The orthotic devices orthotic splints and orthopedic braces and support market were valued at USD 8.5 Billion in 2024 and is projected to be worth USD 12.9 Billion by 2034, exhibiting a CAGR of 4.2% during the forecast period 2024 to 2034
NEWARK, DE / ACCESSWIRE / December 5, 2024 / The global orthotic devices, orthotic splints, and orthopedic braces and support market is set to experience steady growth, with a projected market value of USD 12.9 billion by 2034, up from an estimated USD 8.5 billion in 2024. This represents a compound annual growth rate (CAGR) of 4.2% during the assessment period, underscoring the market's resilience and innovation-driven evolution.
The orthotic devices are mainly used to overcome traumatic injury, congenital condition, or disabling illness, and the same is expected to rise the sales of orthotic devices orthotic splints and orthopedic braces and supports.
Demand for orthotic devices orthotic splints and orthopedic braces and supports rise as they help individuals with a wide range of problems such as cerebral palsy, multiple sclerosis, muscular dystrophy, spina bifida, and scoliosis, and also for people suffering from spinal cord injuries or amputations.
The report sheds light on the factors improving the demand for orthotic devices orthotic splints and orthopedic braces and supports and, in turn, the sales of orthotic devices orthotic splints and orthopedic braces and supports.
However, the orthotic devices orthotic splints and orthopedic braces and support market also faces some challenges, which might limit the orthotic devices orthotic splints and orthopedic braces and support market share from reaching its potential.
The demand for orthotic devices orthotic splints and orthopedic braces and supports is also being driven by an increase in awareness of aids, as well as an increase in the incidence of arthritis in nearly all age groups.
Due to the rapid recovery rate and improved clinical efficiency of orthopaedic braces and supports, the sales of orthotic devices orthotic splints and orthopedic braces and supports for clinically managing various orthopaedic disorders.
Advancement in the global orthotic devices orthotic splints and orthopedic braces and support market is being driven by continued innovation.
Most orthotic devices orthotic splints and orthopedic braces and support companies in the post-pandemic era work with a sense of urgency and consumer focus thereby enlarging their orthotic devices orthotic splints and orthopedic braces and support market share.
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Additionally, leading market players are investing heavily in the development of advanced materials like carbon fiber and thermoplastics. These materials are lighter, stronger, and more flexible compared to traditional options. Patients increasingly prefer these innovative solutions for their superior comfort, durability, and reduced bulkiness, making them ideal for daily use. The healthcare sector has also seen a surge in demand for these materials, which offer enhanced shock absorption and better performance during physical activities.
Barriers to Growth and Market Challenges:
Despite the promising outlook, the market faces several challenges:
High Initial Investment: Advanced manufacturing technologies like 3D printing require substantial initial investment, posing a hurdle for many healthcare facilities with constrained budgets.
Limited Patient Awareness: A significant number of patients remain unaware of the availability and benefits of modern orthotic devices, limiting their adoption.
Regulatory Hurdles: Strict regulatory requirements can delay the introduction of new products, slowing market momentum.
Workforce Shortages: The scarcity of skilled professionals in orthotics production hinders the ability of manufacturers to meet rising demand.
A Promising Future:
While challenges persist, the global orthotic devices market is poised for robust growth, driven by technological advancements, innovative materials, and rising patient preferences for enhanced comfort and functionality. Stakeholders across the value chain are working to overcome these barriers, ensuring a more accessible and patient-centered future for orthotic solutions.
"The orthotic devices market is undergoing a transformation, driven by innovation and patient-centric approaches. However, overcoming challenges like high costs, regulatory bottlenecks, and workforce shortages is critical for sustaining growth. Players that invest in both technology and awareness initiatives stand to gain the most in this evolving landscape." Said Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways: Global Orthotic Devices, Orthotic Splints, and Orthopedic Braces and Support Market:
The market is expected to grow from USD 8.5 billion in 2024 to USD 12.9 billion by 2034, registering a CAGR of 4.2% during the forecast period.
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Regional Growth Highlights:
India: Leading growth with a projected CAGR of 4.8% from 2024 to 2034.
China: Expected to maintain steady growth at a CAGR of 4.2% over the same period.
