Market Insights Health Medical Technology Medical Devices

Orthopedic Devices - Canada

Canada

The projected revenue for the Orthopedic Devices market market in Canada is expected to reach US$0.97bn by 2024.
It is projected to exhibit an annual growth rate (CAGR 2024-2029) of 4.86%, leading to a market volume of US$1.23bn by 2029.
In comparison to other countries, the United States is anticipated to generate the highest revenue in the market, with an estimated amount of US$16,020.00m in 2024.
Canada's orthopedic device market is experiencing a surge in demand due to the country's aging population and high prevalence of musculoskeletal disorders.

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

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Analyst Opinion

The Orthopedic Devices market in Canada is experiencing significant growth due to several key factors.

Customer preferences: Customers in Canada are increasingly seeking orthopedic devices that are technologically advanced, durable, and provide optimal comfort and functionality. There is also a growing demand for minimally invasive procedures and devices that offer faster recovery times. Additionally, customers are placing a greater emphasis on personalized care and are seeking devices that are tailored to their specific needs and preferences.

Trends in the market: One major trend in the Orthopedic Devices market in Canada is the increasing adoption of robotic-assisted surgery. Robotic systems are being used in orthopedic procedures to improve surgical precision, reduce complications, and enhance patient outcomes. This trend is driven by advancements in technology and the desire for more accurate and efficient surgeries. Another trend in the market is the growing popularity of 3D printing in the production of orthopedic devices. 3D printing allows for the creation of customized implants and prosthetics that perfectly fit a patient's anatomy. This technology has the potential to revolutionize the orthopedic industry by reducing costs and improving patient outcomes.

Local special circumstances: Canada has a rapidly aging population, which is contributing to the growth of the Orthopedic Devices market. As individuals age, the risk of orthopedic conditions such as osteoarthritis and fractures increases, leading to a higher demand for orthopedic devices. Additionally, the Canadian government provides universal healthcare coverage, which ensures that a large portion of the population has access to orthopedic treatments and devices.

Underlying macroeconomic factors: The Canadian economy is stable and growing, which has a positive impact on the Orthopedic Devices market. A strong economy leads to increased healthcare spending and greater affordability for patients. Additionally, the Canadian government is investing in healthcare infrastructure and technology, which is driving innovation in the orthopedic industry. In conclusion, the Orthopedic Devices market in Canada is experiencing growth due to customer preferences for advanced and personalized devices, as well as the adoption of new technologies such as robotic-assisted surgery and 3D printing. The aging population and universal healthcare coverage also contribute to the market's development. The stable and growing Canadian economy further supports the growth of the Orthopedic Devices market in the country.

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.