Orthopedic Devices - Ghana | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Ghana is set to reach US$12.16m in 2024.
It is expected that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 5.25%, leading to a market volume of US$15.70m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$16.02bn in 2024.
Ghana's orthopedic devices market is experiencing a surge in demand due to an aging population and an increase in sports-related injuries.

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 Ghana is experiencing steady growth due to increasing customer preferences for advanced medical devices, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Orthopedic Devices market in Ghana are shifting towards technologically advanced and innovative products. Patients in Ghana are becoming more aware of the benefits of orthopedic devices in improving their quality of life and are demanding products that offer better functionality, durability, and comfort. This growing demand for advanced orthopedic devices is driving manufacturers to develop and introduce new products with enhanced features and capabilities. Trends in the Orthopedic Devices market in Ghana are influenced by global and regional market trends. One major trend is the increasing adoption of minimally invasive orthopedic procedures. Minimally invasive procedures offer several advantages such as shorter recovery time, reduced risk of complications, and smaller incisions, which are appealing to both patients and healthcare providers. This trend is driving the demand for orthopedic devices that are specifically designed for minimally invasive procedures, such as arthroscopy instruments and implants. Another trend in the market is the growing prevalence of orthopedic conditions and injuries. Factors such as an aging population, sedentary lifestyles, and sports-related injuries contribute to the increasing incidence of orthopedic conditions in Ghana. This trend is creating a higher demand for orthopedic devices, including joint implants, spinal implants, and trauma fixation devices. Local special circumstances in Ghana also play a role in the development of the Orthopedic Devices market. The healthcare infrastructure in Ghana is improving, with increased investment in healthcare facilities and the expansion of healthcare services. This development is enabling better access to orthopedic care and increasing the demand for orthopedic devices. Underlying macroeconomic factors, such as economic growth and rising disposable incomes, are also contributing to the growth of the Orthopedic Devices market in Ghana. As the economy continues to grow, more individuals in Ghana have the financial means to afford orthopedic treatments and devices. This is driving the demand for orthopedic devices and creating opportunities for market expansion. In conclusion, the Orthopedic Devices market in Ghana is experiencing growth due to increasing customer preferences for advanced medical devices, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. This presents opportunities for manufacturers to introduce innovative products and expand their presence in the Ghanaian market.

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.