Market Insights Health Medical Technology Medical Devices

Orthopedic Devices - EMEA

EMEA

The market of Orthopedic Devices market in the Europe, Middle East, and Africa (in Europe, the Middle East, and Africa) region is anticipated to witness a significant boost in revenue, with projections indicating a staggering amount of US$16.75bn by the year 2024.
Furthermore, it is expected that this market will experience a steady annual growth rate (CAGR 2024-2029) of 3.60%, leading to a substantial market volume of US$19.99bn by the year 2029.
When compared globally, it is noteworthy that the United States is poised to generate the highest revenue in this market, with an estimated amount of US$16,020.00m by the year 2024.
In EMEA, Germany leads in the orthopedic devices market with a strong focus on innovative and high-quality products.

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

Market

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Currency

Analyst Opinion

The Orthopedic Devices market in EMEA has been experiencing steady growth in recent years, driven by a combination of factors such as an aging population, increasing prevalence of chronic diseases, and advancements in medical technology.

Customer preferences: In EMEA, customers have shown a growing preference for minimally invasive orthopedic procedures and devices. This is due to the benefits of shorter recovery times, reduced pain, and lower risk of complications associated with these procedures. Additionally, there is a rising demand for personalized orthopedic devices that are tailored to individual patients' needs and anatomical characteristics.

Trends in the market: One of the key trends in the Orthopedic Devices market in EMEA is the increasing adoption of robotic-assisted surgery. Robotic systems offer greater precision and accuracy in performing orthopedic procedures, leading to improved patient outcomes. This trend is particularly evident in countries like Germany and France, where there is a strong focus on technological advancements in healthcare. Another trend in the market is the growing popularity of joint replacement surgeries, especially knee and hip replacements. This can be attributed to the aging population in EMEA, as well as the rising prevalence of conditions such as osteoarthritis. As people live longer and remain active later in life, the demand for orthopedic devices to improve mobility and quality of life is expected to continue to rise.

Local special circumstances: In countries like Germany and France, where the healthcare systems are well-developed and have high reimbursement rates, there is a greater access to advanced orthopedic devices. This has contributed to the higher adoption rates of newer technologies and procedures in these countries. On the other hand, in countries with less developed healthcare systems or lower reimbursement rates, the adoption of advanced orthopedic devices may be slower.

Underlying macroeconomic factors: The Orthopedic Devices market in EMEA is influenced by macroeconomic factors such as GDP growth, healthcare expenditure, and government healthcare policies. As the economy grows and healthcare expenditure increases, there is more funding available for the procurement of orthopedic devices. Additionally, government policies that promote the use of advanced medical technologies and procedures can also drive the growth of the market. In conclusion, the Orthopedic Devices market in EMEA is witnessing steady growth due to factors such as an aging population, increasing prevalence of chronic diseases, and advancements in medical technology. Customers in the region have shown a preference for minimally invasive procedures and personalized orthopedic devices. The market is also witnessing trends such as the adoption of robotic-assisted surgery and the increasing popularity of joint replacement surgeries. Local circumstances, such as the healthcare system and reimbursement rates, can influence the adoption of advanced orthopedic devices. Macroeconomic factors like GDP growth and government healthcare policies also play a role in shaping the market.

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.