May 22, 2024
India Orthopedic Braces and Support Casting and Splints Market

India Orthopedic Braces and Support Casting and Splints Market to Witness Growth Supported by Rising Prevalence of Osteoarthritis

The orthopedic braces and support, casting and splints market in India has been witnessing significant growth over the past few years owing to the increasing prevalence of osteoporosis, bone fractures, musculoskeletal diseases and sports injuries in the country. Orthopedic bracing and support products provide immobilization and support to injuries, fractures, and tissues or body parts for better healing. Growing acceptance of minimally invasive procedures and rising healthcare expenditure are also supporting the demand for orthopedic bracing and support products.

The India orthopedic braces and support casting and splints market is estimated to be valued at US$ 103.16 Mn in 2024 and is expected to exhibit a CAGR of 3.2% over the forecast period 2024 to 2030.

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, 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. The market offers significant opportunities such as rising medical tourism and increasing demand for customized orthopedic products in the country. India is also emerging as a manufacturing hub for orthopedic bracing products owing to availability of raw materials, low production cost and growing local demand.

Market drivers

The rising geriatric population in India prone to India Orthopedic Braces And Support Casting And Splints Market Growth disorders and injuries is a major market driver. According to the UN population fund, India had 103 million elderly citizens aged 60 years or more in 2011. This is projected to rise to 323 million by 2050. With age progression, risks of osteoporosis, arthritis, joint disorders increase significantly necessitating the need for orthopedic bracing and casting products. Thus, the growing senior citizen base would continue augmenting demand in the India orthopedic braces and support casting and splints market over the forecast period.

PEST Analysis

Political: The government of India has undertaken various reforms and initiatives such as Ayushman Bharat and National Digital Health Mission to provide universal healthcare and improve access to affordable healthcare. This is expected to boost the adoption of orthopedic braces and support, casting and splints in the country.

Economic: Rising disposable incomes and growth of the middle-class population are factors contributing to the growth of expenditure on healthcare in India. This will drive the demand for orthopedic braces and support, casting and splints from consumers.

Social: Increased incidence of India Orthopedic Braces and Support Casting and Splints Market conditions such as fractures, bone diseases and injuries from road accidents is prompting more people to use orthopedic braces and support, casting and splints for treatment and recovery. Moreover, greater health awareness is leading to higher acceptance of such devices.

Technological: Advancements in materials science have led to the development of lightweight, customized and multifunctional orthopedic braces, casts and splints. 3D printing technology is enabling the rapid production of customized casts and splints based on a patient’s medical scans. In addition, the incorporation of smart sensors in some devices allows remote patient monitoring.

The India orthopedic braces and support, casting and splints market is primarily concentrated in major cities and their surrounding areas across regions such as the western and southern states. These regions have witnessed rapid economic growth and account for a significant share of the country’s private healthcare expenditure.

The northern states in India are expected to be the fastest growing market for orthopedic braces and support, casting and splints during the forecast period. This is attributed to factors such as rising medical tourism, increasing health insurance penetration and improving healthcare infrastructure in cities like Delhi, Lucknow and Chandigarh. The government’s focus on enhancing rural healthcare through various initiatives will further aid market growth in the northern region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it