by Market Overview:
The India Orthopedic Braces & Support, Casting & Splints Market is estimated to be valued at US$ 73.5 million in 2020 and is projected to reach a value of US$ (incorporate given market value for 2022) Bn or Mn in 2022. This market encompasses a wide range of products including braces, support systems, and casting and splints, which are used for the treatment and support of various orthopedic conditions and injuries. These products are manufactured by key players such as 3M, BSN medical, Zimmer Biomet Holdings, Inc., DJO, LLC, and many others. They find applications in hospitals, clinics, and homecare settings, providing patients with immobilization, stabilization, and pain relief.
Market Dynamics:
The India Orthopedic Braces & Support, Casting & Splints Market is expected to exhibit a significant growth rate of 6.8% over the forecast period (2020-2027). The market dynamics are driven by several factors. Firstly, the rising prevalence of orthopedic conditions and injuries, such as fractures, sprains, and strains, among the Indian population contributes to the market growth. Additionally, the increasing geriatric population, who are more susceptible to orthopedic problems, further fuels the demand for these products. Moreover, the advancements in technology and materials used in orthopedic braces and support systems provide improved comfort and efficacy, further bolstering market growth. Overall, these factors contribute to the positive outlook and future prospects of the India Orthopedic Braces & Support, Casting & Splints Market.
Market Key Trends:
The key trend in the India Orthopedic Braces & Support, Casting & Splints market is the increasing prevalence of orthopedic conditions and injuries. The growing aging population and the rise in sports-related injuries are driving the demand for orthopedic braces, support, casting, and splints. These products provide stability and prevent further damage, aiding in the recovery process. Additionally, advancements in technology have led to the development of innovative and customized orthopedic braces and supports, further boosting market growth. Moreover, the increasing adoption of minimally invasive procedures has contributed to the demand for casting and splints, as they offer effective immobilization and support during and after surgeries or injuries.
SWOT Analysis:
Strength: The India Orthopedic Braces & Support, Casting & Splints market benefits from the high prevalence of orthopedic conditions and injuries, driving the demand for products in the market.
Weakness: Lack of awareness among the population regarding the availability and benefits of orthopedic braces, support, casting, and splints could hinder market growth.
Opportunity: Growth opportunities lie in the development of technologically advanced and personalized products to meet the specific needs of patients.
Threats: Intense competition among key players, price fluctuations, and stringent regulatory requirements pose significant threats to market growth.
Key Takeaways:
The India Orthopedic Braces & Support, Casting & Splints Market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period. This growth can be attributed to the increasing prevalence of orthopedic conditions and injuries, driven by the aging population and sports-related incidents.
Regionally, North America dominates the market, owing to a well-established healthcare infrastructure, high healthcare expenditure, and a large patient pool. However, the Asia Pacific region is the fastest-growing market, fueled by the growing awareness of orthopedic conditions and the rising healthcare infrastructure.
Key players operating in the India Orthopedic Braces & Support, Casting & 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 companies focus on product innovation, strategic collaborations, and mergers to strengthen their market position and address the growing demand for orthopedic braces, support, casting, and splints.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
