India Orthopedic Braces And Support Casting And Splints Market Estimated To Witness High Growth Owing To Increasing Incidences of Orthopedic Diseases and Accidents
Orthopedic braces and support, casting and splints are medical devices used externally for protection, support and immobilization of various body parts including knee, ankle, elbow, wrist and spine. The India orthopedic braces and support casting and splint market comprises products like knee braces which provide stability and support to injured or weakened knees, ankle braces to treat ankle injuries like sprains and fractures, elbow braces for injured or weakened elbow joints and wrist braces to treat fractures, sprains and other wrist injuries. These products help reduce pain, control inflammation, speed up recovery and prevent deformities. The growing geriatric population, rising number of road accidents, sports injuries and orthopedic disorders like osteoporosis are fueling the demand for orthopedic braces and support casting and splints in India.
The India orthopedic braces & support, casting & splints market is estimated to be valued at US$ 73.5 million in 2020 and is expected to exhibit a CAGR of 6.8% over the forecast period (2020-2027).
Key Takeaways
Key players operating in the India Orthopedic Braces And Support Casting And Splints market are 3M, BSN medical, Zimmer Biomet Holdings, Inc., DJO, LLC, Össur Corporate, Stryker Corporation, Ottobock Holding GmbH & Co. KG, medi GmbH & Co. KG. Rapid urbanization, rising healthcare infrastructure and increasing disposable incomes are opening newer opportunities for market players. Technological advancements in orthopedic braces like lightweight, custom made braces and development of smart braces are further fueling the market growth.
Market Drivers
Growing elderly population: According to India Orthopedic Braces And Support Casting And Splints Market Demand, the population aged 60 years and older in India is expected to increase significantly from 103 million in 2011 to 323 million by 2050. The risk of orthopedic issues like arthritis increases with age thereby driving the demand.
Road accidents: As per World Bank, India accounts for 11% of the accidental deaths globally. Road accidents commonly cause bone fractures, ligament tears requiring casting, splinting and bracing treatments. This is a major growth driver.
Sports and physical injuries: Rising participation in sports combined with growing incidence of physical injuries at workplace is propelling the demand for orthopedic braces and supports for faster recovery.
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