The global orthopedic splints market size was valued at USD 1.45 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028. The rising cases of bone fracture and increasing geriatric population are expected to boost the market growth. Furthermore, a surge in the number of musculoskeletal disorders is also anticipated to boost the market growth. During the COVID-19 pandemic, the demand for orthopedic splints decreased owing to a decline in the number of bone fractures globally. The number of bone fracture cases decreased because of prolonged lockdowns in various countries globally. Market players also experienced a decline in their segment as well as overall revenues.
For instance, Zimmer Biomet experienced an 8.5% decline in its S.E.T segment and Essity experienced a 9.9% decline in its medical solutions segment. This resulted in a decline in the 2020’s market size. According to National Center for Biotechnology Information, as of 2020, around 1.5 million individuals suffered from a fracture caused due to bone diseases. Also, the rising geriatric population is expected to lead to more such fractures, hence driving the product demand, which fuels the market growth.
The lower extremity segment accounted for the maximum revenue share of around 55% in 2020. The market growth is attributed to the easy availability of these devices and the increasing prevalence of knee and hip fractures. The lower extremity segment is further divided into hip, knee, and ankle & foot. The ankle & foot segment is expected to account for the largest share, while the knee segment is estimated to grow at the fastest CAGR during the forecast period.
The upper extremity segment is expected to grow at the fastest CAGR from 2021 to 2028 owing to technological advancements in this segment and the rising incidences of shoulder and neck injuries. The upper extremity segment is further divided into elbow, hand & wrist, shoulder, and neck. The hand & wrist segment is anticipated to hold the dominant share of the market owing to rising cases of wrist fractures.
The fiberglass splints segment accounted for the maximum revenue share of more than 31% in 2020. The market growth is attributed to the various advantages of fiberglass splints over other types of splints. They weigh less, are more porous and durable, and hence are easy to use. Furthermore, they are a preferred choice in case the injured area needs to be X-rayed during the healing process. Moreover, it is available in various colors, which makes it a preferred alternative amongst the youth.
The plaster splint segment is anticipated to witness a significant CAGR over the forecast period. This is because it is a cheaper alternative as compared to fiberglass and other types of splints. It can also be molded into various shapes easily. Various technological advancements and high preference, especially in the rural areas of developing nations, are expected to contribute to the segment growth.
The hospitals’ segment accounted for the maximum revenue share of more than 45.0% in 2020. The market growth is attributed to the high preference for hospitals in case of any injury. This trend is especially observed in developing economies. Furthermore, the rising number of hospital admissions in case of bone fractures and injuries caused by road accidents is estimated to boost the market growth.
The specialty centers segment is anticipated to witness the fastest CAGR of 9.8% from 2021 to 2028 owing to the growing awareness regarding specialty centers for the treatment of fractures and other such injuries. The others segment include ambulatory centers, clinics, trauma centers, and sports academies. This segment is also anticipated to witness significant growth during the projected period.
North America accounted for the largest revenue share of around 40% in 2020. The increasing prevalence of orthopedic diseases, obesity, and geriatric population are expected to fuel the market growth during the forecast period. According to the Centers for Disease Control and Prevention (CDC), about 26% (or 78 million) of U.S. adults are estimated to suffer from arthritis by 2040.
The Asia Pacific region is expected to grow at the fastest CAGR of 10.5% from 2021 to 2028 owing to the high geriatric population in countries, such as China. This leads to high bone fracture cases, hence increasing the demand for orthopedic splints. Furthermore, Japan is also a significant contributor owing to the rising adoption of technologically advanced products in the country.
The global market is highly competitive and fragmented. Market players implement strategic initiatives, such as product development & launches, expansion of distribution network, and global footprint through subsidiaries and partnerships. Key players are also involved in portfolio diversification and mergers & acquisition. For instance, in November 2020, Stryker acquired Wright Medical, which strengthened its product offerings and position in a high-growth segment of lower extremity & biologics. Key players in the global orthopedic splints market include:
Essity
3M
Otto Bock Healthcare
DeRoyal Industries, Inc.
Medi GmbH & Co. KG
Zimmer Biomet
Stryker
Orthosys
United Medicare
Sam Medical
Report Attribute |
Details |
The market size value in 2021 |
USD 1.52 billion |
The revenue forecast in 2028 |
USD 2.76 billion |
Growth rate |
CAGR of 8.9% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2016 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, application, end user, and region |
Regions covered |
North America; Europe; Asia Pacific; Latin America; MEA |
Country Scope |
U.S.; Canada; U.K.; Germany; Italy; France; Spain; Japan; China; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; Israel |
Key companies profiled |
Essity; 3M; Otto Bock Healthcare; DeRoyal Industries Inc.; Medi GmbH & Co. KG; Zimmer Biomet; Stryker; Orthosys; United Medicare; Sam Medical |
Customization scope |
Free report customization (equivalent to up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope |
Pricing and purchase options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this report, Grand View Research has segmented the global orthopedic splints market report on the basis of product, application, end-user, and region:
Product Outlook (Revenue, USD Million, 2016 - 2028)
Fiberglass Splints
Plaster Splints
Tools & Accessories
Others
Application Outlook (Revenue, USD Million, 2016 - 2028)
Lower Extremity
Hip
Knee
Ankle & Foot
Upper Extremity
Elbow
Hand & Wrist
Shoulder
Neck
End-user Outlook (Revenue, USD Million, 2016 - 2028)
Hospitals
Specialty Centers
Others
Regional Outlook (Revenue, USD Million, 2016 - 2028)
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Asia Pacific
China
India
Japan
Australia
South Korea
Latin America
Brazil
Mexico
Argentina
MEA
South Africa
Saudi Arabia
Israel
b. The global orthopedic splints market size was estimated at USD 1.45 billion in 2020 and is expected to reach USD 1.52 billion in 2021.
b. The global orthopedic splints market is expected to grow at a compound annual growth rate of 8.9% from 2021 to 2028 to reach USD 2.76 billion by 2028.
b. North America dominated the orthopedic splints market with a share of 40% in 2020. This is attributable to increasing prevalence of orthopedic diseases, obesity, and geriatric population.
b. Some key players operating in the orthopedic splints market include Essity, 3M, Otto Bock Healthcare, DeRoyal Industries Inc., Medi GmbH & Co. KG, Zimmer Biomet, Stryker, Orthosys, United Medicare, and Sam Medical, among others.
b. Key factors that are driving the orthopedic splints market growth include rising cases of bone fracture, the surge in the number of musculoskeletal disorders, technological advancements, and an increasing geriatric population.
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