Market Trends of Global Orthopedic Splints Industry
This section covers the major market trends shaping the Orthopedic Splints Market according to our research experts:
Spinal Segment is Expected to Witness Growth Over the Forecast Period
A spinal splint is a rigid or flexible device that maintains in position a displaced or movable part. An increase in the number of patients suffering from spinal cord injury (SCI) is likely to be the key factor contributing to the growth of the segment. According to the National Library of Medicine data updated for spinal cord injuries in August 2021, motor vehicle collisions account for 38% of new SCI each year, 30% of SCI are due to falls, 13% are due to violence, 9% from sports injuries, and 5% from medical and surgical etiologies in the United States. Additionally, as per the source mentioned above, there are approximately 17,000 new cases of SCI each year, and roughly 282,000 people are estimated to be living with SCI in the United States. Hence, the high burden of SCI in countries across the globe is anticipated to drive the demand for the use and availability of orthopedic splints. Therefore, it is poised to drive segment growth.
Moreover, the use of splinting is increasing for patients with SCI worldwide. According to the article published by Flint Rehab, in August 2022, for patients with SCI and who have trouble using their hands, splinting can be useful. The hands may weaken or even become paralyzed following a severe injury, such as cervical spinal cord damage. If not controlled, other problems may arise. Fortunately, hand splints for spinal cord damage can support functional hand positions and prevent deformity. Thus, these risks of SCI are creating demand for splints used by patients. Therefore, expected to fuel the segment growth.
Therefore, due to the above-mentioned factors, the spinal segment is expected to have a significant market share over the forecast period.
North America is Expected to Witness a Significant Growth in the Market Over the Forecast Period
North America is one of the major contributors to the studied market, owing to increasing cases of injuries, and growing geriatric populations prone to fractures and MSDs in the region. Factors such as increasing back pain and a rising number of spinal surgeries are major contributors to the studied market in the country. According to the article published by the Ohio State University, data updated for Arm Injury Statistics 2021, 6 million people in the United States witness a broken bone each year. Additionally, as per the source above, among people of age 75 or more, hip fractures become the most common and account for 16% of all musculoskeletal injuries in the United States annually.
In addition, as per the article published by the Journal of Craniovertebral Junction & Spine, in March 2022, atlas fractures are often associated with injuries to the head and spine and occur mostly in the elderly population. As per the source above, these types of fractures are increasing in the United States, especially among the population aged 65 years or more. The study mentioned above also mentioned that the annual incidence rate of atlas fracture was more than 157 per million among the population aged 85 years or more in the United States. Thus, various medical professionals use splints to correct and restore anatomic length, rotation, and angulation of a patient-specific injury. Thus, the United States, in particular, holds the significant share among the other countries in the region. This is further expected to contribute to the market growth in the region.
Moreover, development activities such as product launches, acquisitions, and mergers among other activities are driving the overall, market growth. For instance, in June 2021, alumni of Touro School of Health Sciences occupational therapy launched a new company called Hook Splint with a focus to re-develop relative motion orthosis (RMO), which is a splint that places one finger relatively extended or flexed compared to the adjacent fingers and is used for the treatment of a variety of hand conditions. Such developments are anticipated to contribute to the market growth over the forecast period.
Therefore, owing to the aforesaid factors, North America is expected to grow over the forecast period.
