Published: Nov, 2016
On account of the presence of several raw materials and semi-furnished products manufacturers, the global casting and splinting (supplies and equipment) market is highly fragmented. Transparency Market Research finds that the manufacturers offload their products to large third-party distributers, with or without brand loyalty. Large manufacturers also use websites of distributors or online portals for selling as it helps them to reach out to a much larger audience.
Healthcare professionals, hospitals, patients, and clinics stand to gain in the market on account of their high bargaining power as buyers. This is because of the presence of many players, which provides buyers the option to choose from amongst them. Another reason resulting in high bargaining power is the growing instances of accidental, adventure, and sports related injuries.
The global market for casting and splinting (supplies and equipment) was worth US$1.8 bn in 2015 and is predicted to reach a value of US$3.1 bn in 2024, expanding at a CAGR of 6.1%.
Asia Pacific Leads Market Due to Alarming Rise in Road Accidents
The global market for casting and splinting supplies and equipment can be broadly segmented into two – casting products and splinting products. Of the two, casting products have consistently accounted for a larger share of the revenue. Splinting products, however, are expected to register a higher growth rate in the coming years to reach a value of US$1.31 bn in 2024.
There are various casting products, which primarily helps in the setting of fractured bones, in the market today, namely plaster cuts, cutting tapes, cast cutters, and casting tools and accessories. Among them, the market for cast cutters has enjoyed maximum share on account of their higher cost and technology-driven development. Similarly, among splinting equipment, fiberglass splint has been leading the market.
Geography-wise, Asia Pacific held a dominant share in the global casting and splinting market in 2015 at US$0.49 bn. This was mainly due to the alarming number of road accidents and injuries and a growing elderly population, especially in China. North America, which follows Asia Pacific, is forecast to experience slow yet steady growth in the coming years along with Europe.
Use of Technologically Advanced Materials Driving Growth
One of the primary reasons for the growth of the global casting and splinting market has been an alarming increase in the number of injuries resulting from accidents, sports, and adventure. Vehicular injuries have spiked in the last few decades, especially in developing countries where the percentage of population is high and roads are chaotic. In fact, the World Health Organization (WHO) reveals that globally, 20 million to 50 million people suffer from non-fatal injuries each year. Most of such injuries need to be treated with casting and splinting products.
Besides injuries, the use of technologically advanced materials is also providing a fillip to the market. “The global casting and splinting market is driven by the usage of advanced polymers such as fiberglass, polyester, improved metals, neoprene, and plastic in the manufacture of new and improved casts or splints. The demand for these products is increasing as the utilization of these materials improves handling or usage, lowers the price, and increases safety and portability.”
A factor countering the growth of the market is the lack of favorable reimbursement policies in many nations such as Brazil, India, and the U.S. This has restricted the growth in sales, especially of advanced casting and splinting equipment and supplies.
This review is based on the findings of a TMR report titled “Casting and Splinting (Supplies and Equipment) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”
Global Casting and Splinting (Supplies and Equipment) Market, by Product Type
- Casting Supplies and Equipment
- Plaster Casts
- Casting Tapes
- Cast Cutters
- Casting Tools and Accessories (Covers, Padding, Scissors, etc.)
- Splinting Supplies and Equipment
- Fiberglass Splints
- Plaster Splints
- Other Splints (Polyester, Neoprene, Plastic, Metal, etc.)
- Splinting Tools and Accessories (Covers, Padding, Fasteners, etc.)
Global Casting and Splinting (Supplies and Equipment) Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World (RoW)
- Latin America
- Middle East and Africa
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