The orthopedic braces and support, casting and splints are finding takers fast owing to patients increasingly seeking better quality of life. This coupled with increasing number of sports injuries has provided a substantial fillip to the market. The latter has resulted in the swift uptake of foot and ankle devices, in particular. In fact, the American Academy of Orthopedic Surgeons (AAOS) finds that about a quarter of sports injuries are caused in the ankle and foot.
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Yet another factor majorly boosting the global market for orthopedic braces and supports, casts, and splints is the burgeoning geriatric population and alarming rise in obesity. The elderly population is highly susceptible to bone disorders such as arthritis, osteoporosis, and back pain. The obese are also at increased risk of bone disorders owing to excessive body weight putting severe pressure on the joints in the lower extremity.
Orthopedic Braces and Support Segment to Register Strong Y-o-Y Growth through 2024
In terms of product, the orthopedic braces and support, casting, and splints market is led by the orthopedic braces and support segment, accounting for a 58.4% share by 2024. Companies are consistently working on new materials and technologies in order to develop braces that are as per the requirements of the patient. This is expected to enable the orthopedic braces and support segment to register the highest year-on-year growth over the course of the forecast period.
By distribution channel, the orthopedic clinics segment accounted for the major share in the global orthopedic braces and support, casting, and splints market. Accounting for an estimated 37.4% share in 2016, North America dominates the global orthopedic braces and support, casting, and splints market on the basis of geography and is likely to retain its lead throughout the forecast period. The market in Asia Pacific is projected to reflect a CAGR of 7.3% from 2016 to 2024, emerging as one of the most attractive regional segments.
Rise in Geriatric and Obese Population Supporting Demand for Orthopedic Braces & Supports, Casts, & Splints
One of the main factors driving the demand for orthopedic braces and supports, casts, and splints is the reported rise in sports injuries across the globe. This factor is most likely to impact the market for foot and ankle devices in particular. The American Academy of Orthopedic Surgeons (AAOS) states that an estimated 25% of sports injuries are related to lower extremities such as ankle and foot.
According to the Centers for Disease Control and Prevention (CDC), each year, over 2.6 million children between the ages of 0 and 19 are treated in the emergency department for sports and recreation-related injuries. Serious bone injuries have also been reported among professionals as well as amateur sportsmen, strengthening the demand for orthopedic braces and supports, casts, and splints.