by Orthopedic braces and support, casting and splints are medical devices used for treatment, correction, and immobilization of bones and joints. They provide comfort, support, and stability to injured or fractured body parts. The growing geriatric population suffering from osteoarthritis and other bone-related diseases has increased the demand for orthopedic braces and support, casting and splints in India.
The global India Orthopedic Braces And Support Casting And Splints Market is estimated to be valued at US$ 89.54 Mn 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:
The rising geriatric population is one of the major drivers of the India orthopedic braces and support, casting and splints market. As per World Population Prospects 2019, the population aged 65 years and above in India is projected to increase to over 17.6% by 2030 from 9.1% in 2017. Further, the number of Indians with disabilities is expected to reach 27 million by 2030 due to rise in accidents, diseases and disabilities among the geriatric population. Thus, the rising aged population suffering from bone disorders including osteoporosis and osteoarthritis has fueled the demand for orthopedic braces and support, casting, and splints in India.
SWOT Analysis
Strength: India has a large population base with a growing geriatric population that requires orthopedic care and support. This provides a large target market.
Weakness: Lack of awareness about advanced orthopedic products and expensive treatment costs. Low per capita income also restricts spending on healthcare.
Opportunity: Growing medical tourism industry and government initiatives to strengthen healthcare infrastructure offer new opportunities. Untapped rural areas also provide scope for market expansion.
Threats: Competition from local players offering cheaper substitutes and stringent regulations for new product approval.
Key Takeaways
Global India Orthopedic Braces And Support Casting And Splints Market Size is expected to witness moderate growth over the forecast period. Growing medical needs of the aging population along with rising incidence of lifestyle diseases and accidents will drive the demand for orthopedic support products. The global India Orthopedic Braces And Support Casting And Splints Market is estimated to be valued at US$ 89.54 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030.
Regional analysis
Western and Southern regions dominate currently due to availability of advanced healthcare facilities. However, Northern and Eastern regions are anticipated to offer emerging opportunities with their huge population base and improving medical infrastructure. Rural regions remain largely untapped.
Key players
Key players operating in the India orthopedic braces and support casting and splints market are 3M, BSN medical, Zimmer Biomet Holdings, Inc., DJO, LLC, Stryker Corporation, Ottobock Holding GmbH & Co. KG, medi GmbH & Co. KG, Remington Products Company, Becker Orthopedic, Prime Medical Inc.,Tynor Orthotics Pvt Ltd., United Medicare, and Orthosys. Major players are focusing on partnership with hospitals and launching affordable products to increase market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
