Orthopedic Devices - Iceland | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Iceland is expected to reach US$11.73m in 2024.
Furthermore, it is anticipated that the revenue will show an annual growth rate (CAGR 2024-2029) of 5.66%, which will result in a market volume of US$15.45m by 2029.
In comparison to other countries worldwide, the United States is forecasted to generate the highest revenue in the Orthopedic Devices market market, with an estimated value of US$16.02bn in 2024.
Iceland has seen a surge in demand for advanced orthopedic devices, driven by a growing elderly population and a focus on improving healthcare infrastructure.

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 Iceland has been experiencing steady growth in recent years, driven by various factors such as an aging population, increasing prevalence of orthopedic conditions, and advancements in medical technology.

Customer preferences: In line with global trends, customers in Iceland are increasingly seeking orthopedic devices that are minimally invasive, offer faster recovery times, and provide long-term durability. This is particularly true for the elderly population, who are more prone to orthopedic conditions such as osteoarthritis and fractures. Additionally, there is a growing demand for customized orthopedic devices that are tailored to the specific needs and anatomy of individual patients.

Trends in the market: One of the key trends in the Orthopedic Devices market in Iceland is the growing adoption of robotic-assisted surgical procedures. Robotic technology allows for greater precision and accuracy in orthopedic surgeries, resulting in improved patient outcomes and reduced recovery times. This trend is expected to continue as the technology becomes more advanced and accessible. Another trend in the market is the increasing use of 3D printing in the production of orthopedic devices. 3D printing allows for the creation of complex and customized implants, prosthetics, and orthotics, which can be tailored to the unique needs of each patient. This technology has the potential to revolutionize the orthopedic industry, as it offers faster production times, cost-effectiveness, and improved patient comfort.

Local special circumstances: Iceland has a relatively small population compared to other countries, which can impact the demand for orthopedic devices. However, the country has a high life expectancy and an aging population, which is expected to drive the demand for orthopedic devices in the coming years. Additionally, Iceland has a well-developed healthcare system and a high level of healthcare expenditure per capita, which further supports the growth of the Orthopedic Devices market.

Underlying macroeconomic factors: The Orthopedic Devices market in Iceland is also influenced by macroeconomic factors such as GDP growth, healthcare infrastructure, and government policies. A strong economy and favorable healthcare policies contribute to increased healthcare spending and investment in medical technology, which in turn drives the demand for orthopedic devices. Additionally, advancements in medical technology and research and development activities play a significant role in the growth of the market. In conclusion, the Orthopedic Devices market in Iceland is witnessing growth due to the increasing prevalence of orthopedic conditions, an aging population, and advancements in medical technology. Customer preferences are shifting towards minimally invasive and customized orthopedic devices, while trends such as robotic-assisted surgeries and 3D printing are shaping the market. The local special circumstances of Iceland, including a small population and a well-developed healthcare system, further contribute to the growth of the market. Overall, the Orthopedic Devices market in Iceland is expected to continue growing in the coming years.

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.