According to a new market research report published by Transparency Market Research “Casting and Splinting (Supplies and Equipment) Market (Casting Products – Plaster Casts, Casting Tapes, Cast Cutters, and Casting Tools & Accessories; Splinting Products – Fiberglass Splints, Neoprene Splints, Other Splints, and Splinting tools and Accessories) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024” the global Casing and Splinting market was valued at US$ 1,822.4 Mn in 2015 and is estimated to reach a market value of US$ 3.1 Bn in 2024 expanding at a CAGR of 6.1% from 2016 to 2024.
A large population is prone to injuries such as orthopedic, musculoskeletal, and sports injury and require casting and/or splinting products for healing. The casting and splinting market is driven by high incidence of accidents, trauma, and age related orthopedic conditions, and the number of suppliers for the casting and splinting equipment and supplies market. Moreover, rising population and consistent efforts of key companies to develop sensors would also account for the market growth of the casting and splinting market. However, high cost and unfavorable reimbursement policies are likely to restrain market growth during the forecast period. The global casting and splinting market was valued at US$ 1,822.4 Mn in 2015 and is expected to reach US$ 3,105.2 Mn by 2024, expanding at a CAGR of 6.1% from 2016 to 2024.
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Geographically, North America was the largest market for casting and splinting market in 2015. Increasing acceptance of technologically advanced casting and splinting and equipment such as cast cutters and fiberglass splint is one of the major factors supporting market growth. For instance, according to the International Osteoporosis Foundation (IOF), around 1.4 million individuals were affected with osteoporosis in Canada in 2010. The incidence rate of osteoporosis in Canada (according to the IOF 2014 report data from 2007) is one in four for women and one in eight for men, above 50 years of age. Thus, rising prevalence of these types of diseases propels the demand for casting and splinting in the U.S.
Europe comprises major countries such as Germany, France, the U.K., Spain, and Italy, along with other countries. In addition, consistent rise in the geriatric population in Europe boosts the growth of the casting and splinting market in the region. For instance, according to the International Osteoporosis Foundation, the region has the highest incidence rate of osteoporosis among adults, with Denmark, Sweden, Norway, and Switzerland leading the global osteoporosis incidence rate per 100,000 individuals. In addition, according to International Osteoporosis Foundation (IOF) estimates (based upon WHO diagnostic criteria), around 22 million elderly women and 5.5 million elderly men aged above 50 years are estimated to have osteoporosis (2010 estimate) and are expected to rise during the forecast period.
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Asia Pacific comprises countries such as India, China, Australia, Japan, and Malaysia. The casting and splinting market in Asia Pacific is anticipated to witness the fastest growth rate during the forecast period owing to increased high frequency of road accidents and injuries, and ever-growing population in South Asia and China. According to the Association for Safe International Road Travel reported that over 90% of 1.3 million road fatalities occur in low- or middle-income countries of Asia, Africa, and Latin America. Furthermore, according to the International Osteoporosis Foundation (IOF), Asia is expected to have 50% of the world’s osteoporotic population by 2050. Large number of unreported cases, high incidence rate of Vitamin D deficiency, and low calcium intake by the population of Asia suggest that the region is likely to have the largest osteoporotic related fractures globally. This rapid growth in the osteoporotic population is anticipated to increase the demand for casts and splints in the region.
Further, Rest of the World comprises Latin America, Africa, and the Middle East. The number of vitamin D deficiency rickets in the Middle East and Africa is the highest in the world. The mortality rates post a hip fracture is two to three times higher than that in the West. These countries focus on improving health care infrastructure by increasing significant change in health care infrastructure and health care amenities along with increased awareness are bound to augment the diagnosis rate of osteoporosis and fractures. Besides osteoporosis, the other major factors for high demand of casting and splinting products include injuries due to civil violence and increased number of occurrences in these regions, especially in Middle East & Africa. The casting and splinting market in the region is therefore expected to rise during the forecast period from 2016 to 2024. This factor is anticipated to boost the casting and splinting market in Rest of the World.
3M Healthcare, BSN medical, DJO LLC, Ossur hf, Orfit Industries n.v., Stryker Corporation and others are some of the key players having presence in the global casting and splinting market.
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