Market Trends of Cast Saw Devices Industry
This section covers the major market trends shaping the Cast Saw Devices Market according to our research experts:
Battery Operated Saw Devices are Expected to Hold the Largest Market Share in the Cast Saw Devices Market
Battery-operated saw devices are expected to account for the highest market share due to the rising adoption of these devices by healthcare providers owing to their technological advancements in recent years that offer advantages such as the display of the optimum speed required for the procedure, the activation of the device after applying pressure, a lesser weight compared to other types of devices, along with the wireless operation, which ensures more convenience to the user.
Furthermore, the rise in osteoporotic fractures and accidental fractures helps the battery-operated cast saw devices market segment grow. For instance, according to the International Osteoporosis Foundation's Key Statistics of Europe 2021, the estimated change in the annual number of osteoporotic fractures from 2019 to 2034 will be from 4.28 million fractures in 2019 to 5.34 million fractures in 2034, which is a rise of 24.8%. These fractures need proper management with a cast, which needs to be replaced at regular intervals. Thus, the increase in the prevalence of osteoporotic fractures will drive the demand for battery-operated cast saw devices over the forecast period.
Similarly, the increase in the geriatric population in the future will significantly impact the segment's growth as older people are more prone to accidental falls and have less bone density. For instance, according to WHO research published in October 2021, by the year 2030, one in six people on earth would be 60 years of age or older.
Thus, the aforementioned factors are expected to have a positive impact on the battery-operated cast saw devices segment, which drives the market's growth over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall cast saw devices market throughout the forecast period. The dominance is due to several factors, such as growing sports injuries coupled with the increasing geriatric population with osteoporosis in this region.
For instance, according to the Osteoporosis Canada 2022 update, over 2.3 million Canadians were affected by osteoporosis, out of which 80% of all fractures in people 50 and older are caused by osteoporosis. The United States holds the largest market share due to increased awareness of cast removal devices, rising healthcare expenditures, and the adoption of advanced healthcare infrastructure in the region, which propelled regional market revenue during the forecast period. Furthermore, new techniques in the removal of casts using cast saw devices increase the scope of the market. For instance, as per the study report published by the Journal of POSNA in August 2022, the new technique suggests perforating only the convex side of the cast using superficial partial-thickness scores and a large cast spreader, which lowers the risk of iatrogenic cast-related injuries by 50%. Hence, the implementation of new techniques in the cast removal process increases the scope of the market in the region.
Furthermore, Health Canada reported in April 2022 that over 861,000 people aged 85 and older were reported in 2021. The elderly population could increase to over 2.5 million people during the next 25 years (by 2046). Hence, the growing old age population in North America increases the demand for cast saw devices as old age are more prone to fractures and hence help in the growth of the market.
Thus, given the aforementioned factors, the cast saw devices market is predicted to grow over the forecast period in North America.
