Orthopedic Devices - Australia | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Australia is set to reach AUD US$592.00m by 2024.
This indicates a positive growth trend in the market.
Furthermore, it is expected that the market will experience an annual growth rate of 5.34% from 2024 to 2029, resulting in a market volume of AUD US$767.90m by 2029.
When compared globally, it is worth noting that the United States is projected to generate the highest revenue in the Orthopedic Devices market market, reaching US$16.02bn in 2024.
This showcases the dominance of the United States in this market.
Australia's growing aging population is driving demand for orthopedic devices, making it a lucrative market for medical technology companies.

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 Australia is experiencing steady growth due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Orthopedic Devices market in Australia are driving the demand for innovative and technologically advanced products. Patients are increasingly seeking orthopedic devices that offer improved functionality, durability, and comfort. This has led to a growing demand for products such as joint replacement implants, spinal devices, and orthobiologics. Additionally, there is a rising preference for minimally invasive surgical procedures, which require specialized orthopedic devices. Trends in the market indicate a shift towards outpatient and ambulatory care, which is driving the demand for portable and lightweight orthopedic devices. This trend is fueled by the growing aging population in Australia, as well as advancements in medical technology that allow for less invasive procedures and shorter recovery times. Furthermore, there is an increasing focus on personalized medicine and patient-specific implants, which are tailored to the individual needs of patients. Local special circumstances in Australia, such as the government's commitment to improving healthcare infrastructure and access to quality medical services, are also contributing to the growth of the Orthopedic Devices market. The government has implemented various initiatives to support the adoption of innovative medical technologies and improve patient outcomes. This includes funding for research and development, as well as reimbursement programs that make orthopedic devices more accessible to patients. Underlying macroeconomic factors, such as a stable economy and a growing healthcare sector, are further driving the growth of the Orthopedic Devices market in Australia. The country's strong economy provides a favorable environment for investment in healthcare infrastructure and technology. Additionally, the increasing prevalence of chronic diseases, such as osteoarthritis and osteoporosis, is creating a significant demand for orthopedic devices. In conclusion, the Orthopedic Devices market in Australia is experiencing steady growth due to customer preferences for innovative and technologically advanced products, market trends towards outpatient and ambulatory care, local special circumstances such as government support for healthcare infrastructure, and underlying macroeconomic factors including a stable economy and a growing healthcare sector.

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.