The global casting and splinting (supplies and equipment) market is characterized by stiff competition on account of the presence of numerous local as well as well-entrenched international players trying to outshine one another. This also makes the market fragmented in nature. 3M healthcare, Prime Medical, Inc., BSN Medical GmBH, and Stryker Corporation are to name a few of the prominent players in the global market for casting and splinting.
In order to further their positions, the leading players in the global market for casting and splinting have been focusing on carefully-considered mergers and acquisitions. The savvy companies are also making attempts to penetrate into the underserved markets in developing countries and enhance their product portfolios to tap into a larger consumer base.
As per a report by Transparency Market Research, the global market for casting and splinting (supplies and equipment) will likely expand at a 6.1% CAGR during the period from 2016 to 2024 to attain a value of US$3.1 bn by 2024-end from US$1.8 bn in 2015.
Presence of Numerous Manufacturers Makes Asia Pacific Market Leader
Depending upon the types of products, the global market for casting and splinting can be bifurcated into casting supplies and equipment and splinting supplies and equipment. The demand for casting equipment and supplies is predicted to outstrip that of splinting supplies and equipment. The segment of casting supplies and equipment is also accounts for a leading share in the market. However, the splinting equipment and supplies segment will likely exhibit a greater CAGR of 6.9% from 2016 to 2024 as splints provide better breathing compared to casts.
From a geographical perspective, Asia Pacific is an attractive market for casting and splinting. It held the leading share of 26.7% in 2015. In the years ahead too, the region is expected to retain its dominant share on account of the presence of numerous manufacturers, a massive pool of elderly, and growing knowledge about osteoporosis.
Rising Geriatric Population Majorly Boosting Market
Instances of orthopedic, musculoskeletal, and sports injuries are increasing by the day. This is the single-most important growth driver in the global market for casting and splinting. As per WHO, more than 3400 people lose their lives in road accidents daily and tens of millions are injured or disabled annually. WHO also finds that children, cyclists, pedestrians, and the elderly are most likely to meet with road accidents. Besides, the geriatric population is also highly susceptible to other forms of injuries. Hence, their growing population is serving to boost the global market for casting and splinting.
“Prominent have started using advanced materials for manufacturing casts and splints that are more effective. This has also helped in boosting the demand for casting and splinting supplies,” says the lead analyst of TMR report.
Unfavorable Reimbursement Policies Hobble Growth
A factor posing a roadblock to the global market for casting and splinting (supplies and equipment) is the unfavorable reimbursement policies and health insurance covers. “Dearth of government as well as private insurance cover also hobbles opportunities for growth of the market across developing countries of Brazil and India,” adds the lead analyst of the report. However, rampant road accidents and sports related accidents quiet unlikely to see a decline in the foreseeable future will continue generating heavy demand for casting and splinting supplies in Latin America and Asia Pacific.
This review is based on the findings of a TMR report, titled, “Casting and Splinting (Supplies and Equipment) Market (Product Type - Casting Supplies and Equipment (Plaster Casts, Casting Tapes, Cast Cutters, Casting Tools, and Accessories) and Splinting Supplies and Equipment (Fiberglass Splints, Plaster Splints, Splinting Tools, and Accessories) - 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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