Orthopedic Devices - Estonia | Statista Market Forecast

The Orthopedic Devices market market in Estonia is anticipated to achieve a revenue of US$20.21m by the year 2024.
This projection indicates an estimated annual growth rate (CAGR 2024-2029) of 3.91%, leading to a market volume of US$24.48m by 2029.
When compared globally, the United States is expected to generate the highest revenue, reaching US$16.02bn in 2024.
Estonia's growing elderly population and advanced healthcare infrastructure drive the demand for innovative orthopedic devices.

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 Estonia is experiencing steady growth due to various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Estonia are driving the demand for Orthopedic Devices. As the population ages, there is an increasing need for orthopedic treatments and devices. Customers are looking for innovative and technologically advanced products that can improve their quality of life and mobility. Additionally, there is a growing awareness among customers about the benefits of early intervention and preventive measures for orthopedic conditions. This has led to an increase in the demand for orthopedic devices such as braces, implants, and prosthetics. Trends in the market are also contributing to the growth of the Orthopedic Devices market in Estonia. There is a shift towards minimally invasive surgeries and procedures, which require specialized orthopedic devices. This trend is driven by the desire to reduce patient discomfort, shorten recovery times, and minimize scarring. Additionally, advancements in materials and technology have led to the development of more durable and efficient orthopedic devices. These trends are driving the demand for orthopedic devices in Estonia. Local special circumstances in Estonia are also influencing the Orthopedic Devices market. The country has a well-developed healthcare system, with a focus on providing high-quality care to its citizens. This has led to increased access to orthopedic treatments and devices for patients. Additionally, Estonia has a growing medical tourism industry, attracting patients from neighboring countries who are seeking orthopedic treatments. This has further contributed to the demand for orthopedic devices in the country. Underlying macroeconomic factors are also playing a role in the growth of the Orthopedic Devices market in Estonia. The country has a stable economy and a high standard of living, which allows individuals to afford orthopedic treatments and devices. Additionally, the government has implemented policies to support the healthcare sector, including investments in infrastructure and research. These factors have created a favorable environment for the growth of the Orthopedic Devices market in Estonia. In conclusion, the Orthopedic Devices market in Estonia is experiencing steady growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for orthopedic devices is driven by the aging population, increasing awareness about orthopedic conditions, and the desire for innovative and technologically advanced products. The shift towards minimally invasive surgeries and procedures, along with the well-developed healthcare system and growing medical tourism industry, further contribute to the growth of the market. The stable economy and government support for the healthcare sector create a favorable environment for the Orthopedic Devices market in Estonia.

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.