by The finger splint market consists of products that are designed to immobilize and protect injured fingers or digits after an injury. Finger splints provide support to the injured finger joints and allow natural healing without inhibiting daily activities. They are made of materials like thermoplastics, aluminum, and prefabricated splinting materials that can be custom-molded according to the size and curvature of individual fingers. Growing incidence of finger injuries caused due to sports or other physical activities is driving the demand for finger splints.
The Global Finger Splint Market is estimated to be valued at US$ 285.5 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
Major players in the for Finger Splint Market Sizeare focusing on geographic expansion strategies to strengthen their presence across international markets. Launch of innovative custom finger splint designs combined with increasing awareness about such products is fueling the market growth globally.
Growing demand: Rising incidence of finger fractures, dislocations, and sprains caused due to aggressive sports and outdoor recreational activities has increased the demand. Growing geriatric population also contributes to the market growth as aged individuals are more prone to bone injuries.
Key players operating in the Finger Splint Market Size are 3M, BSN Medical, Patterson Medical, DJO Global, Zimmer Biomet, Stryker, Smith & Nephew, Mueller Sports Medicine, Brownmed, Össur, Mabis Healthcare, Acu-Life (Health Enterprises, Inc.), Alimed, DeRoyal Industries, Orfit Industries, Tynor Orthotics Private Limited, Sam Medical Products.
Market key trends
Development of customized 3D printed finger splints is a key trend witnessed in the market. 3D printing technology enables producing splints tailored exactly to an individual’s finger size and shape for optimized immobilization and comfort. Biodegradable splint materials are also gaining popularity due to their eco-friendly composition. With ongoing R&D focusing on incorporation of advanced materials, the finger splint market is projected to grow steadily during the forecast period.
Porter’s Analysis
Threat of new entrants: Low cost of production and distribution would encourage new players to enter the finger splint market. However, the established players have strong brand image and supply chain which act as a barrier.
Bargaining power of buyers: Buyers have higher bargaining power due to availability of substitutes and undifferentiated products. They can negotiate on price with suppliers.
Bargaining power of suppliers: A few major players dominate the supply side. Hence suppliers have moderate bargaining power.
Threat of new substitutes: Substitute products like bandages, adhesive tapes are used for finger injuries which poses threat to the finger splint market.
Competitive rivalry: The market is occupied by global as well as local players. Players compete on pricing and innovation to gain more market share.
Geographical Regions
North America dominates the global finger splint market in terms of value. According to studies, hand injuries account for over 10% of all trauma center visits in the US. High demand for finger splints stems from increasing sports and adventure activities in the region.
Asia Pacific is expected to be the fastest growing regional market between 2024-2031. Rapidly developing economies in China and India are driving the demand. Rise in hand injuries owing to growing industrialization and changing lifestyle will fuel the market growth in Asia Pacific.
Europe holdssecond largest share of the global finger splint market. Presence of major players and availability of advanced healthcare infrastructure supports the market expansion. Favorable reimbursement policies for finger injuries aid the market growth.
Middle East and Africa, along with South America, offer untapped growth opportunities for finger splint producers. Increasing healthcare spending per capita in these regions will boost the demand. Players can leverage opportunities through collaboration with local distributors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
