Casting and Splinting Market Trends, Technology, Opportunities and Forecasts By 2016 - 2024
Demand for casting and splinting has significantly risen in the last few years, bolstered by the increasing incidence of sports, orthopedic, and musculoskeletal injuries. The aged are more prone to injuries, hence growth witnessed in the geriatric population globally will fuel overall prospects for the market in response.
With the evolution of technology, producers are looking to use advanced materials for manufacturing casts and splints. This subsequently is expected to boost sales of casts and splints worldwide. The market however is likely to get restrained by the unfavorable reimbursement policies, as per Transparency Market Research (TMR). Nevertheless, in the near future the presence of high unmet needs in emerging economies will present attractive opportunities for vendors in the market.
TMR pegs the overall value of the global casting and splinting market at US$1.8 bn in 2015. The market is poised to reach US$3.1 bn by the end of 2024.
Asia Pacific Exhibits Conditions Conducive to Growth in Casts and Splints Sales
Regionally, Asia Pacific has been exhibiting the highest prospects in the global casting and splinting market, followed by North America. Demand for casts and splints is visibly high in countries such as India, Korea, and China. The high incidence of osteoporotic hip fractures and road accidents in these countries has resulted in their lead in the Asia Pacific market for casts and splints.
Many producers who manufacture affordable casting equipment in large-scale are domiciled across these countries thus gratifying the increasing demand in local and international markets. Furthermore, casts and splints are widely used in Asia Pacific, due to which, their price in the region is comparatively low. This has resulted in the increased demand for casts and splints and consequently has earned increased revenue for the region’s casting market. The regional market will also gain from the rapidly growing population in India and China.
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TMR finds the Asia Pacific market for casting and splinting stood at US$487.1 mn in 2014. Rising at a CAGR of 6.9% from 2015 to 2024, the market is expected to reach US$888.1 mn by the end of the forecast period.
TMR projects North America to continue holding the second-largest share in the market during the forecast period. The increasing incidence of osteoporosis and musculoskeletal injuries in the region will aid expansion of the casting and splinting market in North America.
Demand for Cast Supplies will Remain High Through the Forecast Period
The major products available in the market can be broadly classified into casting supplies and equipment and splinting supplies and equipment. Of these, the casting supplies and equipment segment held over 60% of the market in 2015. Castings are ubiquitous methods of treating bone fracture hence hold larger share in the market. The demand for casts is expected to surge at a steady pace due to the increasing number of traumatic and accident injuries. Demand from the segment will also rise due to the increasing osteoporotic geriatric population, particularly in countries with high population.
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The most common casting supplies and equipment available in the market include casting tapes, plaster casts, casting tools, and cast cutters. Of these, cast cutters held a share of 30% in the cast products market in 2015. Demand for cast supplies is expected to remain high through the forecast period.
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