As per Transparency Market Research, the global casting and splinting market stood at US$1.8 bn in 2015. Rising at a CAGR of 6.1% between 2016 and 2024, the market is expected to reach US$3.1 bn by the end of 2024.
The global casting and splinting market exhibits the prevalence of intense competition as the presence of a large number of local and established players have rendered the market highly fragmented. As per Transparency Market Research (TMR), 3M healthcare, BSN Medical GmBH, Prime Medical, Inc., and Stryker Corporation constitute the leading companies in the casting and splinting market.
The most prominent companies in the market are currently focusing on strategic mergers and acquisitions to expand their presence globally. These enterprises are also vying to expand their businesses across emerging economies and increase their product offerings to gain the lion’s share in the market.
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Rising Incidence of Accidents and Traumatic Injuries Creates Opportunities for Casts and Splints Sale
The demand for splint and casts is rising in response to the increasing incidence of orthopedic, sports, and musculoskeletal injuries globally. Since old people are more prone to injuries, the rising in geriatric population will boost opportunities for casts and splints sale. Furthermore, leading producers have started using advanced materials for manufacturing casts and splints in order to pace up with the evolution of technology. This has also helped in boosting the demand for casting and splinting supplies.
“However, unfavorable reimbursement policies and health insurance covers have been acting against the market’s growth prospects,” said a lead TMR analyst. “The lack of government as well as private insurance cover also limits opportunities for the market across developing countries such as India and Brazil,” he added.
Nevertheless, since there is little likelihood for the occurrence of road accidents and sports related to reduce in the near future, the demand for casting and splinting supplies is expected to remain high in Asia Pacific and Latin America. Besides this, the increasing incidence of orthopedic disorders, trauma, and injuries in developing countries such as India, Brazil, and China will provide considerably openings for vendors to capitalize on.
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Demand for Splinting Supplies and Equipment Projected to Increase in Forthcoming Years
By products, the global casting and splinting market can be bifurcated into splinting supplies and equipment and casting supplies and equipment. Of these, the demand for casting equipment and supplies is projected to increase at a substantial pace. The segment also accounted for the dominant share in the market and is projected to rise at a CAGR of 5.6% between 2016 and 2024. In this segment, demand for cast cutters is expected to rise in the highest CAGR during the forecast period.
However, as per TMR analysis, growth exhibited by the splinting equipment and supplies segment is expected to be at a higher. Between 2016 and 2024, the splinting equipment and supplies segment is expected to rise to a CAGR of 6.9%. A large number of orthopedics are now preferring splints than casts because of better breathing offered by the former. Moreover, splints are also easier to apply, which is fuelling their demand globally.
Asia Pacific to Remain the Most Lucrative Market for Casts and Splints
Regionally, Asia Pacific has been demonstrating the most lucrative prospects for the global casting and splinting market. The region sealed its dominance in the global market with a share of 26.7% in 2015. As per TMR, due to the presence of a large number of cast and splint supplies manufacturers in Asia Pacific, the region is likely to continue its position as a market leader through the forecast period. The presence of a large pool of geriatric population, combined with the increasing awareness about osteoporosis, will boost the Asia Pacific casting and splinting supplies market at 6.9% from 2015 to 2024.
Prospects for the market in North America will also remain lucrative through the forecast period.