Finger Splint Market
Finger Splint Market (Type: Frog Splints, Finger Extension Splints, Finger Cot Splints, Thumb Spica Splints, and Others; Material: Aluminum, Neoprene, Plastic & Thermoplastic, Aluminum/Foam, and Others; Type & Material: Frog Splints, Finger Extension Splints, Finger Cot Splints, Thumb Spica Splints, and Others; Price: Under US$ 10, US$ 10 – US$ 50, and Above US$ 50; and Distribution Channel: Online and Offline) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
- Category : Consumer Goods & Services
- Format :
Press Release :
Introduction of New Tendon Repair Techniques to Aid Market Growth
In recent years, the number of traumatic injuries caused due to sports and other forms of physical activities has spurred up at a rapid pace. The significant rise in the number of finger injuries has triggered the demand for finger splints over the past few years. Recent advancements in arthroplasty and the advent of new techniques to address long-term residual pain stiffness, premature degenerative arthritis, and deformity are some of the factors that are expected to aid the growth of the finger splint market during the forecast period. Moreover, recent advancements and improvement in flexor tendon repair is a major factor that has indirectly increased the demand for finger splints in recent times. As surgeons and therapists across the world continue to deploy finger splint to improve the motion of the finger post-surgery, the finger splint market is set to witness a healthy growth in the coming years.
In addition, apart from a consistent growth in the number of finger injuries worldwide, the advent of new finger splints made from new and improved materials is expected to boost the adoption of finger splints in the near future. The advent of 3D printing is anticipated to play an imperative role in boosting the manufacturing process of finger splints in the upcoming period. While the novel coronavirus pandemic continues to cause havoc across the world, the lockdown imposed by government bodies coupled with unfavorable trade policies and import tariffs could dent the demand for finger splints during the assessment period. At the back of these factors and abundant growth opportunities, the global finger splint market is expected to surpass the market value of ~US$ 213 Mn by the end of 2027.
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3D Printed Finger Splints Gain Popularity; Companies Consider Using New Materials
The 3D printing technology continues to evolve at a rapid pace and is increasingly being used across a host of industrial sectors, including automotive, healthcare, aerospace, and food & beverages. More recently, participants in the finger splint market are predominantly investigating the potential of the 3D printing technology to manufacture finger splints. Several companies are exploring the potential of 316 L stainless steel to manufacture finger splints utilizing 3D printing systems for prototyping. At present, the 3D printing technology is at a relatively nascent stage within the finger splint market. However, as more number of companies continue to explore the benefits of 3D printing in the manufacturing of finger splints, its adoption is expected to increase in the coming years. Austenitic steel has emerged as an ideal choice of material, owing to its desirable properties mechanical properties, ability to withstand harsh industrial environments.
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Within the finger splint market, for several years, market players are increasingly focusing on customization. However, with the advent of 3D printing, the production of customized finger splints is expected to shift gears as companies are projected to launch customized finger splints cost-effectively. Within the finger splint market, aluminum finger splints are expected to generate the highest revenue, as aluminum finger splints are lighter in weight and sturdier.
Product Diversification Holds Key as COVID-19 Pandemic Likely to Disrupt Supply
The onset of the novel COVID-19 virus has disrupted all major core industries worldwide. As government bodies continue to combat the virus by imposing stringent guidelines and lockdown protocols, the manufacturing sector has taken a hit. Companies operating in the finger splint market are projected to assess the current scenario and formulate effective growth strategies going into the next few months. While the supply chains are expected to, more or less, be affected due to trade restrictions, companies operating in the current market landscape are anticipated to focus on fulfilling the demands across domestic markets to mitigate losses. Furthermore, as the demand for personal protective equipment continues to grow at an exponential rate, at present, finger splint manufacturers should evaluate their growth strategies and focus on increasing their sales via online and e-Commerce platforms.
