As per a new report published by Fact.MR, the global finger splint market is anticipated to surpass a US$ 300 Mn valuation in 2021, and expand at a CAGR of over 7% over the next ten years.
Demand for finger splints is likely to experience promising growth on the back of rising occurrence of accidental, sports, and adventure-associated wounds across the world. Also, utilization of cutting-edge materials to make splints is expected to bolster the sales prospects of manufacturers over the coming years.
Based on type, thumb spica splints are expected to be most sought-after. This is due to rising preference for leisure sports, physical activities/fitness, and aerobics across the globe. Aluminum/foam finger splints held a majority share of the market in 2019, and the trend is expected to continue in future as well.
Key Takeaways from Market Study
- The finger splint market is anticipated to add 2X value by 2031.
- Thumb spica finger splints hold a major chunk, equivalent to three-fourth of the global market share, and are set to create an absolute $ opportunity of around US$ 200 Mn over 2021-2031.
- Among the materials, aluminium finger splints have been the fastest-growing segment owing to their sturdy and lightweight nature.
- Plastic & thermoplastic and neoprene are projected to dominate the market in terms of CAGR, as these materials are majorly used in thumb spica splints, which are dominating the global market.
- Due to the COVID-19 crisis, demand for finger splints was hit in 2020, which saw a decline of 2.6% over the 2nd and 3rd quarters of 2020.
Key players manufacturing finger splints are Alimed, Inc., Tynor Orthotics Private Limited, Zimmer Biomet, Bird & Cronin Inc. (Dynatronics Corporation), Corflex, Inc., DJO Global, Inc. (Colfax Corporation), DeRoyal Industries, Inc., ORFIT INDUSTRIES NV, Silver Ring Splint, and Ortholife Global.
These players are expected to come up with technical expertise and product launches that show faster curing results. The market structure is somewhat fragmented, and the degree of fragmentation is expected to rise over the forecast period.