Despite the COVID-19 dilemma, the worldwide market for Orthopedic Braces & Support, Casting, and Splints is expected to reach US$7.8 Billion by 2026
FREMONT, CA: The global market is expanding as more people learn about aids and arthritis affects people of all ages. The items are becoming more popular for treating orthopedic conditions such as rheumatoid arthritis, carpal tunnel syndrome, osteoporotic fractures, and osteoarthritis. Growing demand from the older population, which is extremely susceptible to musculoskeletal disorders. Muscle soreness, sports injuries, and ligament wounds are growing due to increased fitness activities such as bicycling and running among health concerned individuals, boosting demand for orthopedic braces and supports. Athletes also use orthopedic braces to avoid further injuries while playing sports, limiting unwanted motion and allowing easy play.
Despite the COVID-19 dilemma, the worldwide market for Orthopedic Braces & Support, Casting, and Splints is expected to reach US$7.8 Billion by 2026, rising at a CAGR of 5.7 percent. An estimated 5.7 percent CAGR is forecast for Orthopedic Braces & Supports, which is expected to reach US$4.6 billion by the conclusion of the research period. Following a detailed review of the pandemic's commercial ramifications, the segment's growth rate is reduced to 6.2 percent over the following seven years. On the worldwide Orthopedic Braces & Support, Casting and Splints market this sector represents 24.9 percent. The availability and usage of sophisticated casting and splinting solutions will fuel market growth. These devices come in a variety of sizes and forms to help patients. Moreover, leading industry players are likely to launch new casting and splinting products composed of materials including fiberglass, polyester, and polyethylene.
USA Market to Hit $1.9 Billion in 2021, China Market to Hit $1.1 Billion by 2026
This market is expected to reach US$1.9 billion by 2021. The nation presently has a 32.71 percent worldwide market share. For the analyzed period, China, the world's second-biggest economy, will have a market size of US$1.1 billion in 2026. Other notable regional markets include Japan and Canada, which are expected to increase at 3.9 and 4.6 percent, respectively. The European market (specified in the report) will reach US$1.1 Billion by end of the analysis period, with Germany growing at a CAGR of about 5%. Since bracing goods may help prevent subsequent injuries and promote mobility, the US orthopedic braces and supports industry has grown significantly. Also, as the population ages and becomes fatter, the prevalence of osteoporosis is projected to rise, leading to the increased need for orthopedic braces. Rising demand for advanced goods and cures in the area as well as a well-developed healthcare infrastructure are driving development in another important market, Europe. Large aging populations in China and Japan are expected to fuel Asia-Pacific market demand.
A $1.5 billion market by 2026
A growing elderly population and the prevalence of orthopedic complications associated with aging are driving growth in the splinting supplies segment. Technological advancements and the use of advanced materials by manufacturers are also driving growth. These countries will fuel the segment's 4.7 percent CAGR. From US$820.3 million in 2020 to US$1.1 billion by the end of the research period, these regional markets will grow from US$820.3 million in 2010. Chinese markets will continue to rise at a rapid pace. Asia-Pacific is expected to reach US$142.7 million by 2026, led by nations like Australia, India, and South Korea, while Latin America will grow at a 6% CAGR.