by The finger splint market has witnessed significant growth over the past few years owing to the increasing incidence of finger injuries resulting from sports activities and accidents at the workplace. Finger splints are devices used for immobilizing injured fingers and supporting their healing. They help prevent further damage and provide relief from pain. Rising participation in sports and physical activities has augmented the risk of finger sprains, fractures, and dislocations, thereby driving the demand for finger splints.
The Global Finger Splint Market is estimated to be valued at US$ 285.5 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
The rising number of sports injuries and work-related accidents are some of the key drivers of the global developing Finger Splint Market Size. According to statistics, sports injuries account for over 30 million injuries per year in the U.S. alone. The high risk of finger injuries in contact sports such as basketball, volleyball, baseball, and football is expected to uphold the demand for finger splints. Growing industrialization and automation have also contributed to a gradual rise in the incidence of hand and finger injuries at the workplace. This is anticipated to propel the finger splint market during the forecast period.
The key opportunities in the market include expanding availability through online channels and specifically designed for various kinds of injuries. Technological advancements include the development of finger splints with lightweight and breathable materials for higher comfort and compliance.
Key players operating in the Finger Splint Market Size are 3M, BSN Medical, Patterson Medical, DJO Global, Zimmer Biomet, Stryker, Smith & Nephew, Mueller Sports Medicine, Brownmed, Össur, Mabis Healthcare, Acu-Life (Health Enterprises, Inc.), Alimed, DeRoyal Industries, Orfit Industries, Tynor Orthotics Private Limited, Sam Medical Products.
Current challenges in the Finger Splint Market
The finger splint market is facing numerous challenges currently. The Covid-19 pandemic has negatively impacted the medical device industry including finger splints. Supply chain disruptions due constraints imposed during lockdowns have affected production and distribution of finger splints. Limited access to hospitals and clinics during the peak of pandemic reduced consumption of finger splints. Rising prices of raw materials like plastics, metals are putting pressure on profit margins of finger splint manufacturers. Different types of finger injuries require customized splints which increases production complexity and cost. Lack of awareness among patients regarding benefits of finger splints restrict their adoption rates.
SWOT Analysis
Strength: Portable and easy to use finger splints allow patients mobility and comfort during recovery. Various materials and designs cater to different injury types and severities.
Weakness: Customization needs increases costs. Low consumption in developing nations due to limited affordability and awareness.
Opportunity: Growing digitized economy and smartphone usage has increased risks of finger injuries, boosting demand. Remote monitoring options can improve treatment compliance.
Threats: Threat from alternative treatment options like braces, bandages and therapies. Regulatory changes regarding medical device approvals.
The North America region accounts for the largest share of the global finger splint market in terms value. This is attributed to the advanced healthcare infrastructure and higher preference for finger splints over alternative treatments in the region. Asia Pacific is poised to be the fastest growing market for finger splints during the forecast period due growing middle class population, increasing healthcare spending and rapid digitization. China, India are major emerging markets that will drive future growth in the APAC finger splint market. Western Europe is another prominent regional market as presence of major players and favourable reimbursement policies support wider adoption of finger splints.
Hospitals and pharmacies account for around 60% share of total sales of finger splints globally due to bulk purchasing abilities and proximity to target customers. Online channels are emerging as an important sales outlet, enabling easy access and convenience especially during pandemic times. The home healthcare segment is witnessing steady growth on back increased preference for self-care and lower costs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
