Orthopedic Devices - Albania | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Albania is expected to reach US$10.80m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 5.39%, leading to a market volume of US$14.05m by 2029.
In comparison to other countries worldwide, the United States is projected to generate the highest revenue in the market, with a forecasted amount of US$16.02bn in 2024.
Albania's growing demand for orthopedic devices is driven by an aging population and an increasing number of sports-related injuries.

Definition:
The Orthopedic Devices market contains medical equipment and accessories used to treat orthopedic disorders, including joint reconstruction, spinal devices, trauma fixation devices, arthroscopic devices, etc.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Johnson & Johnson, Zimmer Biomet, Stryker, Medtronic. Further information on the key players can be found in the Market Shares boxes.

Joint reconstruction implants
Spinal devices
Trauma fixation devices
Arthroscopy devices

Orthopedic pharmaceuticals
Orthopedic supplements

The Orthopedic Devices market in Albania is experiencing steady growth due to increasing customer preferences for advanced orthopedic solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Orthopedic Devices market in Albania are shifting towards more advanced and innovative products. Patients are increasingly seeking orthopedic devices that offer better functionality, durability, and comfort. This demand is driven by the growing awareness among consumers about the benefits of using high-quality orthopedic devices, as well as the desire to improve their overall quality of life. Additionally, the aging population in Albania is contributing to the increased demand for orthopedic devices, as older individuals are more prone to orthopedic conditions and require specialized treatment. Trends in the Orthopedic Devices market in Albania are aligned with global market trends. One of the key trends is the adoption of minimally invasive surgical procedures for orthopedic treatments. These procedures offer several advantages, including shorter recovery time, reduced risk of complications, and smaller incisions. As a result, there is a growing demand for orthopedic devices that are compatible with minimally invasive techniques. Another trend is the integration of advanced technologies, such as robotics and 3D printing, in the development and manufacturing of orthopedic devices. These technologies enable the production of customized and patient-specific implants, leading to better treatment outcomes. Local special circumstances in Albania play a significant role in the development of the Orthopedic Devices market. The country has a relatively small population compared to other European countries, which limits the market size. However, the increasing healthcare expenditure and government initiatives to improve healthcare infrastructure have created opportunities for market growth. Additionally, Albania has a high prevalence of orthopedic conditions, such as osteoarthritis and fractures, which further drives the demand for orthopedic devices. Underlying macroeconomic factors also contribute to the growth of the Orthopedic Devices market in Albania. The country's economic growth and rising disposable income levels have increased the affordability of orthopedic devices. This has led to a higher adoption rate among patients, as they can now afford advanced orthopedic solutions. Furthermore, the increasing healthcare expenditure by the government has improved access to healthcare services, including orthopedic treatments. This has further fueled the demand for orthopedic devices in the country. In conclusion, the Orthopedic Devices market in Albania is developing due to shifting customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for advanced orthopedic solutions, the adoption of minimally invasive procedures, and the integration of advanced technologies are driving the market growth. Additionally, the high prevalence of orthopedic conditions and the increasing healthcare expenditure in Albania contribute to the expansion of the market.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.