Elbow splints are medical devices that are used to support and keep the injured elbow in a certain position to promote healing. They are also called supportive or corrective devices. The main objective of the splints is to provide comfort while performing daily functions, reduce pain, support an injury, and correct the shape of the elbow. These orthotic devices help in arm movement and alignment by supporting the elbow. Elbow splints help in rehabilitation from disjunction, fractures, sport injuries, or any other serious accidental injury. They effectively improve quality of life and restore mobility of individuals by reducing the pain.
Global Elbow Splints Market: Dynamics
Rise in Sports Injuries Boosting Elbow Splints Market Growth
A global rise in health care awareness and importance of adventure sports among youngsters as well as the older generation has led to an increase in incidence of sports injuries. A Centers for Disease Control and Prevention (CDC) 2015 report suggests that athletes in universities and high schools alone account for approximately 2 million injuries, 50,000 doctor visits, and 30,000 hospitalizations every year in the U.S. The rise in incidence of sports injuries among the youth is due to increase in pressure on the joints and repeated small trauma injuries because of rise in sports tournaments and extracurricular activities. Therefore, increased participation in sports and exercise has led to a rise in sports-related injuries, and consequently higher demand for orthopedic products such as elbow splints.
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Rise in Sales through Online Platforms
Development of e-commerce platforms allows customers to browse and order from a range of product offerings provided by vendors through online portals. It makes the shopping experience of buyers calmer and supports brand retaining and prominence. The ability of vendors to sell products online leads to higher revenue generation and gaining of market share. Furthermore, increase in penetration of e-commerce is expected to enable vendors to provide a broad range of products in user segments such as teenagers to adults to reach new potential customers and increase the customer base of these products. Availability of a wide range of orthotic and other bracing products on these platforms provides users a unique buying platform to compare prices, features, and product promotions. Individual users get to interact with fellow consumers and know their feedback on the products. Increase in popularity of online shopping, consumers’ trust on Internet sales, and faster shipping services have led to higher availability of a variety of orthotic products such as elbow splints in the market.
Global Elbow Splints Market – Competition Landscape
Major players operating in the global elbow splints market include Hanger, Inc., DJO Global, Inc., Fillauer LLC, BraceAbility, Ottobock, Ossur Corporate, Bauerfeind AG, and Breg, Inc., among others.
Hanger, Inc. is a provider of products and services that assist in enhancing or restoring physical capabilities of patients with disabilities or injuries. Hanger, Inc. operates through two segments, patient care, and products & services. The company’s patient care segment handles the rehabilitative care model which serves customers more completely.
DJO Global, Inc.
DJO Global, Inc. develops, manufactures, and distributes high-quality products through four business segments: bracing and vascular, recovery sciences, surgical implant, and international
The company also offers business solutions, system integration, software automation tools, implementation services, and patient & medical education services.
Fillauer, Inc. is a renowned leader in development, manufacturing, distribution, and application of orthotic and prosthetic products. The company manufactures more than 3,200 orthotic and prosthetic products in the range of pediatric to adult components. Fillauer LLC is best known for its prosthetic suspension lock systems. It has continually maintained a tradition that began more than 90 years ago as an innovator in the design and development of high-quality products.
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Global Elbow Splints Market: Segmentation
The global elbow splints market can be segmented based on:
- Distribution Channel
In terms of type, the elbow splints market can be classified into:
- Static Splint
- Dynamic Splint
In terms of distribution channel, the elbow splints market can be classified into:
- Hospitals Pharmacies
- Retail Pharmacies
- Online Pharmacies
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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