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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, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The India Orthopedic Braces & Support, Casting & Splints Market involves the production and distribution of various orthopedic braces, support devices, casting materials, and splints for the treatment and management of orthopedic conditions. These products are designed to provide support, immobilization, and help in the rehabilitation process for patients suffering from injuries or musculoskeletal disorders. The market includes a wide range of products such as braces for the knee, ankle, wrist, and back, as well as casting materials and splints for fracture management. The increasing prevalence of orthopedic conditions, coupled with the growing geriatric population, is driving the demand for these products in India.
Market Dynamics:
The India Orthopedic Braces & Support, Casting & Splints Market is primarily driven by two key factors. Firstly, the rising incidence of orthopedic conditions, such as fractures, arthritis, and ligament injuries, among the Indian population is fueling the demand for orthopedic braces, support devices, casting materials, and splints. Secondly, the increasing geriatric population in India is contributing to the market growth, as elderly individuals are more prone to orthopedic conditions and require these products for support and rehabilitation. Additionally, advancements in technology and materials used in orthopedic braces and support devices are further expected to drive market growth in the coming years.
Segment Analysis:
The India Orthopedic Braces & Support, Casting & Splints market can be segmented into four major categories – Product Type, Indication, Distribution Channel, and End User.
In terms of Product Type, the market is dominated by Orthopedic Braces & Support, which accounted for the largest market share in 2020. This can be attributed to the rising prevalence of orthopedic conditions and an increasing number of injuries and accidents. Braces and supports provide stability and pain relief, making them highly sought after by patients. Casting & Splints segment is also witnessing significant growth, driven by the increasing adoption of these products in the treatment of fractures and immobilization of limbs.
PEST Analysis:
Political: The Indian government’s initiatives to improve healthcare infrastructure and increase access to medical devices have positively impacted the orthopedic braces and support market. However, regulatory challenges and pricing control measures can pose hurdles for market growth.
Economic: India’s growing population, rising disposable income, and increasing healthcare expenditure are driving the demand for orthopedic braces and support. Additionally, the availability of affordable products and the expansion of healthcare facilities in rural areas are contributing to market growth.
Social: The aging population, sedentary lifestyle, and increasing awareness about the benefits of orthopedic braces and support are fueling market growth. Moreover, the rising incidence of sports injuries and road accidents has further propelled the demand for these products.
Technological: Advancements in technology, such as the development of lightweight and flexible braces, innovative casting materials, and 3D printing, are driving market growth. These innovations provide better comfort and convenience to patients, leading to increased adoption.
Key Takeaways:
The India Orthopedic Braces & Support, Casting & Splints Market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period. This growth can be attributed to the increasing prevalence of orthopedic conditions, sports injuries, and road accidents in the country.
In terms of regional analysis, North India is the fastest-growing and dominating region in the market. This can be attributed to the presence of a large population, higher disposable income, and better healthcare infrastructure in this region. Additionally, the rising number of orthopedic clinics and hospitals in North India contributes to market growth.
Key players operating in the India Orthopedic Braces & Support, Casting & Splints market include 3M, BSN medical, Zimmer Biomet Holdings, Inc., DJO, LLC, Össur Corporate, Stryker Corporation, Ottobock Holding GmbH & Co. KG, medi GmbH & Co. KG, Remington Products Company, Becker Orthopedic, Prime Medical Inc., Tynor Orthotics Pvt Ltd., United Medicare, and Orthosys. These key players are focusing on product innovation, strategic collaborations, and mergers and acquisitions to strengthen their market position.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
