India Orthopedic Braces & Support, Casting & Splints Market Is Estimated To Witness High Growth Owing To the Increasing Incidence of Orthopedic Disorders
The global India Orthopedic Braces & Support,
Casting & Splints Market is estimated to be valued at US$ 73.5 million in 2020 and is
expected to exhibit a CAGR of 6.8%
over the forecast period 2020-2027, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Orthopedic braces, supports, castings, and splints are medical devices that are
used to immobilize, support, and protect injured or weak body parts, especially
the musculoskeletal system. These products play a crucial role in orthopedic
treatment by providing stability, pain relief, and enhancing the healing
process. The rising incidence of orthopedic disorders, such as fractures,
sprains, strains, and osteoarthritis, is driving the demand for orthopedic
braces and supports in the Indian market. Additionally, the growing geriatric
population and increasing awareness about the benefits of orthopedic braces and
supports are further contributing to market growth.
Market Key Trends:
One key trend observed in the India Orthopedic Braces & Support, Casting
& Splints Market is the increasing adoption of advanced materials in the
manufacturing of orthopedic braces and supports. Traditional braces were made
of materials like metal, which were heavy, uncomfortable, and limited mobility.
However, with advancements in technology, manufacturers are now using materials
such as fiberglass, carbon fiber, and latex-free neoprene, which are
lightweight, flexible, and offer a better fit. These advanced materials provide
improved patient comfort, breathability, and ease of use. Moreover, these
materials are durable and have a higher load-bearing capacity, ensuring
superior support and protection for the injured or weak body parts. The
adoption of advanced materials in orthopedic braces and supports is expected to
drive market growth
PEST Analysis:
Political: The political factors influencing the orthopedic braces and support,
casting, and splints market in India are relatively stable. The government's
focus on promoting healthcare and improving access to medical facilities is
expected to positively impact the market. Regulations and policies related to
healthcare infrastructure, quality standards, and pricing may also influence
the market dynamics.
Economic: The economic factors affecting the market include the growing
healthcare expenditure in India and the increasing affordability of orthopedic
braces and support. The rising disposable income and overall economic growth
contribute to the market's expansion. Moreover, the market is also supported by
the presence of health insurance policies and reimbursement schemes.
Social: Social factors play a crucial role in the adoption and growth of
orthopedic braces and support. The aging population, the prevalence of
orthopedic conditions, and changing lifestyles leading to a sedentary lifestyle
have increased the demand for orthopedic solutions. Moreover, the awareness and
acceptance of orthopedic braces and support have significantly improved,
driving market growth.
Technological: Technological advancements, such as the
development of lightweight and durable materials for orthopedic braces and
support, have positively impacted the market. Innovative designs and features
that enhance comfort and mobility have also contributed to market growth. The
integration of smart technologies, such as sensors and connectivity, has
further expanded the scope of orthopedic solutions.
Key Takeaways:
The global Orthopedic
Braces And Support, Casting, And Splints Market in India is
expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast
period. This growth is primarily attributed to the increasing prevalence of
orthopedic conditions and the rising geriatric population. Furthermore,
government initiatives to improve healthcare infrastructure and increasing
disposable income contribute to market expansion.
Regionally, India is projected to be the fastest-growing and dominating region
in the orthopedic braces and support market. The country's large population,
increasing healthcare spending, and focus on improving medical facilities
create a favorable market environment. Additionally, the presence of key
players in the region further strengthens India's position in the market.
Key players operating in the India orthopedic braces and support, casting, and
splints market include 3M, BSN medical, Zimmer Biomet Holdings, Inc., DJO, LLC,
Össur Corporate, 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. These players
have a significant presence in the market and contribute to its growth through
product developments, collaborations, and strategic partnerships.
Tags : India Orthopedic Braces & Support, Casting &
Splints Market, India Orthopedic Braces & Support, Casting & Splints
Market Size, India Orthopedic Braces & Support, Casting & Splints
Market Trends, India Orthopedic Braces & Support, Casting & Splints
Market Growth.
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