Casting and innovation. Companies are looking for advanced

Casting and splinting are commonly used orthopaedic techniques, among them, splinting is the preferred method of fracture immobilization for simple fractures whereas casting is the preferred treatment for most of the fractures. Cast and splint promote healing, bone alignment, protect injured joints, reduces pain and compensate for the muscular weakness. Prolonged applications of casts and splints could lead to complications like heat injury, infection, dermatitis, joint stiffness, etc. Standard materials and equipment used for casting and splinting include adhesive tapes, bandage scissors, casting gloves, elastic bandage, padding, plaster, fiberglass, coating material, stockinette, under pads, etc. Fiberglass is a vastly used cast due to less maintenance and lighter weight.

Nowadays, incidences of road accident have been increased, so as the demand for the casting and splinting product. According to NSC (national safety council), 4.6 Million people were affected by road accidents in the year of 2016 in the USA. The demand for the advanced products made of different materials for better treatment and rapid recovery is expected to drive casting and splinting market in coming years. Also, the rise in numbers of the aged population, and their susceptibility to orthopaedic injuries is expected to raise the demand for casting and splinting products.

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 Increased competition, developed techniques, and cost containment has drawn a casting and splinting industry’s attention on creating value products for payers and patients rather than generating revenue by investing in research and innovation. Companies are looking for advanced solutions to provide value with efficiency. According to USA’s International Trade Administration Japan, Canada, and European Union (EU) are the lucrative export market for orthopaedic products, however, have relatively low (3% to 5%) annual growth rates. In order to expand companies need to look at developing countries.

Casting and splinting market are segmented by product type (casts and splints), by region (North America, Europe, Asia Pacific, and Rest of the World). The Asia Pacific is leading the market share due to the densely populated countries like China, India owing more road accidents, sports injuries, and orthopaedic injuries. That allows more usage and production of the cast and splint, and the manufacturing cost is low. The region has huge manufacturing facilities, can produce products in large quantity that can meet global demand. Low manufacturing cost attracting investors to the region.

Main barriers for the industry are the complicated government policies, reimbursement, and regulation for the products that change from one country to the other that create complications for product manufacturers. High tariffs policies hindering the market most.

According to European orthopaedic market report in 2016, revenue and market share of companies who have acquired more than 60% of orthopaedic market the highest market acquired by Depuy Synthes (20%), Zimmer Biomet (16%), Stryker(13%), Medtronic (8%), Smith & Nephew (5%), and others (38%). And their respective revenues Depuy Synthes (US$ 8 Bn), Zimmer Biomet (US$ 6.4 Bn), Stryker (US$ 5.3 Bn), Medtronic (US$ 2.9 Bn), and Smith &Nephew (US$ 2.1 Bn) and the reason behind high share are the strategies they have adopted to gain market include customer-friendly offerings and their presence in the largely populated countries of Asia Pacific.

 

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