Orthopedic Devices - Baltics | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Baltics is expected to reach US$73.62m in 2024.
Furthermore, it is anticipated that the revenue will show an annual growth rate (CAGR 2024-2029) of 4.20%, leading to a market volume of US$90.42m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$16.02bn in 2024.
Orthopedic device market in the Baltics is experiencing a surge in demand due to the aging population and increasing prevalence of musculoskeletal disorders.

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 Baltics is experiencing steady growth due to increasing customer preferences for advanced orthopedic devices, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Baltics have shifted towards advanced orthopedic devices that offer better functionality, durability, and comfort. Patients in the region are becoming more aware of the benefits of using technologically advanced orthopedic devices, such as implants, braces, and joint replacements, which provide better mobility and quality of life. This preference for advanced devices is driving the demand for innovative products in the market. One of the key trends in the Orthopedic Devices market in Baltics is the growing adoption of minimally invasive surgical procedures. Patients are increasingly opting for less invasive treatments and surgeries, which result in shorter recovery times and reduced post-operative complications. This trend is driving the demand for orthopedic devices that are specifically designed for minimally invasive procedures, such as arthroscopic instruments and robotic-assisted surgical systems. Another trend in the market is the rising prevalence of orthopedic disorders and injuries. The aging population in the Baltics is more prone to orthopedic conditions, such as osteoarthritis and fractures, which require orthopedic devices for treatment and rehabilitation. Additionally, the increasing participation in sports and physical activities has led to a higher incidence of sports-related injuries, further driving the demand for orthopedic devices. Local special circumstances in the Baltics, such as the availability of skilled healthcare professionals and the presence of advanced healthcare infrastructure, are contributing to the growth of the Orthopedic Devices market. The region has well-established orthopedic clinics and hospitals that provide specialized orthopedic care, attracting patients from both within and outside the country. This has created a favorable environment for the market players to introduce and market their orthopedic devices. Underlying macroeconomic factors, such as increasing healthcare expenditure and favorable government initiatives, are also driving the growth of the Orthopedic Devices market in the Baltics. The governments in the region are focusing on improving the healthcare infrastructure and providing better access to healthcare services, including orthopedic care. This has led to increased investments in the healthcare sector, creating opportunities for market players to expand their presence in the region. In conclusion, the Orthopedic Devices market in the Baltics is witnessing steady growth due to increasing customer preferences for advanced orthopedic devices, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for technologically advanced devices, the adoption of minimally invasive procedures, the rising prevalence of orthopedic disorders, the availability of skilled healthcare professionals, and favorable government initiatives are driving the growth of the market in the region.

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.