by The orthopedic braces and support casting and splints market in India is growing at a significant rate due to rise in sports and accident related injuries. Orthopedic bracing products provide support and immobilize injuries, fractures and pains in the body. They are available in various materials such as fiberglass, thermoplastics and metal and are used for applications ranging from injury treatment and post-surgery recovery to prevention of musculoskeletal injuries.
The Global 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 major players are focusing on developing innovative lightweight and comfortable orthopedic products.
The demand for orthopedic bracing and support products is growing in India due to rising cases of accidents, sports injuries and osteoporosis. According to WHO, road accidents have increased by more than 50% in India during the period 2000-2016. The number of road accident cases has significantly burdened the Indian healthcare industry.
The orthopedic braces and support casting and splints market players are expanding their business operations in international markets. The major companies have established their production and distribution facilities across various regions in India to cater to the growing demand.
Market Key Trends
The India Orthopedic Braces And Support Casting And Splints Market Demand is witnessing a significant trend towards the development of customized and patient-specific orthopedic products. 3D printing and advanced digital scanning technologies are being utilized to manufacture customized bracing solutions based on the patient’s medical condition and lifestyle. This trend allows developing perfectly fitting products with high comfort levels. It is expected to drive the future growth of the India orthopedic braces and support casting and splints market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low costs for manufacturing plants and distribution channels allow new players to enter the market easily. However, established brands have strong brand recognition and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established brands to choose from. Buyers can negotiate on price and quality requirements.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute raw materials and parts. Established players can source from multiple suppliers.
Threat of new substitutes: Threat is low as established medical devices have regulatory approvals and substitutes require huge investment and time for clinical validation.
Competitive rivalry: Intense as major multinational players compete on quality, brand, innovation and price. Small localized players exist targeting specific regions/applications.
Geographical Regions
North India accounts for approximately 40% of the total India orthopedic braces and support, casting and splints market value majorly due to high incidence of orthopedic disorders, road accidents and favorable reimbursement scenario.
South India is the fastest growing region for India orthopedic braces and support, casting and splints market driven by increasing medical tourism, rising incidence of osteoporosis among elderly population and growing medical device industry. The market is expected to grow at over 5% CAGR during forecast period in southern states.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
