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India Orthopedic Braces And Support Casting And Splints Market Poised to Grow Substantially Owing to Increasing Geriatric Population

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Gauri Cmi
India Orthopedic Braces And Support Casting And Splints Market Poised to Grow Substantially Owing to Increasing Geriatric Population


The orthopedic braces and support, casting & splints market in India is witnessing high demand due increasing incidences of orthopedic conditions and road accidents. Orthopedic braces and supports are used to improve mobility and provide relief from pain in conditions such as gout, spinal injuries, strains, fractures and other orthopedic conditions. Casting and splints are used for immobilization of injured body parts such as fractures, broken bones and strained muscles. The growing geriatric population in India is more prone to orthopedic conditions like osteoporosis, arthritis, fractures which is expected to drive the demand for orthopedic braces, supports casting & splints.

The global India Orthopedic Braces And Support Casting And Splints Market is estimated to be valued at US$ 89.54 Mn 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 Opportunity:

The increasing geriatric population in India provides significant growth opportunities for the orthopedic braces and supports casting & splints market. As per United Nations Population Fund report, the number of geriatric population in India is projected to increase from 138 million in 2020 to 323 million in 2050. The elderly population above 60 years of age is more susceptible to bone fractures, arthritis, joint issues due to age-related degeneration of bones and joints. This large pool of geriatric population generates high demand for orthopedic braces, supports, casts and splints for immobilization and pain management of various orthopedic conditions. Moreover, the rising awareness about benefits of orthopedic support devices is also encouraging their adoption. Introduction of technologically advanced orthopedic products with added comfort features and affordable pricing by key players is anticipated to further boost the market growth over the forecast period.

Porter's Analysis

Threat of new entrants: The Indian orthopedic braces and support casting and splints market is fragmented with presence of both global and domestic players. Capital requirements for market entry are moderate and with availability of low-cost labor and raw materials, threat of new entrants is moderate.

Bargaining power of buyers: Buyers in the Indian orthopedic braces and support casting and splints market include hospitals, orthopedic clinics and patients. With availability of many alternatives and increasing awareness, bargaining power of buyers is high.

Bargaining power of suppliers: The market has high fragmentation on supply side with numerous global and local suppliers for raw materials. Hence bargaining power of suppliers is moderate.

Threat of new substitutes: Threat of substitutes is low as braces and casting are preferred treatment options for orthopedic injuries and have no close substitute.

Competitive rivalry: The market is highly competitive with major players focusing on new product launches and expansion to strengthen market hold. Intense competition keeps pricing pressure high.

SWOT Analysis

Strengths: Strong brand presence of major global players, Availability of customized medical devices, Growing aging population driving demand

Weaknesses: High cost of orthopedic devices, Lack of awareness in rural areas

Opportunities: Rising healthcare spending, Growth in medical tourism, Untapped rural markets

Threats: Price wars among players, Implications of stringent regulations, Threat from alternative traditional treatment methods

Key Takeaways

Global India Orthopedic Braces And Support Casting And Splints Market Size is expected to witness high growth supported by rising incidence of orthopedic diseases and injuries in the country. The global India Orthopedic Braces And Support Casting And Splints Market is estimated to be valued at US$ 89.54 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030.

North India currently dominates the market due to concentration of healthcare facilities however South India is emerging strongly with rising medical tourism. Western region has traditionally dominated the Indian market led by states of Maharashtra and Gujarat having concentration of major private hospitals and medical facilities. North region is another major market with availability of low cost multispecialty healthcare facilities attracting patients from neighboring regions. Eastern region provides growth opportunities for players with states of West Bengal and Odisha having developments in healthcare sector.

Key players operating in the India Orthopedic Braces And Support Casting And Splints Market include 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. Southern region is witnessing fastest growth led by states of Karnataka and Tamil Nadu with rising medical tourism and availability of advanced treatment facilities attracting patients from within and outside the country.

 

Get More Insights On This Topic: https://www.ukwebwire.com/orthopedic-braces-and-support-casting-and-splints-market/


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