Finger Splint Market Information, Figures And Analytical Insights 2019 - 2027

 

Introduction of New Tendon Repair Techniques to Aid Market Growth

In recent years, the number of traumatic injuries caused due to sports and other forms of physical activities has spurred up at a rapid pace. The significant rise in the number of finger injuries has triggered the demand for finger splints over the past few years. Recent advancements in arthroplasty and the advent of new techniques to address long-term residual pain stiffness, premature degenerative arthritis, and deformity are some of the factors that are expected to aid the growth of the finger splint market during the forecast period. Moreover, recent advancements and improvement in flexor tendon repair is a major factor that has indirectly increased the demand for finger splints in recent times. As surgeons and therapists across the world continue to deploy finger splint to improve the motion of the finger post-surgery, the finger splint market is set to witness a healthy growth in the coming years.

In addition, apart from a consistent growth in the number of finger injuries worldwide, the advent of new finger splints made from new and improved materials is expected to boost the adoption of finger splints in the near future. The advent of 3D printing is anticipated to play an imperative role in boosting the manufacturing process of finger splints in the upcoming period. While the novel coronavirus pandemic continues to cause havoc across the world, the lockdown imposed by government bodies coupled with unfavorable trade policies and import tariffs could dent the demand for finger splints during the assessment period. At the back of these factors and abundant growth opportunities, the global finger splint market is expected to surpass the market value of ~US$ 213 Mn by the end of 2027.

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finger splint market infographic

3D Printed Finger Splints Gain Popularity; Companies Consider Using New Materials

The 3D printing technology continues to evolve at a rapid pace and is increasingly being used across a host of industrial sectors, including automotive, healthcare, aerospace, and food & beverages. More recently, participants in the finger splint market are predominantly investigating the potential of the 3D printing technology to manufacture finger splints. Several companies are exploring the potential of 316 L stainless steel to manufacture finger splints utilizing 3D printing systems for prototyping. 

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At present, the 3D printing technology is at a relatively nascent stage within the finger splint market. However, as more number of companies continue to explore the benefits of 3D printing in the manufacturing of finger splints, its adoption is expected to increase in the coming years. Austenitic steel has emerged as an ideal choice of material, owing to its desirable properties mechanical properties, ability to withstand harsh industrial environments.

Within the finger splint market, for several years, market players are increasingly focusing on customization. However, with the advent of 3D printing, the production of customized finger splints is expected to shift gears as companies are projected to launch customized finger splints cost-effectively. Within the finger splint market, aluminum finger splints are expected to generate the highest revenue, as aluminum finger splints are lighter in weight and sturdier.

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Product Diversification Holds Key as COVID-19 Pandemic Likely to Disrupt Supply

The onset of the novel COVID-19 virus has disrupted all major core industries worldwide. As government bodies continue to combat the virus by imposing stringent guidelines and lockdown protocols, the manufacturing sector has taken a hit. Companies operating in the finger splint market are projected to assess the current scenario and formulate effective growth strategies going into the next few months. While the supply chains are expected to, more or less, be affected due to trade restrictions, companies operating in the current market landscape are anticipated to focus on fulfilling the demands across domestic markets to mitigate losses. Furthermore, as the demand for personal protective equipment continues to grow at an exponential rate, at present, finger splint manufacturers should evaluate their growth strategies and focus on increasing their sales via online and e-Commerce platforms.

Additionally, finger splint manufacturers, in their own capacity should explore the possibility of manufacturing personal protective equipment for healthcare workers or possibly collaborate with other companies to fulfill the soaring demand for the same. Market players are expected to streamline their distribution channels and leverage the looming opportunities in Asia Pacific and Europe.

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