Global Orthopedic Braces & Support Casting & Splints Market Size Is Predicted to Grow to $10.3 Billion by 2030, at a CAGR of Almost 5.1% between 2023 and 2030.

New York, NY, July 28, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Orthopedic Braces & Support Casting & Splints Market By Product Type (Orthopedic Braces & Support And Casting & Splinting Supplies), By Application (Hospitals And Retail Pharmacies), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Orthopedic Braces & Support Casting & Splints Market size & share in terms of revenue was valued at USD 6.3 billion in 2022 and it is expected to surpass around USD 10.3 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.1% during the forecast period 2023 to 2030.”

What are Orthopedic Braces & Support Casting & Splints? How big is the Orthopedic Braces & Support Casting & Splints Industry?

Orthopedic Braces & Support Casting & Splints Report Coverage & Overview:

In the field of healthcare, orthopedic braces, support casting, and splints are used for the purpose of protecting damaged joints and bones as well as providing support for them. In addition to this, the injured limb can be immobilized with the use of various medical equipment, which also serve to stop the movement of the bone so that it can recover entirely. In addition to this, wearable medical equipment can provide appropriate alignment, postural correction, muscular support, and protection for a wide variety of body parts, such as bones, muscles, and joints. To set the record straight, orthotists and orthopedics are the medical professionals who recommend the device to patients who have suffered significant bone and joint damage. In addition to this, patients who have sustained any kind of damage to their bones and joints are provided with orthopedic braces, support casting, and splints, which they must wear not only while they are in the hospital but also while they are undergoing rehabilitation.

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Global Orthopedic Braces & Support Casting & Splints Market: Growth Dynamics

Over the period of 2023-2030, the expansion of the global market will be prompted by the spike in investments in healthcare.

The expansion of the global Orthopedic Braces & Support Casting & Splints Market will be driven by an increase in the proportion of senior people who are susceptible to orthopedic conditions. In addition, the market trends all over the world will be enhanced by a significant rise in the amount of money spent on healthcare-related activities. In addition to this, there have been several reports of individuals suffering from musculoskeletal illnesses, which may in the not too distant future lead to an increase in the demand for medical equipment. In addition to this, the number of sporting competitions that take place each year all over the world has increased, which has led to an increase in the number of sports injuries, which has led to a growth in the need for orthopedic braces in the field of medicine. A rise in the prevalence of osteoporosis and other bone-related conditions, as well as an increase in the frequency of bone or limb fractures, are all factors that will contribute to an acceleration of the market’s expansion across the world. The expansion of the global market will be bolstered by the rising demand for orthopedic braces and support casting and splints, which are used in the treatment of rheumatoid arthritis and osteoarthritis, respectively.

The increasing utilization of orthopedic braces in spinal fusion surgeries is expected to drive expansion in the market on a global scale. In the years to come, it is anticipated that the introduction of brand-new products will make significant contributions to the overall size of the global market. The X-ROMTM brace was introduced by DJO® in June of 2020. DJO® is a prominent player in the healthcare industry, delivering devices that assist people move. Patients who have had knee surgeries or repairs to their ACL can recover more comfortably and confidently with the assistance of this device. These kinds of activities will contribute significantly and lucratively to the expansion of the market all over the world.

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Report Scope

Orthopedic Braces & Support Casting & Splints Market: Segmentation Analysis

The global orthopedic braces & support casting & splints market is sectored into type, application, and region.

In product type terms, The global market for Orthopedic Braces & Support Casting & Splints can be broken down into the categories of orthopedic braces and support as well as casting and splinting supplies. In addition to this, the casting and splinting supplies sector, which gathered about one-third of the global market share in 2022, is anticipated to record the fastest CAGR in the timeline for which the prediction is being made. The increase in the need for modern materials and the capacity of the product to give patients with comfort while they are undergoing therapy for musculoskeletal damage are two factors that can be linked with the expansion of the market segment in the years to come.

On the basis of the application, Hospitals and retail pharmacies make up the bulk of the market share for orthopedic braces and support casting and splints around the world. In addition, the hospital sector, which captured a significant portion of the international market in 2022, is anticipated to take the lead in terms of the application landscape in the not-too-distant future. When treating patients in hospitals who have been afflicted by a variety of bone and limb injuries, an increase in the usage of orthopedic braces and support casting and splints may be necessary as a result of the segmental surge expected to occur during the period of the forecast.

