Orthopedic braces and support, casting and splints are devices used for immobilization, support, correction and compression of the limbs and spine. These are extensively used in orthopedic conditions related to fractures, sprains, dislocation, injuries and other conditions. The growing prevalence of orthopedic conditions associated with trauma injuries, sports injuries and age-related degenerative conditions is boosting the demand for orthopedic braces and casts in India. The elderly population over 65 years old in India is projected to increase from 124 million in 2020 to 319 million by 2050, thus propelling the growth of the market.
India Orthopedic Braces And Support Casting And Splints Market Is Estimated To Be Valued At US$ 73.5 Mn In 2024 And Is Expected To Exhibit A CAGR Of 6.8% Over The Forecast Period 2024 To 2031
The rising geriatric population, increasing incidents of road accidents and sports injuries are major factors driving the growth of the market in India. Additionally, development of novel orthopedic products with advanced features and rise in medical tourism are further propelling the demand for orthopedic bracing and casting products in India.
Key Takeaways
Key players operating in the India Orthopedic Braces And Support Casting And Splints are 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. Major players are focused on R&D investments to launch innovative orthopedic bracing and casting products.
The key opportunities in the India Orthopedic Braces And Support Casting And Splints Market Growht include rising healthcare infrastructure and expenditure along with private and public insurance coverage. Moreover, expanding product lines to include custom-made orthopedic devices and smart braces through digital technologies will further provide growth opportunities to key players.
Globally, the key players are focused on expanding their presence in Asian markets including India through strategic collaborations and acquisitions. Moreover, development of cost-effective orthopedic solutions suitable for price-sensitive markets will further aid international players to penetrate the large Indian orthopedic market.
Market drivers
- Rising prevalence of musculoskeletal disorders due to increasing elderly population is a major market driver. As per the World Health Organization (WHO), musculoskeletal conditions account for ~25% of disability in India.
- Increasing incidence of sports injuries and road accidents requiring orthopedic treatment is another key growth driver for the market. As per the Ministry of Road Transport & Highways, Indiareported over 470,000 road accidents in 2021 resulting in 150,000 fatalities.
Market restrain
- Availability of low-cost alternatives and medical tourism impact the growth of domestic orthopedic market. Many patients travel to other Asian countries for affordable joint replacement and complex fracture treatments.
Segment Analysis
The India Orthopedic Braces And Support Casting And Splints Market Size and Trends is segmented into braces and support, and casting and splints. Among these, braces and support segment holds the highest market share due to rising incidences of osteoarthritis, increase in aging population, and number of road accidents and sports injuries. Knee braces sub-segment dominates the braces and support segment as knee injuries are most common due to accidents and old age bone issues.
Global Analysis
Geographically, the market is segmented into North, East, West, and South regions. South region dominates the India orthopedic braces and support, casting and splints market owing to increasing healthcare infrastructure and government initiatives in this region. Tamil Nadu and Karnataka are the fastest growing markets under south region due to improving public awareness, presence of major manufacturers, and favorable reimbursement scenario in these states. The western region holds second position in terms of revenue share due to rising healthcare expenditure and development of joint replacement surgeries.
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