Additionally, finger splint manufacturers, in their own capacity should explore the possibility of manufacturing personal protective equipment for healthcare workers or possibly collaborate with other companies to fulfill the soaring demand for the same. Market players are expected to streamline their distribution channels and leverage the looming opportunities in Asia Pacific and Europe.
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Analysts’ Viewpoint
The global finger splint market is projected to grow at a healthy CAGR of ~7% during the forecast period. Some of the factors that are likely to contribute to the market growth include a significant rise in the number of finger injuries, advancements in tendon repair techniques, introduction of new materials used to manufacture finger splints, and the advent of the 3D printing technology in the finger splint market. Market players should focus on expanding their product portfolio and aim to improvise their product development activities and collaborate with other companies to expand their market share.
Finger Splint Market: Overview
- Splints are used universally for muscular, tendon/ligament, and bone fractures/injuries as well as in numerous other medical cases. Splints are also used for injuries that are complex in nature and require constant change of bandages due to skin/tissue impairment. A finger splint is a therapeutic device that can be applied to a finger as it heals from an injury and is usually made from foam, neoprene, plastic, and metal. Finger splints are used in several finger related injuries, including jamming injuries, fractures, and joint stiffness. The main purpose of the splint is to reduce strain on the finger during normal activities throughout the immobilization period, which means the finger is given few times to rest by avoiding movement to protect it from additional damage.
- Asia Pacific is expected to dominate the global finger splint market in terms of share as well as CAGR growth rate throughout the forecast period. According to the International Osteoporosis Foundation (IOF), Asia is expected to have 50% of the world’s osteoporotic population by 2050. Large number of unreported cases, high incidence rate of Vitamin D deficiency, and low calcium intake by the Asian population suggests that the region is likely to have the largest osteoporotic related fractures globally, which is expected to drive the demand for finger splints.
- Consumers prefer the online buying model rather than traditional shopping (going to a shop physically) due to improved service and advanced technology delivery. The trend is becoming so popular that many online third party sellers specialized in sale of finger splints are emerging worldwide. Sale through sites are booming owing to presence of wide variety of product portfolio at an affordable prices.
- Rise in elderly population, increasing incidence of road accidents and sports injuries, technological advancements, launch of new products and technologies, and rising incidence of finger related injuries are augmenting the demand for finger splints globally
Global Finger Splint Market: Drivers and Opportunities
- Globally, the use of finger splints is expected to experience continuous growth as incidence of adventure and sports related injuries is increasing globally. In addition, vehicular injuries, which primarily include road accidents, has increased in the last few decades and is more prevalent in emerging economies. These injuries require finger splinting related products.
- Demand for finger splints is increasing as utilization of these materials improve handling or usage, lowers the price of the product, and increases safety and portability
- Numerous research initiatives undertaken by various medical equipment manufacturing companies worldwide to develop splinting products which reduce sports causalities, gives more comfort, and which are lightweight products are creating new opportunities for finger splint manufacturers. Demand for or acceptance of advanced splinting products such as neoprene, polyester, or metal splints is increasing. Hence, companies domiciled globally, are taking efforts to introduce advanced technology based splinting products to attract new customers.
Finger Splint Market: Key Segments
- The global finger splint market has been segmented based on type, material, type & product, price, distribution channel, and region
- In terms of type, the global finger splint market has been divided into frog splints, finger extension splints, finger cot splints, thumb spica splints, and others
- On the basis of material, the market has been classified into aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others
- Based on type & material, the market has been classified into frog splints (aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others), finger extension splints (aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others), finger cot splints (aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others), thumb spica splints (aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others), and others (aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others)
- On the basis of price, the market has been classified into under US$ 10, US$ 10 – US$ 50, and above US$ 50
- According to distribution channel, the global finger splint market has been divided into online (e-commerce websites and company-owned websites) and offline (medical stores, sport stores, hypermarkets & supermarkets, and other retail stores)
- Based on region, the global finger splint market has been divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., France, Germany, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America)
Finger Splint Market: Competition Landscape
- The global finger splint market is fragmented with presence of several local players. Companies are investing in product innovation to increase their customer base. Furthermore, large number of manufacturers are engaging with local manufacturers and distributors to increase their presence or reach in different parts of the globe.
