Orthotic Devices, Casts and Splints Market size was over USD 2.52 trillion in 2024 and is projected to reach USD 7.02 trillion by 2037, witnessing around 8.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of orthotic devices, casts and splints is assessed at USD 2.86 trillion.
The market is estimated to grow on the back of the increasing incidence of recreational and sports injuries worldwide. According to statistics, every year, approximately 3 million children aged 14 and younger in the United States are injured while participating in any sport or recreational activity. In addition, approximately 770,000 children in the same age group are treated in hospital emergency rooms each year owing to sports-related injuries.
The global orthotic devices, casts, and splints market is also estimated to witness growth on the back of the increasing level of the geriatric population globally, as the risk of musculoskeletal and osteoporotic problems is higher in the older population. According to World Health Organization (WHO) data, in 2020, the population aged 60 years and above stood at around 1 billion, which is projected to reach 1.4 billion by the end of 2030 and to cross 2 billion by 2050. In addition, the population aged 80 years and above is projected to reach 426 million by the end of 2050. Hence, such a factor is anticipated to drive the growth of the market in the coming years.
Growth Drivers
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
8.2% |
Base Year Market Size (2024) |
USD 2.52 trillion |
Forecast Year Market Size (2037) |
USD 7.02 trillion |
Regional Scope |
|
Distribution Channel {Institutional Sales (Hospitals, Orthopedic Clinics, Nursing Facilities), Retail Sales (Online Sales, Retail Pharmacies, Drug Stores)}
The global orthotic devices, casts, and splints market are segmented and analyzed for demand and supply by distribution channel into institutional sales and retail sales. Institutional sales are further subdivided into hospitals, orthopedic clinics, and nursing facilities, and retail sales are subdivided into online sales, retail pharmacies, and drug stores. Out of these segments, the institutional segment is anticipated to garner the largest market share by the end of 2037, backed by the increasing number of hospitals and orthopedic clinics globally along with growth in healthcare infrastructure. As per the data, there were over 65,000 private and public hospitals in India in 2019. In addition, the number of hospitalizations for road accidents and spinal cord injuries is also expected to increase to fuel the growth of this segment in the coming years.
Product Type {Casting Supplies & Equipment (Plaster Casts, Casting Tapes, Cast Cutters), Splinting Supplies & Equipment (Fiberglass Splints, Plaster Splint))}
The global orthotic devices casts and splints market is also segmented and analyzed for demand and supply by product type into casting supplies & equipment, splinting supplies & equipment, and others. Out of these segments, the casting supplies and equipment are projected to garner the largest market share. The segment is further sub-segmented into plaster casts, casting tapes, cast cutters, and others. This can be owed to the increasing cases of road accidents, and poor skeletal health due to bad lifestyle habits among others. For instance, poor nutrition can lead to calcium and vitamin D deficiencies, which can result in weaker bones, which are prone to breaking easily.
Our in-depth analysis of the global market includes the following segments:
By Product Type |
|
By Distribution Channel |
Drug Stores |
North American Market Forecast
North America industry is estimated to dominate majority revenue share of 36% by 2037. This can be accredited to the increasing geriatric population suffering from orthopedic problems along with rising incidents of spinal cord injuries in the region. According to statistics, there are approximately 17,000 new spinal cord injuries in the United States each year, with more than 47% of those injuries occurring in people between the ages of 16 and 30. Moreover, rapid product launches and the presence of leading suppliers for orthotic devices, casts, and splints are anticipated to boost the growth of the market in the coming years.
APAC Market Statistics
Further, the market in the Asia Pacific is estimated to gain significant growth during the forecast period, owing to the increasing incidence of road crashes and the growth of the old-age population in the region. According to the data, during the year 2020, there were about 3,66,000 road accidents in India, in which 1,31,000 people lost their lives and about 3,48,000 people were injured. Moreover, the increasing number of incidents of fractures owing to osteoarthritis in the older population is also estimated to boost the market growth in the region during the forecast period.
Hangar Inc., a leading provider of orthotic and prosthetic devices and components, announced that the company has signed a definitive agreement to be acquired by Patient Square Capital with a total enterprise value of approximately USD 1.25 billion.
Ascent Meditech Limited, a market player in orthopedic soft goods and healthcare products, today introduced the new Flamingo Back Comfort Belt, a product carefully designed to relieve the human back.
Author Credits: Radhika Pawar
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