Orthotic Devices Casts and Splints Market Size

Orthotic Devices, Casts, And Splints Market size was over USD 2.33 Trllion in 2023 and is poised to exceed USD 6.41 Trllion by the end of 2036, witnessing over 8.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of orthotic devices, casts and splints is estimated at USD 2.52 Trllion. 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.