Orthopedic Splints Industry Overview
The global orthopedic splints market size was valued at USD 1.45 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028.
The rising cases of bone fracture and increasing geriatric population are expected to boost the market growth. Furthermore, a surge in the number of musculoskeletal disorders is also anticipated to boost the market growth. During the COVID-19 pandemic, the demand for orthopedic splints decreased owing to a decline in the number of bone fractures globally. The number of bone fracture cases decreased because of prolonged lockdowns in various countries globally. Market players also experienced a decline in their segment as well as overall revenues.
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For instance, Zimmer Biomet experienced an 8.5% decline in its S.E.T segment and Essity experienced a 9.9% decline in its medical solutions segment. This resulted in a decline in the 2020’s market size. According to National Center for Biotechnology Information, as of 2020, around 1.5 million individuals suffered from a fracture caused due to bone diseases. Also, the rising geriatric population is expected to lead to more such fractures, hence driving the product demand, which fuels the market growth.
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Market Share Insights
- July 2021: Essity acquired ABIGO Medical, a Sweden-based medical solutions company. With this, Essity expanded its geographic presence as well as strengthened its product portfolio.
- November 2020: Stryker acquired Wright Medical, which strengthened its product offerings and position in a high-growth segment of lower extremity biologics.
Key Companies profiled:
Some of the key companies in the global orthopedic splints market include:
- Otto Bock Healthcare
- DeRoyal Industries, Inc.
- Medi GmbH Co. KG
- Zimmer Biomet
- United Medicare
- Sam Medical
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