GVR Report cover Orthopedic Splints Market Size, Share & Trends Report

Orthopedic Splints Market Size, Share & Trends Analysis Report By Product (Fiberglass, Plaster), By Application (Lower Extremity, Upper Extremity), By End User (Hospitals, Specialty Centers), And Segment Forecasts, 2021 - 2028

  • Published Date: Dec, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-585-9
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 150

Report Overview

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.

North America orthopedic splints market size, by product, 2018 - 2028 (USD Million)

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.

Application Insights

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.

Product Insights

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.

End-user Insights

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.

Global orthopedic splints market share, by enduser, 2020 (%)

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.

Regional Insights

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.

Key Companies & Market Share Insights

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

Orthopedic Splints Market Report Scope

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

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Segments Covered in the Report

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

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