FELTON, Calif., April 19, 2021 /PRNewswire/ -- The global finger splint market size is expected to reach USD 616.5 million by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 5.6% from 2021 to 2028.
What are Key Factors Driving the Finger Splint Market?
The growing elderly population, coupled with the associated incidence of finger fractures and arthritis, is expected to drive the demand for fracture management products, such as finger splints, during the forecast period. Moreover, increasing awareness about different fracture management products and the easy availability of these products across the globe are expected to propel the product demand over the forecast period.
The thumb spica splint segment captured the largest share of more than 40.0% in 2020 and is expected to expand at the highest CAGR over the forecast period. Thumb spica splint manufacturers are focusing on technologically advancing their products to provide quicker and better healing results. Moreover, finger splint is witnessing high demand from hospitals and various orthopedic centers having specialized orthopedic departments.
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Asia Pacific held the largest revenue share of over 30.0% in 2020. Finger splints have a comparatively higher penetration in western countries of Europe and North America as compared to the Asia Pacific region as the product is new to the Asian region, and consumers are getting aware of the benefits of the finger splint. Owing to these factors, Asia Pacific is anticipated to register the highest CAGR during the forecast period. Rising sports-related injuries and bone infections and increasing pathologic fractures among geriatric individuals are expected to drive the market over the forecast period.
Recent developments and innovations carried out by the leading players in the market significantly contribute to the market growth. Companies focus on enhancing their production capabilities through technology integration concerning production processes and sustainable raw materials.
Key Questions Answered in the Report:
Which Region to Hold the Largest Finger Splint Market Share?
Asia Pacific held the largest share of over 30.0% in 2020. China accounted for the largest share of 26.4% in 2020, followed by India and Japan. The growing product demand from countries, such as China and India, due to the growing incidence of fractures and finger-related disorders is expected to drive the market.
Which Region to Account Fastest Growth Rate?
Europe is projected to register a CAGR of 5.5% from 2021 to 2028. Germany accounted for the largest share of 24.3% in 2020 in the European market, followed by the U.K.
Which Segment of the Finger Splint to Hold the Highest Market Share?
The plastic material segment held the largest share of more than 35.0% in 2020 and is expected to expand at the highest CAGR over the forecast period.
Which Segment of the Finger Splint Market to Register Fastest Growth Rate?
The online distribution channel is projected to register the highest growth rate of 6.6% over the forecast period. The growing popularity of such channels as a convenient shopping medium is expected to expand the scope of the segment.
Browse 85 page research report with TOC on "Global Finger Splint Market" at: https://www.millioninsights.com/industry-reports/global-finger-splint-market
Million Insights has segmented the global finger splint market on the basis of material, product, distribution channel, and region:
Finger Splint Material Outlook (Revenue, USD Million, 2017 - 2028)
Finger Splint Product Outlook (Revenue, USD Million, 2017 - 2028)
Finger Splint Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
Finger Splint Regional Outlook (Revenue, USD Million, 2017 - 2028)
List of Key Players of Finger Splint Market
Tynor Orthotics Private Limited
Bird & Cronin Inc. (Dynatronics Corporation)
DJO Global, Inc. (Colfax Corporation)
DeRoyal Industries, Inc.
ORFIT INDUSTRIES NV
Silver Ring Splint
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