Orthopedic Splints Market: Overview
The orthopedic splints market has been estimated to grow at a noteworthy speed in the years to come. Market growth is possible with the increasing rate of geriatric people across the globe. These people are prone to different health disorders or diseases due to their weaker immune systems. This factor further leads to increased requirements for the products from the market in the years to come.
In recent years there has been a significant increase in the cases of bone fracture. Along with this, the rising count of musculoskeletal disorders has been predicted to bolster the growth avenues in the market in the forthcoming years.
During the COVID-19 pandemic, the orthopedic splints market has experienced a noteworthy decrease in the sales avenues. This decline in the count of bone fractures is on the back of prolonged lockdowns in different countries around the world. These factors have created a noticeable decline in the market revenue.
Orthopedic Splints Market: Key Trends
The orthopedic splints market has been bifurcated into the upper extremity and lower extremity segments on the basis of application. Between these two verticals, the lower extremity segment has been estimated to hold the maximum share in the market revenue. Market dominance has been possible with the easy availability of the devices in the market. In addition to this, the rising prevalence of hip and knee fractures is also contributing to the market growth. This segment has been further divided into ankle & foot, knee, and hip verticals.
The upper extremity vertical from the market has also been estimated to experience noticeable growth avenues in the forthcoming years. The market growth has been possible with the growing technological advancements related to the segment. Along with this, growing incidences of neck and shoulder injuries are also contributing to the segment growth in the market. Owing to these factors, the orthopedic splints market has been expected to grow at a noticeable speed in the years to come.
Orthopedic Splints Market: Competitive Dynamics and Key Developments
The nature of the orthopedic splints market has been highly fragmented and competitive. The key players operating in the market have been applying innumerable strategies in the industry to generate growth prospects in the years to come. Among these growth opportunities, expansion of the distribution network, portfolio diversion, product development and launches, expansion of company footprints through partnership and subsidiaries, mergers and acquisition, and R & D activities are prominently used by market players.
For instance, Stryker has acquired Wright Medical in November 2020. This acquisition has strengthened the company’s position and the product offerings services.
The key players in the orthopedic splints market are:
Orthopedic Splints Market: Regional Assessment
The orthopedic splints market has been bifurcated into Europe, North America, the Middle East & Africa, Asia Pacific, and South America on the basis of geographical locations. The North America region among these geographical areas has been projected to hold a significant position in the market revenue. The market position of this region in the global market has been attributed to the increasing geriatric population, orthopedic diseases, and obesity. Along with these factors, the rising count of people suffering from arthritis is also estimated to contribute to the market growth in the forthcoming years.
The Asia Pacific region is also predicted to hold a noteworthy position in the orthopedic splints market on the back of a rapidly growing geriatric population that are prone to different diseases or disorders due to their weaker immune system. Along with this, an increasing rate of technological advancements is also predicted to fuel expansion avenues in the regional market.
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