- Some of the key players operating in the finger splint market are
- Alimed, Inc.
- Tynor Orthotics Private Limited
- Zimmer Biomet
- Bird & Cronin Inc. (Dynatronics Corporation)
- Corflex, Inc.
- DJO Global, Inc. (Colfax Corporation)
- DeRoyal Industries, Inc.
- ORFIT INDUSTRIES NV
- Silver Ring Splint
- Ortholife Global
Finger Splint Market – Scope of the Report
Transparency Market Research’s recent report on the finger splint market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the finger splint market analyzes the scenario for the period 2019 - 2027, wherein 2018 is the base year and 2017 and earlier is historical data. The report enables readers to make important decisions with regard to their business, through a wealth of information enclosed in the study.
This TMR study on the finger splint market provides data on the developments undertaken by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the global finger splint market gives readers an individual understanding of the market.
The study discusses the underlying trends and impact of various factors that drive the global finger splint market, along with their influence on the evolution of the market.
The study also offers Porter’s Five Force Analysis, value chain analysis, key trend analysis, SWOT analysis, brand analysis, and consumer buying behavior of the global finger splint market in order to highlight the crucial growth tactics and opportunities for market players.
Key Questions Answered in This Report on Finger Splint Market
- How much revenue will the finger splint market generate by the end of the forecast period?
- What application of finger splint is likely to gain the maximum market share by 2027?
- What regions currently contribute the maximum share to the overall finger splint market?
- What are the indicators expected to drive the global finger splint market?
- Which region is likely to be a lucrative market during the forecast period?
- What are the essential strategies incorporated by key stakeholders in the global finger splint market to expand their geographical presence?
- What are the major advancements witnessed in the global finger splint market?
The report answers these questions and more about the global finger splint market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Finger Splint Market – Research Methodology
The TMR report on the global finger splint market is based on a complete and comprehensive evaluation of the market backed by secondary and primary sources. The competitive scenario of the global finger splint market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the global finger splint market arrive at predictions and estimations, and calculate the forecast for the market.
The report uses an analytical triangulation method to estimate the numbers and figures of the global finger splint market with both bottom-up and top-down approaches.
The detailed assessment of the global finger splint market, along with an overview of the landscape is provided based on a careful examination of the avenues related to this market. Analysts’ conclusions on how the global finger splint market is set to grow are based on carefully vetted primary and secondary sources.
Finger Splint Market – Segmentation
The report on the global finger splint market provides information on the basis of product type, material, type & material, price, distribution channel, and region.
|
Type |
Frog Splints Finger Extension Splints Finger Cot Splints Thumb Spica Splints Others (Mallet Finger Splints, Trigger finger Splint, etc.) |
|
Material |
Aluminum Neoprene Plastic & Thermoplastic Aluminum/Foam Others (Fabric & Rubber, Foam, etc.) |
|
Type & Material |
Frog Splints Aluminum Neoprene Plastic & Thermoplastic Aluminum/Foam Others Finger Extension Splints Aluminum Neoprene Plastic & Thermoplastic Aluminum / Foam Others Finger Cot Splints Aluminum Neoprene Plastic & Thermoplastic Aluminum / Foam Others Thumb Spica Splints Aluminum Neoprene Plastic & Thermoplastic Aluminum / Foam Others Others Aluminum Neoprene Plastic & Thermoplastic Aluminum / Foam Others |
|
Price |
Under US$ 10 US$ 10 – US$ 50 Above US$ 50 |
|
Distribution Channel |
Online e-Commerce Websites Company-owned Websites Offline Medical Stores Sport Stores Hypermarkets & Supermarkets Other Retail Stores |
|
Region |
North America Europe Asia Pacific Middle East & Africa South America |
