Orthopedic Devices - Belgium | Statista Market Forecast

Belgium's Orthopedic Devices market market is anticipated to achieve a revenue of US$328.80m by the year 2024.
Looking ahead, a steady annual growth rate (CAGR 2024-2029) of 2.30% is expected, leading to a market volume of US$368.40m by 2029.
It is worth noting that in the global context, the United States will generate the highest revenue of US$16.02bn in 2024.
Belgium's orthopedic devices market is experiencing a growing demand for innovative solutions to meet the needs of its aging population.

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 Belgium has been experiencing steady growth in recent years, driven by customer preferences for advanced and innovative medical devices. Customer preferences in the Orthopedic Devices market in Belgium are largely influenced by the desire for improved quality of life and increased mobility. Patients are seeking devices that offer better functionality, durability, and comfort. They are also looking for products that can be customized to their specific needs and preferences. As a result, there is a growing demand for technologically advanced orthopedic devices, such as implants, braces, and prosthetics, that offer enhanced performance and better patient outcomes. One of the key trends in the Orthopedic Devices market in Belgium is the increasing adoption of minimally invasive surgical procedures. These procedures offer several advantages over traditional open surgeries, including smaller incisions, faster recovery times, and reduced risk of complications. The demand for orthopedic devices that support minimally invasive procedures, such as arthroscopy instruments and robotic-assisted surgical systems, is on the rise in Belgium. Another trend in the market is the growing use of 3D printing technology in the production of orthopedic devices. 3D printing allows for the creation of complex and customized designs, resulting in better-fitting and more comfortable devices. This technology also enables faster production times and reduces the need for inventory, making it cost-effective for manufacturers. The adoption of 3D printing in the Orthopedic Devices market in Belgium is expected to continue to grow in the coming years. Local special circumstances in Belgium, such as the country's aging population, contribute to the growth of the Orthopedic Devices market. As the population ages, the incidence of orthopedic conditions, such as osteoarthritis and fractures, increases. This drives the demand for orthopedic devices, as older individuals seek treatment options to maintain their mobility and independence. Underlying macroeconomic factors, such as increasing healthcare expenditure and favorable reimbursement policies, also play a role in the growth of the Orthopedic Devices market in Belgium. The government's focus on improving healthcare infrastructure and providing access to quality healthcare services further supports the demand for orthopedic devices. In conclusion, the Orthopedic Devices market in Belgium is witnessing growth due to customer preferences for advanced and innovative devices, increasing adoption of minimally invasive procedures, and the use of 3D printing technology. Local special circumstances, such as an aging population, and underlying macroeconomic factors, including healthcare expenditure and reimbursement policies, also contribute to the market's development.

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.