Orthopedic Splints Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis on Product Type (Fiberglass Splints, Prefabricated Splints, Air Splints, Plaster Splints, Others); Application (Lower extremity Splints, Upper Extremity Splints, Others); End-Users (Hospitals, Orthopedic Centers, Others); Region/Country
The orthopedic splints market is expected to register a considerable CAGR of around 8% over the period of 2021-2027. An orthopedic splint is an auxiliary device that secures and protects an injured limb while helping to heal and relieve pain. They are used both as an emergency measure to support injured limbs and as permanent care. These devices provide muscle and bone support to reduce swelling and pain. Sprints are considered non-circumferential devices. Sprints can be used for certain fractures, soft tissue sprains, tendon injuries, or injuries awaiting orthopedic treatment. The growing adoption of orthopedic splints can be attributed to the rising prevalence of various cases of bone-related diseases coupled with a rapidly growing geriatric population. According to the United Nations, the global population aged 60 years or over was numbered at 962 million in 2017 and is expected to reach nearly 2.1 billion by 2050. For instance, according to CDC, In 2017–2018, the age-adjusted prevalence of osteoporosis at either the femur neck or lumbar spine or both among adults aged 50 and over was 12.6% and was higher among women (19.6%) compared with men (4.4%). Thereby, boosting the orthopedic splints market globally. Furthermore, the orthopedic splints market is anticipated to grow on account of the growing prevalence of arthritis, a large number of ongoing research activities in this field and increasing cases of road accidents and muscle-skeletal conditions. However, some of the restraints in the market including the declined number of bone fractures and the high cost of orthopedic splints are impeding the growth of this market all over the world.
Essity AB, 3M Company, Ottobock SE & Co. KGaA, DeRoyal Industries Inc., Medi GmbH & Co. KG, Zimmer Biomet Holdings Inc., Stryker Corporation, Orthosys, United Medicare, and SAM Medical Products are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Product, the fiberglass splints category accounted for the majority share in the market in 2020”
Based on product, the orthopedic splints market is segmented into fiberglass splints, prefabricated splints, air splints, plaster splints, and others. The fiberglass splints segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe. Demand for fiberglass splints is expected to increase and be driven by many benefits such as ease to use and durability in nature. These splints are increasingly preferred over their plaster counterparts as they weigh less, making them lighter. Due to their porosity, they allow air to enter and exit easily. In addition, fiberglass splints are believed to be suitable for protecting and resting injured limbs.
“Among Applications, the lower extremity splints are expected to witness the highest CAGR during the forecast period”
Based on application, the orthopedic splints market is segmented into lower extremity splints, upper extremity splints, spinal splints, and others. The spinal splints segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe. The rise in the geriatric population and the rise in the incidence of sports injuries are the most common factors contributing to the market growth of this segment. Moreover, the rise in cases of road accidents and a rise in the prevalence of spine-related diseases boosted the market. In addition, technological advancements and the introduction of new technologies and products are propelling the growth of this segment.
“Among End-Users, the hospitals are expected to witness highest CAGR during the forecast period”
Based on End-users, the market is fragmented into hospitals, orthopedic centers, and others. In 2020, the hospital segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period because it provides advanced tools to orthopedic surgeons to improve visualization of complex cases, improve medical care efficiency, reduce time and healthcare costs, improve data management, and many other benefits. In addition to this, a rise in the number of healthcare facilities across countries coupled with the surging investment in research and development by the hospitals is resulting in the growth of the orthopedic splints market.
“North America to witness significant growth during the forecast period”
For a better understanding of the market dynamics of the orthopedic splints market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the orthopedic splints market industry in 2020 owing to strong healthcare infrastructure and growing adoption of orthopedic splints in the region.
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- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Orthopedic Splints Market|
|2.2.||Research Methodology of the Orthopedic Splints Market|
|2.5.||Main Objective of the Orthopedic Splints Market Study|
|5||GLOBAL ORTHOPEDIC SPLINTS MARKET COVID-19 IMPACT|
|6||GLOBAL ORTHOPEDIC SPLINTS MARKET REVENUE, 2019-2027F|
|8.1.||Lower Extremity Splints|
|8.2.||Upper Extremity Splints|
|10.1.||North America Orthopedic Splints Market|
|10.1.3.||Rest of North America|
|10.2.||Europe Orthopedic Splints Market|
|10.2.6.||Rest of Europe|
|10.3.||Asia Pacific Orthopedic Splints Market|
|10.3.5.||Rest of Asia Pacific|
|10.4.||Rest of World Orthopedic Splints Market|
|12||ORTHOPEDIC SPLINTS MARKET OPPORTUNITIES|
|13||ORTHOPEDIC SPLINTS MARKET TRENDS|
|14||LEGAL & REGULATORY FRAMEWORK|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|16||VALUE CHAIN ANALYSIS|
|17.1.1||Porter’s Five Forces Analysis|
|18.3.||Ottobock SE & Co. KGaA|
|18.4.||DeRoyal Industries Inc.|
|18.5.||Medi GmbH & Co. KG|
|18.6.||Zimmer Biomet Holdings Inc.|
|18.10.||SAM Medical Products|
Research Methodology for the Global Orthopedic Splints Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global orthopedic splints market were the three major steps undertaken to create and analyze the adoption of orthopedic splints in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global orthopedic splints market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the orthopedic splints market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the orthopedic splints market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product type, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the orthopedic splints market. Further, we conducted factor analysis using dependent and independent variables such as various product type, applications, and end-users of orthopedic splints. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the orthopedic splints market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global orthopedic splints market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the orthopedic splints market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global orthopedic splints market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global orthopedic splints market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, application, and end-users in the global orthopedic splints market.
The main objective of the Global Orthopedic splints Market Study
The current & future market trends of global orthopedic splints market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the orthopedic splints market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product type, application, and end-users
- Define and analysis of the regulatory framework for the orthopedic splints market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the orthopedic splints market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the orthopedic splints market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry