Orthopedic braces, casting, and splints are widely used external devices or apparatuses used to support injured or weakened bones and muscles in the body. Braces are used to align, support, or immobilize parts of the body that have been stabilized surgically or injured, while casts are rigid containers made of plaster or fiberglass used to immobilize broken bones during healing. Splints are semi-rigid or rigid devices used to limit joint movement or provide support to injured parts of the extremities. The Indian orthopedic braces and support casting and splints market has been gaining traction with the increasing incidence of musculoskeletal disorders, sports injuries, and road accidents in the country. The rising geriatric population prone to orthopedic conditions is further expected to drive the demand for these products.
The global India Orthopedic Braces And Support Casting And Splints Market is estimated to be valued at US$ 450 million 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 Dynamics:
The rising geriatric population in India represents one of the primary drivers for the orthopedic braces and support casting and splints market. Older individuals are more susceptible to orthopedic conditions like arthritis, osteoporosis, and joint disorders that may require the use of braces, casts, or splints. As per United Nations Population Fund, the percentage of elderly people in India is expected to double from 8% in 2019 to 16% by 2050. This rising pool of geriatric population prone to orthopedic issues will consistently generate demand for these products in the coming years. Moreover, remote or rural areas in India still lack access to advanced healthcare facilities. As orthopedic bracing, casting, and splinting are non-invasive procedures, they help address orthopedic conditions in places where specialized surgeries may not be available. This also propels the market growth, especially in tier 2 and tier 3 cities or in underdeveloped regions of the country.
Segment Analysis
India Orthopedic Braces And Support Casting And Splints Market is dominated by two major segments – Braces and Supports and Casting Supports and Splints. Braces and Supports segment holds around 65% of the total market share owing to rising cases of sports injuries, accidents and ageing-related orthopedic conditions. The segment provides supports to injured muscles or joints and helps them heal faster.
PEST Analysis
Political: The government is focusing on boosting healthcare infrastructure and expenditure. Various schemes aim to increase accessibility and affordability of orthopedic treatment.
Economic: Rising disposable incomes, growing health awareness and expansion of private insurance coverage are fueling the overall growth of orthopedic industry in India.
Social: Changing lifestyle with increased participation in sports activities, high smartphone dependency leading to musculoskeletal issues especially among younger population. Awareness about timely treatment and prevention is driving market growth.
Technological: Development of advanced lightweight and custom-made braces with improved material and design. Use of 3D printing and robotics for customized casting solutions is enhancing patient comfort and experience.
Key Takeaways
The India Orthopedic Braces And Support Casting And Splints Market Growth is expected to witness strong between 2023-2030 backed by rising incidence of lifestyle disease, rapidly growing geriatric population and improving medical reimbursement. The global India Orthopedic Braces And Support Casting And Splints Market is estimated to be valued at US$ 450 million in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030.
Regional analysis suggests South India represents around 35% market share due to well-established private hospitals and significant healthcare spending in states like Tamil Nadu and Karnataka.
Key players operating in the India Orthopedic Braces And Support Casting And Splints Market are DJO Global, Ossur Corporate, BSN medical, 3M Health Care, Otto Bock Healthcare, Deroyal Industries, Medi GmbH & Co., Thuasne, Bauerfeind, and Alcare Co. Key players are focusing on product innovation to provide minimal, lightweight, custom-made solutions with advanced materials. They are also enhancing their distribution channels through partnerships with private hospitals and retail pharmacies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it