Orthotic Devices Casts and Splints Market Trends

Growth Drivers

• Increasing Cases of Road Accidents – According to the World Health Organization (WHO) statistics, about 1.3 million people die every year as a result of road traffic accidents, of which about 20 to 50 million people suffer from non-fatal injuries and many are also disabled. Rising injuries owing to road accidents are considered to be the major driving factor for the growth of the market. Since such injuries lead to musculoskeletal disorders and orthotic devices, casts, and splints are used to provide relief from such conditions.

• Increased Research & Development Expenditure– The development of increasingly sophisticated and specialized orthotic devices, which are tailored specifically to meet the demands of patients with a wider spectrum of musculoskeletal problems, has been facilitated by increased research and development spending. As per data from the World Bank, global research and development expenditure in proportion to gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.

• Rising Prevalence of Osteoporosis – The increasing incidence of osteoporosis, a disorder that weakens bones and increases their susceptibility to fractures is also fueling the market growth. There will be an increase in the need for orthotic devices that can assist lower the risk of fractures and enhance mobility as the population ages and the prevalence of osteoporosis rises. According to estimates, by the end of 2025, osteoporosis is projected to result in 3 million fractures, costing the United States approximately USD 24 billion.
• Growth of Musculoskeletal Condition Globally – The rising prevalence of musculoskeletal disorders like arthritis is predicted to increase demand for orthotic devices since they can lead to substantial pain and impairment. According to the World Health Organization (WHO) data, around 1.71 billion population suffered from the musculoskeletal condition in 2019.
• Increased Healthcare Expenditure – With a higher government budget allocation and increased GDP percentage spending on healthcare, more people who need orthotic devices will be able to access them, driving the market growth. According to the World Bank data, 2018, the global health expenditure to GDP ratio was around 9.7% in 2018, which increased to 9.83% in 2019.

 Challenges

• High Price of Orthotic Devices - Orthotic devices are frequently built specifically for each person and can be rather expensive. As a result, many people, particularly those without proper health coverage, may not be able to afford them. The fact that many insurances plan only partially reimburse the cost of orthotic devices might further add to their high price and restrict their accessibility. The general growth of the industry may suffer as a result of people being deterred from seeking medical help and adopting orthotic devices due to the high cost.

• Complications Associated with Orthopedic Surgeries are Estimated to Hinder Market Growth
• Dearth of Skilled Professionals