Transparency Market Research delivers key insights on the global finger splint market. In terms of revenue, the global finger splint market is estimated to expand at a growth rate of ~7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global finger splint market report.
In the report, TMR predicts that the global finger splint market would be largely driven by factors such as increasing incidence of accidental, sports, and adventure related injuries across the world. Moreover, usage of advanced materials to manufacture splints is expected to boost the demand for finger splints in the coming years.
According to the finger splint market research report, in terms of type, the market has been divided into frog splints, finger extension splints, finger cot splints, thumb spica splints, and others.
Based on type, thumb spica splint is expected to remain dominant in the global finger splint market. This is due to rising preference for leisure sports, physical activities/fitness, and aerobics significantly across the globe. In addition, thumb spica splint is mainly used to secure nonemergency injuries to bones until it can be checked by a consultant such as an orthopedic surgeon. Most sports injuries happen on the thumb area, due to which demand for thumb spica splint is very high. The thumb spica splint is indicated in radially-based hand and wrist injuries.
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In terms of material, the global finger splint market has been classified into aluminum, neoprene, plastic & thermoplastic, aluminum/foam, and others. Aluminum/foam held majority share in 2018 and is projected to hold the same position based on revenue generation during the forecast years as well. Aluminum/foam finger splints are sturdy, lightweight, foam-laminated aluminum splints that curve for appropriate immobilization. Plastic & thermoplastic and neoprene is projected to dominate the market in terms of CAGR growth rate as the material is majorly used in thumb spica splint and thumb spica splint is dominating the global market.
Finger Splint Market: Drivers, Opportunities, and Restraints
Large number of global manufacturers who have technical expertise and core competencies are in constant efforts to develop and manufacture splinting products to attract more customers, which is boosting the demand for finger splints across the globe. Moreover, aging population worldwide is a driving force of the finger splint market. Elderly people suffer from a large number of neurodegenerative, cardiovascular, and musculoskeletal disorders. With age, the cartilage becomes susceptible to strain due to less water content, which requires splinting products.
Numerous research initiatives undertaken by various medical equipment manufacturing companies worldwide to develop splinting products which reduce sports causalities, give more comfort, and are lightweight, create new opportunities for finger splint manufacturers. Demand for or acceptance of advanced splinting products such as neoprene, polyester, or metal splints is increasing globally. Hence, companies are taking efforts to introduce advanced technology based splinting products to attract new customers, which is creating new opportunity for the finger splint market globally.
However, lack of private as well as government insurance cover, along with unfavorable reimbursement scenario in several economies such as Brazil and India is likely to restrict the uptake of advanced splinting equipment and supplies, which is anticipated to be the foremost factor limiting market growth.
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Finger Splint Market: Prominent Regions
Asia Pacific was the largest market for finger splints in 2018. Major factors attributed to the large demand for finger splints are high frequency of road accidents and injuries, and ever-growing population in South Asia, India, and China. Apart from accidents, osteoporosis is a major cause of increasing number of fractures among individuals aged 50 years and above. Geriatric population is increasing at a rapid pace in China and Japan.
Europe was the second largest market in 2018, generating around 27% to 34% of the total finger splint revenue globally. The finger splint market grew in response to the increasing awareness about safety of players; the number of tournaments and leagues taking place in this region is increasing which is leading to rising sports injuries. Therefore, demand for finger splints is rising in the region. The IOF estimated that over 61 million individuals above 50 years of age in the U.S. would be affected by low bone mass or osteoporosis by 2024, which is influencing the overall growth of the finger splint market.
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