Orthopedic Devices - APAC

APAC

Highlights

The Orthopedic Devices market market in APAC is anticipated to witness a significant rise in revenue, with projections indicating a staggering amount of US$9.12bn by 2024.
This growth is expected to continue steadily, with an estimated annual growth rate (CAGR 2024-2029) of 5.47%.
Consequently, the market volume is predicted to reach US$11.91bn by the year 2029.
When compared globally, the United States is expected to generate the highest revenue in the Orthopedic Devices market market, with an impressive figure of US$16.02bn by 2024.
The demand for orthopedic devices in APAC has been steadily increasing due to the region's aging population and rising prevalence of orthopedic disorders.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Orthopedic Devices market in APAC is experiencing significant growth and development due to several key factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of this market. Customer preferences in the APAC region are driving the demand for orthopedic devices. As the population ages and lifestyles become more sedentary, there is a growing need for orthopedic treatments and devices to address issues such as joint pain, fractures, and musculoskeletal disorders. Additionally, there is an increasing awareness and acceptance of advanced medical technologies, leading to a higher demand for innovative orthopedic devices. Trends in the market further contribute to the growth of the Orthopedic Devices market in APAC. Technological advancements, such as the development of minimally invasive surgical procedures and the introduction of advanced materials, have revolutionized the field of orthopedics. These trends have not only improved patient outcomes but also increased the efficiency and effectiveness of orthopedic treatments, driving the demand for orthopedic devices in the region. Local special circumstances also play a role in the development of the Orthopedic Devices market in APAC. For example, countries like China and India have large populations with a high prevalence of orthopedic conditions. The growing middle class in these countries has increased access to healthcare services, leading to a higher demand for orthopedic devices. Additionally, government initiatives to improve healthcare infrastructure and increase healthcare spending have further fueled the growth of the market. Underlying macroeconomic factors also contribute to the development of the Orthopedic Devices market in APAC. Economic growth in the region has led to an increase in disposable income, allowing individuals to afford orthopedic treatments and devices. Furthermore, favorable government policies and regulations, such as the implementation of universal healthcare coverage, have made healthcare services more accessible to the population, driving the demand for orthopedic devices. In conclusion, the Orthopedic Devices market in APAC is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for orthopedic devices in the region is driven by factors such as the aging population, technological advancements, improved access to healthcare services, and favorable government policies. As the market continues to evolve, it presents significant opportunities for companies operating in the orthopedic devices industry.

Methodology

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.

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Medical technology industry - statistics & facts

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.