Global Casting and Splinting Market was valued US$ XX.XX Mn in 2019 and is expected to reach US$ XX.XX Mn by 2027, at CAGR of ~X6.X% during forecast period of 2020 to 2027.
Global Casting and Splinting Market
Global Casting and Splinting Market Introduction:
Casts and splints are orthopedic devices used to protect and support fractured or injured bones and joints. They help to immobilize the injured limb to keep the bone in place until it completely heals. Casts are often made from fiberglass or plaster and can be easily molded to the shape of the injured arm or leg, which wraps all the way around an injury and can only be removed under the doctor's observation. A splint is like a “half cast.” The hard part of a splint does not wrap all the way around the injured area. They provide less support than casts, but are easier to use and can be adjusted.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global casting and splinting market is expected to show healthy growth during the forecast period due to rising occurrences of musculoskeletal problems in all age people. The incidences of vehicle accidents are increasing around the globe and musculoskeletal injuries can be encountered in large, due to vehicular accidents is the major factor for growth. Besides, rise in number of orthopedic injuries due to sports and adventure-related games or activities led to more number of musculoskeletal problems, which in turn are helping casting and splinting market to grow. Additionally, high geriatric population base, promotes the high frequency of age-related orthopedic illness is expected to boost the casting and splinting market growth. Moreover, innovations in casting and splinting materials such as use of fiberglass tape and polyester tape, which provides comfort to patient, in terms of easy removal with cast saw blade, smooth lamination, improved X-ray radiolucency, and their availability in attractive colors and patterns are expected to boost the casting and splinting market noticeably.
To improve efficacy and for rapid healing, producers in the market are considering to use advance technology advanced materials for manufacturing casts and splints. This successively is expected to boost sales of casts and splints worldwide. On other hand, the market is likely to get restrained by the critical reimbursement policies from several insurance providing companies. However, the existence of high unmet needs will offer lucrative opportunities for vendors in the market.
Global Casting and Splinting Market Region wise Market Analysis Forecast:
The report covers a geographic breakdown and a detailed analysis of each of the segments across region North America, Europe, Asia Pacific, and Latin America, Middle East Africa.
Heavily populated countries like China, India, Japan, and Korea have high incidences of road accidents and orthopedic injuries, along with high geriatric population, which lead to the extensive use of casting and splinting equipment and supplies. Furthermore, these countries have huge number of players with smart manufacturing facilities which can produce casting equipment in large quantities to meet the domestic and global demand. In addition, manufacturing cost in this region is low, which is inviting companies to invest in Asia Pacific region. In terms of revenue Asia Pacific accounted for the largest market share of US$ XX.XX Mn in 2019 and as a concern of high and rising population base, this region is expected to reach US$ XX.XX Mn by the end of the forecast period with CAGR of XX.XX%.
Followed by Asia Pacific, the North America is expected to hold the largest share in terms of market value over the forecast period as a result of the rising musculoskeletal injuries and fractures in this region. Rise in research activities and their advanced production techniques, along with the rising demand are expected to drive the growth in U.S. market of casting and splinting. Also, well-planned reimbursement policies are giving access to costly casting and splinting equipment which in turn help market to expand in this region. Hence the North America is anticipated to reach value of US$ XX.XX Mn by forecast period with CAGR of XX.XX%. Moreover, high incidences of age-related orthopedic disorders are contributing to the growth of the European market. Whereas the Europe is expected to increase at a moderate speed with CAGR XX.XX% during the forecast period.
Global Casting and Splinting Market is studied by Various Segments:
The analysts at Maximize Market Research have done an extensive research for the global Casting and Splinting market and provides the report with detail study of the market by various segments and by region. Global casting and splinting market is segmented on the basis of Casting equipment supplies and Splinting equipment supplies. Where, casting segment held profitable share in 2019 and is also anticipated to lead the market over the forecast period owing to casting being the traditional and the most usually used method for bone fracture, hence, it covers the larger market size. Casting equipment and supplies are further divided into casting tapes, plaster casts, cast cutters, and casting tools accessories. Cast cutters are expected to lead the market over the forecast period with the largest market share of US$ XX.XX Mn. This can be attributed to technological advancements such as incorporation of vacuum-based cutters and ergonomically designed cast cutters, which give easy removal of cast without any injuries and adjustability of blades. The splinting segment is classified into splinting tools accessories, fiberglass splints, plaster splints, and other splints. The other splints segment includes advanced products such as wooden splints, plastic splints, neoprene splints, and metal splints. The others splinting segment is expected to grow in the forecast period due to benefits of them, such as, manufacturing ease of plastic splints, which allows ready customization of splints, moreover, neoprene splints provides high versatility and strength.
Global Casting and Splinting Market, by Product Type
• Casting Supplies and Equipment
o Plaster Casts
o Casting Tapes
o Cast Cutters
o Casting Tools and Accessories (Covers, Padding, Scissors, etc.)
• Splinting Supplies and Equipment
o Fiberglass Splints
o Plaster Splints
o Other Splints (Wooden, Polyester, Neoprene, Plastic, Metal, etc.)
o Splinting Tools and Accessories (Covers, Padding, Fasteners, etc.)
Global Casting and Splinting Market Company Profiles –
The major players operating in the global Casting and Splinting market, analyzed in the report are:
• Stryker Corporation,
• Prime Medical Inc.,
• 3M Healthcare,
• BSN Medical GmbH,
• Corflex Inc.,
• DeRoyal Industries,
• Patterson Medical Holdings Inc.,
• Zimmer Inc.,
• Bird Cronin Inc.,
• DJO, LLC,
• Orfit Industries n.v.,
• Ossur hf.,
• Spencer Italia S.r.l.
Though being a medical instrument, the casting and splinting market performs on the basis of demand hence it is highly fragmented region-specific. Few players contribute to the largest sale in market which include Stryker Corporation, Prime Medicals, BSN Medical and 3M Healthcare. These companies provide flexible product offering to meet the demand of large population base and their presence in strategically important regions like Asia Pacific, permits them to be the major players in the market. Besides, in recent times the outsourcing several functions and licensing the marketing activities are important movements observed in the market.
Objective of the Report:
The objective of the report is to present a comprehensive analysis of global Casting and Splinting market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding global Casting and Splinting market dynamics, structure by analyzing the market segments and project the global Casting and Splinting market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the global Casting and Splinting market make the report investor’s guide.
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