by Orthopedic braces and supports such as knee braces, ankle braces, wrist braces etc. are widely used for injury recovery and during musculoskeletal disorders. They provide immobilization, support, and protection to injured body parts & muscles. Casting and splints are also used for fracture recovery support and realigning of broken bones. The demand for such orthopedic assistive products is increasing in India owing to rising incidence of road accidents and trauma injuries. As per National Crime Records Bureau (NCRB), over 1,50,000 people die every year in India due to road crashes. Majority of these accidents lead to fractures, strains, and other musculoskeletal injuries that require orthopedic bracing, casting, or splinting for recovery.
The global orthopedic braces and support casting and splints market is estimated to be valued at US$ 1.5 billion in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the India orthopedic braces and support casting and splints market is the rising geriatric population. As per Population Foundation of India, the number of elderly persons (aged 60 years or above) in India is projected to rise to 319 million by 2050 from 103 million in 2011. Old age is associated with higher risks of osteoporosis, arthritis, and other degenerative musculoskeletal disorders which often require braces, casting or splinting for treatment and recovery support. Additionally, expanding health insurance coverage across India is also expected to boost the demand for orthopedic assistive devices like braces as more people can now afford their cost. However, lack of awareness about advanced orthopedic products and their clinical benefits is one challenge restraining the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the India orthopedic braces and support casting and splints market due to the presence of established players and requirement of high initial capital investment and manufacturing facilities.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of various substitutes and flexibility of customers to switch between orthopedic products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of variety of raw material suppliers in the market.
Threat of new substitutes: The threat of new substitutes is moderate as manufacturers are constantly focused on innovation and development of advanced orthopedic products.
Competitive rivalry: The competitive rivalry is high among key players operating in the India orthopedic braces and support casting and splints market.
Key Takeaways
The Global India Orthopedic Braces And Support Casting And Splints Market Demand is expected to witness high growth. The global orthopedic braces and support casting and splints market is estimated to be valued at US$ 1.5 billion in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030.
The India orthopedic braces and support casting and splints market is projected to be dominated by the southern region over the forecast period owing to increasing healthcare infrastructure, rising healthcare expenditure, presence of leading market players and growing research and development activities in the region.
Key players related content comprises Key players related content
Key players operating in the India orthopedic braces and support casting and splints market are 3M, Össur Corporate, Bauerfeind, Breg Inc., DeRoyal Industries, DJO Global, and Zimmer Biomet.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
