Albany, NY, April 28, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Casting and Splinting Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", the global casting and splinting market was valued at USD 1,634.1 million in 2013 and is expected to grow at a CAGR of 5.0% during the forecast period from 2014 to 2020 to reach USD 2,304.9 million in 2020.
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In cases of musculoskeletal injuries, casts and splints are employed to mend the broken bones and repair soft tissues. Casts help in realignment and fusion of broken bones and are also used in some instances after orthopedic surgeries to immobilize joints or bones. Splints, also called as half casts offer more flexibility than casts and are generally used in rehabilitation and accommodating to the nature of injury and/or inflammation. High incidence of accidents, trauma, and age related orthopedic conditions, and the number of suppliers define the market dynamics of the casting and splinting equipment and supplies market.
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Based on product categories, casting supplies and equipment, and splinting supplies and equipment together form the overall market. Casting equipment & supplies emerged as the segment leader in terms of revenue in 2013, attributed to the large demand and widespread common use of the casting equipment. Among the various types of casting supplies and equipment, the casting tapes segment is likely to record the highest growth rate during the period 2014 - 2020. This was attributed to the fact that casting tapes form an integral part of casting process and are presently the most preferred form of casting base compared to the traditional plaster casts. In addition, easy applicability and increased rate of tissue healing through the use of casting tapes has led to the growth of this segment.
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On the other hand, the splinting supplies and equipment market is expected to demonstrate a favorable growth rate during the forecast period. Such growth has been attributed to the rising number of musculoskeletal injury patients in the developed world, and additionally the increased ease of application of splints that makes them preferable over casts. Among splinting supplies and equipment, fiberglass splints segment was observed to be the market leader in 2013 with a market size of approximately 300 million. The quick setting time, lesser heat discharge, added flexibility and increased comfort efficiently caters the demand from modern customers, thus contributing towards the dominance of fiberglass splints market.
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In terms of geographic distribution, Asia Pacific dominated the global casting and splinting (supplies and equipment) market in 2013. The region accounted for a share of over 35% of the global casting and splinting market in the same year. Factors such as large incidence of accidents and trauma along with rising prevalence of osteoporosis and related high risk of skeletal injuries in the emerging nations of Asia Pacific were attributed to the high growth in the region. Asia Pacific was also observed to be the fastest growing market expanding at a CAGR of over 6%. The large geriatric population pool in the region, along with their increasing awareness regarding osteoporosis is expected to boost the casting and splinting market in the region during the forecast period.
The casting and splinting supplies and equipment market is highly fragmented due to the vast presence of small and medium manufacturers, majorly active in the local and domestic markets. The global casting and splinting market, therefore, is characterized by the presence of very few multinational players. 3M Health Care, Stryker Corporation, BSN medical GmbH., Prime Medical, Inc, AliMed, Bird & Cronin, Inc., Corflex, Inc., DJO, LLC, DeRoyal Industries, Inc., Orfit Industries n.v., Össur hf., Patterson Medical Holdings, Inc., Spencer Italia S.r.l., Stryker Corporation, and Zimmer, Inc. Among these, 3M Healthcare, Stryker Corporation, BSN Medical GmBH. and Prime Medical, Inc., exhibit the largest geographical outreach with presence in multiple casting and splinting product categories.
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The global casting and splinting (supplies and equipment) market is segmented as follows:
Global Casting and Splinting Market Revenue, by Equipment and Supplies
Casting Market
- Plaster Casts
- Casting Tapes
- Cast Cutters
- Casting Tools and Accessories (Covers, Padding, Scissors, etc.)
Splinting Market
- Fiberglass Splints
- Plaster Splints
- Other Splints (Polyester, Neoprene, Plastic, Metal, etc.)
- Splinting Tools and Accessories (Covers, Padding, Fasteners, etc.)
Global Casting and Splinting Market Revenue, by Geography
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S.based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.