The global Orthopedic Braces & Support Casting & Splints market is segmented as follows:

By Product Type              

• Orthopedic Braces & Support
• Casting & Splinting Supplies

By Application

• Hospitals
• Retail Pharmacies

Browse the full “Orthopedic Braces & Support Casting & Splints Market By Product Type (Orthopedic Braces & Support And Casting & Splinting Supplies), By Application (Hospitals And Retail Pharmacies), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/orthopedic-braces-and-support-casting-and-splints-market

Competitive Landscape

Some of the main competitors dominating the global Orthopedic Braces & Support Casting & Splints market include – 

• Spencer Italia S.r.l.
• 3M Company
• Bauerfeind AG
• Stryker Corporation
• Bird & Cronin LLC
• Becker Orthopedic
• DJO LLC
• Breg Inc.
• DeRoyal Industries Inc.
• Ossur Hf
• Medi GmbH & Co. KG
• Orfit Industries N.V.
• Ottobock SE & Co. KGaA
• Prime Medical Inc.
• Trulife

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global orthopedic braces & support casting & splints market is projected to expand annually at the annual growth rate of around 5.1% over the forecast timespan (2023-2030)
• In terms of revenue, the global orthopedic braces & support casting & splints market size was evaluated at nearly $6.3 billion in 2022 and is expected to reach $10.3 billion by 2030.
• The global orthopedic braces & support casting & splints market is anticipated to record massive growth over the forecast period owing to the rise in the elderly population prone to orthopedic ailments.
• In terms of product type, the casting & splinting supplies segment is slated to register the fastest CAGR over the analysis period.
• On the basis of application, the hospital segment is slated to dominate the segmental surge over the forecast period.
• Region-wise, the Asia-Pacific orthopedic braces & support casting & splints market is projected to register the highest CAGR during the assessment timeline.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Orthopedic Braces & Support Casting & Splints industry?
• What are the main driving factors propelling the Orthopedic Braces & Support Casting & Splints Market forward?
• What are the leading companies in the Orthopedic Braces & Support Casting & Splints Industry?
• What segments does the Orthopedic Braces & Support Casting & Splints Market cover?
• How can I receive a free copy of the Orthopedic Braces & Support Casting & Splints Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Product Type, By Application, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

In the years 2023-2030, North America is going to dominate markets around the world.

It is expected that North America, which was responsible for more than 55% of the revenue generated by the worldwide orthopedic braces and support casting and splints market in 2022, will exhibit profitable growth during the course of the analysis timeline. The rise of the market in the region throughout the course of the evaluation period may be associated with an increase in the number of orthopedic ailments, as well as injuries sustained in sports and car accidents. In addition to this, developments in regional market trends will be driven by an increase in the subcontinent’s allocation of funding for operations related to healthcare.

Recent research in the field of medicine indicates that osteoarthritis affects over 20 million people in the United States, whereas arthritis affects close to 2.4 million children. The presence of such medical issues among patients would lead to an increase in both the demand for the product and its level of market penetration in the region. The ease of gaining access to cutting-edge raw materials and the availability of qualified healthcare service providers in countries such as Canada and the United States will be the driving forces behind the trends that emerge in the regional market.

In addition, it is anticipated that the market for orthopedic braces and support casting and splints would register the greatest CAGR in the Asia-Pacific region during the timeframe under consideration. The presence of key product manufacturers in countries such as China, Japan, Taiwan, Singapore, Malaysia, South Korea, and India are among the key growth driving factors of the industry in the region. A growing obese population, a proliferating geriatric patient population base suffering from osteoarthritis, and the presence of key product manufacturers all contribute to the growth of the industry in the region.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

The Opportunities in the Orthopedic Braces and Support Casting and Splints Market

An increase in the rate of bone degradation among the elderly population will give rise to new opportunities for expansion in the global market.

The rise in the number of senior persons suffering from shoulder and knee degeneration has the potential to open up new expansion opportunities for the market for orthopedic braces and support casting and splints around the world. It is possible for the product demand to go even more if there is an increase in osteoporosis among athletes. The global market will be presented with new prospects for expansion thanks to the expansion of the product line. Breg, Inc., a leading provider of orthopedic bracing and billing services, has announced the development of two product lines of spinal orthoses under the brand names AscendTM and Pinnacle, to give just one example of this. It is anticipated that individuals who have had spinal injuries may heal more swiftly as a result of the shift.

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