Japan: Growth is moderate, with a CAGR of 1.7% during 2024-2034.
Germany: Slower growth anticipated, with a CAGR of 1.3%.
United States: Similarly, projected to grow at a CAGR of 1.3%.
Emerging Markets Lead: Countries like India and China are poised to drive market expansion, outpacing more mature markets such as Japan, Germany, and the United States.
March 2024: The U.S. Army Medical Research and Development Command introduced the FastCast spray foam cast, designed for rehabilitation exoskeletons. This innovation enables rapid limb immobilization, improving mobility and recovery for injured Warfighters in combat scenarios while addressing the limitations of traditional splints.
November 2024: The Department of Empowerment of Persons with Disabilities (DEPwD) in India launched a nationwide campaign to raise awareness about prosthetic and orthotic devices for the Divyangjan community. Timed with International Prosthetics and Orthotics Day, the initiative aims to enhance mobility and quality of life through a series of outreach programs across the country.
October 2024: Imaginarium successfully utilized a customized 3D-printed orthotic device in the recovery of 15-year-old Anamta Ahmad, the youngest recipient of a shoulder-level hand transplant. The device provided tailored post-surgery care, offering precise customization and enhanced comfort, significantly improving her recovery process.
What Factors Majorly Influence the Orthotic Devices Orthotic Splints and Orthopedic Braces and Support Market?
Presently, demand for orthotic devices orthotic splints and orthopedic braces and supports is driven by the aging population, increase in the number of incidents of disabilities, the growing rate of chronic and lifestyle diseases.
Sales of orthotic devices orthotic splints and orthopedic braces and supports are propelled by the increased focus on improving quality of life, rapid innovations in production and modelling technologies, growing awareness towards orthopedic ailments and rise in sports injuries.
However, the growing healthcare budget, poor healthcare reimbursement, and payment models, and consolidation of market leaders act as a major barrier for the sales of orthotic devices orthotic splints and orthopedic braces and supports.
In some cases (depending on the disease's severity and side effects, as well as the patient's physiology and age), bracing products are not appropriate which likely hampers the demand for orthotic devices orthotic splints and orthopedic braces and supports.
Which Region Leads the Orthotic Devices Orthotic Splints and Orthopedic Braces and Support Market?
Depending on geographic regions, global orthotic devices orthotic splints and orthopedic braces and support market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.
North America held the largest orthotic devices orthotic splints and orthopedic braces and support market share followed by Europe and the Asia Pacific owing to favourable reimbursement and insurance coverage for major orthopaedic bracing procedures.
Supportive government regulations for product commercialization, also act as a major factor driving the demand for orthotic devices orthotic splints and orthopedic braces and supports in North America.
The developing nations in Asia Pacific, the Middle East and Africa hold huge demand for orthotic devices orthotic splints and orthopedic braces and supports, owing to developing economies and technological advances.
Companies in Asia Pacific are focusing on augmenting the sales of orthotic devices orthotic splints and orthopedic braces and supports, diversifying their business operations, lowering costs, increasing user satisfaction reliability thereby expanding their orthotic devices orthotic splints and orthopedic braces and support market share.
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Competition Outlook:
Orthotic devices and implants have become integral to modern healthcare, with advancements in lightweight, flexible, and durable materials driving widespread adoption. Companies are increasingly focused on making these products more affordable, broadening accessibility across various demographics.
Collaborations between orthotic device manufacturers and telemedicine platforms or home care services are becoming more prevalent, meeting the growing demand for at-home healthcare solutions. These manufacturers also supply government hospitals and other healthcare facilities, competing in a dynamic market where continuous innovation sets the pace.
Key players in this competitive landscape include DeRoyal Industries, Otto Bock Holding GmbH & Co., Bauerfeind AG, and DJO Inc., among others.
Industry Updates:
Key Segments of Market Report:
By Product:
By product, the market is categorized into casting supplies and equipment, splinting supplies and equipment, and orthopedic braces and supports. The orthopedic braces and supports segment is further divided into upper extremity and lower extremity.
By Distribution Channel:
The distribution channels include orthopedic clinics, retail pharmacies, drug stores, and e-commerce platforms.
By Region:
The market is analyzed across key regions, including North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa.
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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