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Global Finger Splint Market Size Report, 2021-2028

Finger Splint Market Size, Share & Trends Analysis Report By Material (Metal, Plastic, Neoprene), By Product (Frog, Finger Extension, Thumb Spica), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028

Report ID: MN17620208  |  Published: April 2021  |  No of Pages: 85
Format: Electronic (PDF)  |  Industry: Personal Care Products  |  Publisher: Grand View Research

Report Overview

The global finger splint market size was valued at USD 398.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2021 to 2028. An increasing number of finger injuries caused due to sports and other forms of physical activities have driven the market for finger splints worldwide. Moreover, advancements in arthroplasty and the advent of new technologies to address premature arthritis, long-term residual pain stiffness, and deformity are expected to fuel the market growth over the forecast period. Nowadays, people of different age groups are becoming more aware of their health and are practicing various exercises and sports, which has further resulted in more injuries among older people and adults.

U.S. finger splint market size, by product, 2017 - 2028 (USD Million)

Additionally, it has been observed that sports-related injuries reported are mostly related to hands and fingers. Thus, growing demand for the splint to fix injuries, such as wrist fracture and ligament tear, is expected to drive the market for finger splints over the forecast period.

Other factors such as the increasing number of arthritis cases due to sedentary lifestyles and less exposure to natural sunlight have resulted in the high demand for products, such as finger splints. According to the Centers for Disease Control and Prevention (CDC), in the U.S., around 23% of all adults or more than 54 million people have arthritis. Thus, a growing number of bone-related diseases is expected to drive the market in the coming years.

Leading players in the market are carrying out developments and innovations, which are significantly contributing to the growth of the market. Moreover, they are focusing on enhancing their production capabilities through technology integration concerning production processes and sustainable raw materials. 

Product Insights

The thumb spica splint segment held the largest share of more than 40.0% in 2020 and is expected to exhibit the highest CAGR over the forecast period. A thumb spica splint is typically used to address non-emergency injuries until an orthopedic consultant can examine them. It is also used to temporarily arrest an extremity before surgery or to assist in primary healing.

Frog splint accounted for the second-largest share in 2020 and is projected to grow at a significant rate over the forecast period. The rising prevalence of sports-related injuries, bone infection, and pathologic fractures among geriatric individuals are expected to propel the segment growth over the forecast period.

Material Insights

The plastic segment captured the largest share of more than 35.0% in 2020 and is expected to expand at the highest CAGR over the forecast period. Plastic finger splints are lightweight and help to improve the alignment of the joint. With a plastic finger splint, it is a pain-free splinting procedure, and with a plastic finger splint in place, it is easy to maintain personal hygiene.

Neoprene finger splint held the second-largest share in 2020 and is expected to expand at a significant CAGR over the forecast period. Neoprene splint is sturdy and is used for immobilizing the thumb and wrist. Additionally, neoprene thumb spica splint helps in reducing pain caused by rheumatoid arthritis and osteoarthritis.

Distribution Channel Insights

The offline segment accounted for the largest share of more than 65.0% in 2020 and is projected to expand at a significant CAGR during the forecast period. The growing penetration of supermarkets and convenience stores has bolstered the growth of the offline segment across the globe. Most consumers prefer to pick things by hand. Consumers feel more comfortable choosing their products. Other factors that determine this sales channel are price reductions, shopping experience, and the immediate availability of a wide range of products in a single store.

Global finger splint market share, by distribution channel, 2020 (%)

The online distribution channel is expected to witness the fastest growth over the forecast period. Increasing acceptance of smartphones and broadband connections has increased online retail sales in both developing and developed countries. Additionally, the increasing enthusiasm among generation Z and millennial consumers for digital shopping has fueled the growth of the online distribution channel.

Regional Insights

The Asia Pacific market held the largest share of more than 30.0% in 2020, with China being the major revenue contributor to the regional market growth. The regional market is expected to witness the fastest growth over the forecast period due to increasing disposable income and the presence of a wide base of the target population, coupled with the development of distribution networks by major players in this region. Furthermore, large international firms are setting up retail stores in Asia due to the retail sector's immense potential in China and India and patients' growing purchasing power.

North America accounted for the second-largest share in 2020, with the U.S. occupying a dominant position across the region. The growing awareness among patients and practitioners regarding fracture management products, well-established healthcare infrastructure, and favorable government initiatives are major factors supporting the market growth in North America.

Key Companies & Market Share Insights

The market is characterized by various well-established players and several small and regional players. Several key finger splint manufacturers with large customer bases are contributing to the high competition in the market. These market players are continuously implementing expansion strategies to explore untapped markets, which is anticipated to drive the market. Furthermore, these companies are continuously adopting various inorganic growth strategies, such as mergers &acquisitions and joint ventures, to expand their product portfolio and geographical reach. Some prominent players in the global finger splint market include:

    • Alimed, Inc.
    • Tynor Orthotics Private Limited
    • Zimmer Biomet
    • Bird & Cronin Inc. (Dynatronics Corporation)
    • Corflex
    • DJO Global, Inc. (Colfax Corporation)
    • DeRoyal Industries, Inc.
    • ORFIT INDUSTRIES NV
    • Silver Ring Splint
    • Ortholife Global

Finger Splint Market Report Scope

Report Attribute

Details

The market size value in 2021

USD 418.1 million

The revenue forecast in 2028

USD 616.5 million

Growth Rate

CAGR of 5.6% from 2021 to 2028

The base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Material, product, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; U.K.; Germany; China; Japan; India; Brazil; South Africa

Key companies profiled

Alimed, Inc.; Tynor Orthotics Private Limited; Zimmer Biomet; Bird & Cronin Inc. (Dynatronics Corporation); Corflex; DJO Global, Inc. (Colfax Corporation); DeRoyal Industries, Inc.; ORFIT INDUSTRIES NV; Silver Ring Splint; Ortholife Global

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global finger splint market report on the basis of material, product, distribution channel, and region:

• Material Outlook (Revenue, USD Million, 2017 - 2028)
    • Metal
    • Plastic
    • Neoprene
    • Others

• Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Frog
    • Finger Extension
    • Thumb Spica
    • Others

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
    • Offline
    • Online

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
    • Europe
        • U.K.
        • Germany
    • The Asia Pacific
        • China
        • Japan
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa

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