Asia specific (APAC) Cast and Splints Market 2021, Size, CAGR Value, Growth Rate, Latest Trends, Future Demand, Business Investment Plans, SWOT Analysis, Forecast to 2030

In a recent published report, Kenneth Research has updated the market report for Asia specific (APAC) Cast and Splints Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Asia specific (APAC) Cast and Splints Market products.

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Kenneth Research has recently added a report titled Asia specific (APAC) Cast and Splints Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2025. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

Kenneth Research recently added a report on ‘Asia specific (APAC) Cast and Splints Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Asia specific (APAC) Cast and Splints Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 2025. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.

APAC Cast and Splints Market: Introduction
Casting refers to bone setting equipment commonly used for fractures having low complications. Casting are generally used for closed fractures, non-displaced fractures or often used when the fracture have been reduced. Splints are used during soft tissue injuries such as sprain, tendonitis, and joint dislocation or during complex bone fractures. Splints are generally used for open and displaced fractures or during surgery where large amount of swelling occurs.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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Market Dynamics

Growing incidence of pathological fractures such as osteogenesis imperfect and osteoporosis, stands to be driving the demand for casts and splints market in this region. For instance, osteoporosis, considered to be one of the most common cause of pathological fracture is on a rise in countries such as China and India.

For instance, according to International Osteoporosis Foundation, it was estimated that over 50 million people were found to be either osteoporotic or have low bone mass in India. Other than this, rising bone cancer cases in this part of the region is further expected to drive the market growth.

Products Insights

In terms of materials, plaster casts are expected to be one of the major markets owing to its wide availability and low cost. However, fiberglass casts are expected to witness higher growth rate during the forecast period due to the factors such as being breathable, lightweight and offer higher durability.

The splints segment is anticipated to have significant growth over the projected period owing to its easy manufacturing, and ease to use. Furthermore, they can be easily loosened or tightened according to the need.

These splints are widely available in different shapes and sizes. It can also be customized according to the patient’s need. However, it provides lesser support than cast thereby known as half cast. Thus, owing to which the demand for splints is lower than casts.

Regional Insights

Casting and splinting in APAC is expected to offer lucrative growth opportunity during the forecast period owing to rising incidences of pathological and traumatic fractures. Additionally, development of bone injuries due to ageing and rising obesity among the populous leading to decrease in bone density and resulting in fracture of bones is further driving the demand for casts and splints market over the forecast period.

As per Association for Safe International Road Travel, approximately 1.17 million out of 1.3 million road accidents occur in Asia and Africa region. Furthermore, Asia is perceived to have approximately 50% of osteoporotic population of the world’s population by the end of 2050, as per International Osteoporotic Foundation. Additionally, there are wide number of unreported cases of accidents.

Low intake of calcium by the people in Asia is expected to contribute significant revenue growth in the global market. Numerous companies in this region provide quality casts and splints which includes Utanco India, Tynor, Darco Medical India, Shaanxi Ansen Medical technology Development Co., Ltd., Beijing Jinwei Kangda medical Instrument Ltd., Shandong Zhushitang Medical devices Co., Ltd., Qingdo carong Import & Export Co., Ltd., Suzhou Sunmed Co., Ltd. Jining kanglida Medical technology Co., Ltd Jinan reloga medical Equipment Co., Ltd, and several others.

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Competitive Landscape

Focus on R&D is further expected to create new growth opportunities in this market. For instance, the Woodcast, a mouldable material made from sustainable wood chips and biodegradable plastic manufactured by Onbone Oy is under trail in New Zealand. Some of the key leading players in the market include 3M Company, Stryker Corporation, BSN Medical GMBH, Ossur H.F., and Prime Medical.

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