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Orthopedic Devices - ASEAN

ASEAN

The Orthopedic Devices market market in the Association of Southeast Asian Nations (in Association of Southeast Asian Nations (ASEAN)) is forecasted to achieve a revenue of US$1.05bn by the year 2024.
It is projected that the market will experience an annual growth rate (CAGR 2024-2029) of 6.67%, leading to a market volume of US$1.45bn by 2029.
When compared on a global scale, the United States is expected to generate the highest revenue, with an estimated US$16,020.00m in 2024.
In Thailand, the demand for orthopedic devices is on the rise due to the increasing prevalence of sports injuries and an aging population.

Key regions: France, Netherlands, Europe, Germany, Japan

Market

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Region comparison

Currency

Analyst Opinion

The Orthopedic Devices market in ASEAN is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the ASEAN region have shown a growing preference for orthopedic devices due to the increasing prevalence of orthopedic conditions and the rising aging population. The demand for orthopedic devices is driven by the need for effective treatment options for musculoskeletal disorders such as osteoarthritis, fractures, and spinal deformities. Additionally, customers in the region are increasingly seeking technologically advanced and minimally invasive orthopedic devices that offer better outcomes and faster recovery times.

Trends in the market: One of the key trends in the ASEAN orthopedic devices market is the adoption of innovative technologies such as 3D printing, robotics, and artificial intelligence. These technologies have revolutionized the design and production of orthopedic devices, allowing for greater customization and improved patient outcomes. Furthermore, the market is witnessing a shift towards outpatient surgeries and minimally invasive procedures, which require specialized orthopedic devices that are less invasive and offer faster recovery times.

Local special circumstances: The ASEAN region is characterized by a diverse healthcare landscape, with varying levels of healthcare infrastructure and access to medical services across different countries. While some countries in the region have well-developed healthcare systems and advanced medical facilities, others face challenges in terms of healthcare infrastructure and access to specialized orthopedic care. This has led to a disparity in the adoption of orthopedic devices across the region, with some countries witnessing faster growth and development compared to others.

Underlying macroeconomic factors: The growth of the orthopedic devices market in ASEAN is also influenced by underlying macroeconomic factors such as population growth, urbanization, and economic development. The increasing aging population in the region, coupled with rising disposable incomes and improved healthcare infrastructure, has contributed to the growing demand for orthopedic devices. Additionally, the region's economic growth and rising middle-class population have led to increased healthcare spending and improved access to medical services, further fueling the demand for orthopedic devices. In conclusion, the Orthopedic Devices market in ASEAN is witnessing significant growth and development driven by customer preferences for technologically advanced and minimally invasive orthopedic devices. The adoption of innovative technologies, such as 3D printing and robotics, is reshaping the market and offering better treatment options for orthopedic conditions. However, the market is also influenced by local special circumstances, including disparities in healthcare infrastructure and access to specialized care across the region. The underlying macroeconomic factors of population growth, urbanization, and economic development are further driving the demand for orthopedic devices in the ASEAN region.

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.