(MENAFN- globenewswire - nasdaq) rockville, june 26, 2023 (globe newswire) -- as per fact.mr, a provider of market research and competitive intelligence, the global finger splint market is expected to reach us$ 655.7 million by the end of 2033, expanding at a healthy cagr of 6.3% over the next ten years.
finger splints are applied to the dorsal side of the finger from the fingertip to the wrist dorsum, and are commonly made using foam and aluminum. demand for finger splints has risen due to the growing prevalence of finger injuries resulting from sports participation and increased workplace hazards.
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the global market is being propelled by technological advancements; the ability to cater to various types and severities of injuries such as fractures, sprains, and dislocations in both children and adults, offering predictable treatment durations; and the increasing preference of patients for casts and splints.
to aid patients in recovering from accidents and surgeries, there has been an increase in the use of increasingly sophisticated and specialized orthopedic equipment, such as specially constructed braces and splints. additionally, there has been a surge in less invasive operations such as arthroscopy, which may frequently be carried out with splints as opposed to casts.
key takeaways from market study
the global finger splint market is valued at us$ 355.94 million in 2023. worldwide demand for finger splints is projected to rise at a cagr of 6.3% from 2023 to 2033. the market is estimated to touch us$ 655.70 million by the end of 2033. sales of finger splints in the united states are projected to increase at 5.7% cagr through 2033. india's finger splint market is forecasted to expand at a cagr of 6.7% during the forecast period.
“ substantial risk of finger injuries in professions such as manufacturing, athletics, and construction has significantly contributed to the expansion of the finger splint market ,” says a fact.mr analyst.
market competition
several well-established businesses are contending for market share in the fiercely competitive finger splint market. to increase their market share, major market players concentrate on product development, alliances, and mergers & acquisitions. to introduce cutting-edge finger splints, they also spend on research and development projects.
players in the market are exploring untapped markets to increase their profit margins and meet the rising demand for finger splints. the launch of sophisticated finger splints with improved characteristics could result from continued research and development activities and technological advancements in 3d printed splints, opening up new business prospects.
in february 2022, merit3d, a rural utah company, introduced 3d-printed cast capabilities to the western united states. patients now have the option to wear a lightweight and breathable cast that is custom-made to match the contours of their arm within a day or two. this innovation is made possible by advancements in scanning technology for tablets and smartphones, enabling doctors and nurses to conveniently carry the scanning equipment in their pockets.
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competitive landscape
the competitive landscape of the finger splint market is influenced by several factors, including the presence of key players, product innovation, distribution networks, pricing strategies, and customer relationships. the market features a mix of established companies, niche players, and emerging startups.
product innovation plays a significant role in the competitive landscape of the market. companies strive to develop advanced splint designs that offer better comfort, ease of use, and improved patient outcomes with ergonomic designs, adjustable features, and enhanced breathability.
in january 2022, dassiet launched ucast, a product line specifically designed for hospitals and healthcare facilities. ucast aims to expedite and enhance fracture treatment while prioritizing the safety of both patients and nursing staff. notably, ucast splints are constructed using non-toxic and non-allergenic materials, eliminating the need for medical teams to wear protective gear during the casting process. promoteq and dassiet worked together in october 2021 to make an emergency splint readily accessible to end users and professional clients worldwide.
key segments of finger splint industry research
by type: frog finger splints finger extension splints finger cot splints thumb spica splints
by material: aluminum neoprene plastic and thermoplastic foam
by price: under us$ 10 us$ 10 to us$ 50 above us$ 50
by distribution channel: offline sales medical stores sports stores hypermarkets
online sales e-commerce websites company-owned websites
by region : north america latin america europe asia pacific middle east & africa
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more valuable insights on offer
fact.mr, in its new offering, presents an unbiased analysis of the global finger splint market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
the study divulges essential insights into the market based on type (frog finger splints, finger extension splints, finger cot splints, thumb spica splints), material (aluminum, neoprene, plastic & thermoplastic, foam), price (under us$ 10, us$ 10 to us$ 50, above us$ 50), and distribution channel (offline sales [medical stores, sports stores, hypermarkets], online sales [e-commerce websites, company-owned websites]), across five major regions of the world (north america, europe, asia pacific, latin america, and the middle east & africa).
how finger splints report caters businesses in various industries ?
fact.mr aims to offer thorough analyses of the potential across many geographies and technological fields. the study also provides a clear, data-driven understanding of the growth potential for finger splints and all of its segments. the study can have an impact by providing evidence-based viewpoints on some of the following,
for instance:
attractiveness quotient of emerging product/technology types in various products in the finger splints. micro-economics factors that may hamper the prospects of some of the key segments. recent spate of research and development (r&d) funding on key finger splints. new business models paving way for disruptions in demand dynamic of key segments. assessing the impact of changing regulatory dynamics in the regions in which companies are keen on expanding their footprints
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