The orthotic devices, casts and splints market will witness a CAGR of 5.4% between 2020 and 2030, according to a latest report by ESOMAR-certified market research firm Future Market Insights.
According to the study, the orthotic devices, casts, and splints market growth has dipped as a result of prioritization of COVID-19 care. Decrease in hospital visits has also led to a decrease in demand.
The authors of the study are confident of a recovery in 2021, however, demand is not likely to be as strong as pre-COVID levels. To sustain growth in a sluggish landscape, manufacturers will need to bank of innovative offerings, according to the study.
The report is bullish about the use of 3D technology in the orthotic devices, casts, and splints market.
Key Takeaways of Orthotic Devices, Casts and Splints Market Study
- North America and Europe collectively hold over 60% of the market share
- Innovations to be a key growth driver in the developed countries, with 3D printing to catalyse the process
- Increase in osteoporosis and osteoarthritis to bolster the market in the forecast period
Ankle-Foot Orthosis to witness a Surge in Demand
AFO (ankle-foot orthosis) could be effectively used for supporting weak limbs or normalizing a limb with contracted muscles. Also, musculoskeletal and neurologic disorders cause the foot to drop.
For More Detailed Insights on Orthotic Devices, Casts and Splints Market
AFOs could be used to control this foot drop as well. As such, AFOs could be used to address deformity as well as functional recovery.
North America, Europe, and Oceania have been witnessing an increase in demand for AFO due to increase in sports injuries. This trend is expected to continue in the forecast period as well.
“Launch of innovative and customized products in western countries coupled with eastern countries shifting towards lightweight fiberglass products to drive the orthotic devices, casts and splints market” – says the FMI analyst.
Future Belongs to 3D Technology
3D printed casts, with their open-lattice plastic design, are available in customized form. They are waterproof and help bones in healing faster.
These casts have upsurged the demand for personalized 3D printed medical devices. 3D printed orthoses are effective in treating children with cerebral palsy as well.
Want more insights?
Orthotic devices, casts and splints market, a new study from Future Market Insights, opines on the orthotic devices, casts and splints from 2015 – 2019 and presents demand projections from 2020 – 2030 on the basis of product (casting supplies and equipment (plaster casts, casting tapes, cast cutters, casting tools and accessories), splinting supplies and accessories (fiberglass splints, plaster splints, other splints, splinting tools and accessories) and orthotics (functional orthotics and accommodative orthotics)), and distribution channel (Institutional sales(hospitals, orthopaedic clinics and nursing facilities) and retail sales (online sales, retail pharmacies and drug stores)) across seven prominent regions.
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The Healthcare team at Future Market Insights has consistently tracked and analyzed rapidly evolving trends and developments in the global healthcare industry, encompassing pharmaceuticals and medical devices markets. The team facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.