by The India orthopedic braces and support casting and splints market manufactures a wide range of orthopedic products that provide immobilization, pain relief, support, and protection for injuries or orthopedic conditions that affect the muscles and bones. Some key products in this market include knee braces and supports, back, hip, and spine supports, shoulder braces and supports, ankle and foot braces, elbow and wrist braces, neck braces, and hand splints and casts. These products are used extensively across hospitals, orthopedic clinics, retail pharmacies, and e-commerce websites for treating bone fractures, muscle strains, tendon or ligament injuries, arthritis, and other conditions relating to joints and muscles. The rapid growth of the Indian population aged 65 years and older who are more susceptible to orthopedic issues is expected to be a major driver for demand of orthopedic braces and support products in the country.
The global India orthopedic braces and support casting and splints market is estimated to be valued at US$ 89.54 million in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Geriatric Population- As mentioned earlier, one of the key opportunities for growth in the India orthopedic braces and support casting and splints market is the rising geriatric population who are more prone to fractures, arthritis, and other orthopedic conditions. According to World Health Organization estimates, the population aged 65 years and older in India is expected to double to over 300 million by 2050. This rapid growth of the elderly population base suffering from mobility issues will drive significant demand for orthopedic braces and support devices in the country over the coming years.
Growing Prevalence of Accidents and Sports Injuries- Road accidents, work injuries and increase in participation in sports activities are leading to higher prevalence of fractures, dislocations and ligament/tendon tears in India. As per government estimates, around 150,000 people die each year in India due to road accidents alone. This rising incidence of injuries will augment the need for effective immobilization, pain management and recovery solutions like orthopedic braces, casts and splints manufactured by companies operating in this market.
Segment Analysis
The India orthopedic braces and support, casting and splints market is dominated by the knee braces and support sub-segment. Knee issues like ligament injuries, pain in the knee joints are very common in India due to obesity, lack of physical activity, and sports injuries. This has created a high demand for knee braces and supports which helps in stability, alignment and proper healing of knee joints.
PEST Analysis
Political: The government has launched various healthcare programs like Ayushman Bharat which aims to provide medical insurance cover to over 100 million poor and vulnerable families. This will boost the orthopedic support devices market.
Economic: Rising disposable incomes, growing health awareness and expansion of private insurance coverage is positively impacting the market growth.
Social: Growing geriatric population vulnerable to orthopedic issues along with increasing risk of lifestyle disease is driving the need for orthopedic support devices.
Technological: Companies are investing in advanced lightweight, customizable and dynamic braces & casts using new materials for better comfort, fit and faster healing.
Key Takeaways
Global India Orthopedic Braces And Support Casting And Splints Market Size is expected to witness a CAGR of 3.2% till 2030 due to growing medical infrastructure, investments by foreign players and rising disease burden. The global India orthopedic braces and support casting and splints market is estimated to be valued at US$ 89.54 million in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030.
The western region currently dominates the market due to presence of leading cities like Mumbai and Pune with advanced healthcare facilities catering to their needs. The northern region is expected to be the fastest growing market for orthopedic braces and support casting and splints devices in India supported by states like Delhi and Uttar Pradesh that has witnessed rapid infrastructural growth and increasing medical tourism. The increasing incidences of trauma injuries especially in construction and mining sector coupled with growing health awareness is driving the growth of these devices in the Northern region of India.
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. 3M captures a major share owing to its diversified product portfolio and widespread distribution network across the country.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
