic Braces & Support, Casting & Splints Market: Key Developments
Major players in the market are focused on maintaining transparency around the cost of orthopedic braces & support, casting & splints to enhance their market share. For instance, in January 2020, Breg, Inc. released a new software release focused on improving transparency around the cost of durable medical equipment products such as knee braces, shoulder slings, splints, boots and crutches at the time of dispensement.
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According to the lower extremity post-operative orthotics market report, the global lower extremity post-operative orthotics market was valued at ~US$ 785 Mn in 2018, and is projected to expand at a CAGR of ~5% from 2019 to 2027.
Rise in the number of surgeries and favorable government policies & initiatives in developing countries are the major factors anticipated to drive the global lower extremity post-operative orthotics market during the forecast period.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=72776Increase in Number of Hospitals and e-Commerce Platforms to Propel Lower Extremity Post-operative Orthotics MarketChanging demographics in developing countries such as China, India, Brazil, and South Africa are expected to provide opportunities for medical device manufacturers in the next few years.
Public and private healthcare expenditure in these countries is likely to rise during the forecast period.
This, in turn, is projected to increase the number of hospitals in these countries in the near future.According to China's National Health and Family Planning Commission (NHFPC), the number of private hospitals in China doubled in just six years, i.e., from 2011 to 2017, to reach 16,900.
Private hospitals accounted for over 57%of the total hospitals in the country.According to the Department of Industrial Policy and Promotion (DIPP) of India, hospitals and diagnostic centers in India witnessed foreign direct investments (FDIs) of US$ 6.09 Bnbetween April 2000 and March 2019.China and India are also witnessing technological advancements and development of e-Commerce platforms at a significant rate.
Online platforms offer orthotic products at discounted prices as compared to retail sellers, thereby driving the lower extremity post-operative orthotics market.Increase in healthcare expenditure coupled with rise in the global per capita income augments the global orthopedics industry, including the lower extremity post-operative orthotics market.Request COVID Analysis on Lower Extremity Post-operative Orthotics Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=72776Asia Pacific Lower Extremity Post-operative Orthotics Market to Grow at Rapid PaceNorth America held a major share of the global lower extremity post-operative orthotics market in terms of revenue in 2018, and is projected to sustain its share in the global lower extremity post-operative orthotics market during the forecast period.
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The report covers the orthopedic braces and support devices and equipment market’s segments- lower extremity braces, upper extremity braces, back and hip braces, other braces, hospitals, home healthcare, clinics, other end-users, soft & elastic braces and supports, hinged braces and supports, and hard & rigid braces and supports.Explore Complete Report https://www.thebusinessresearchcompany.com/report/orthopedic-braces-and-support-devices-and-equipment-global-market-reportOrthopedic Braces and Support Devices and Equipment Global Market Report 2019 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 50+ geographies.
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