Orthopedic Devices - India | Statista Market Forecast

The projected revenue for the Orthopedic Devices market market in India is estimated to reach INR US$629.60m by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 6.77%, leading to a market volume of INR US$873.40m by 2029.
In comparison to other countries, the United States is anticipated to generate the highest revenue, amounting to US$16.02bn in 2024.
The Orthopedic Devices market market in India holds significant potential for growth and development.
India is experiencing a surge in demand for orthopedic devices due to an aging population and increasing prevalence of musculoskeletal disorders.

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 India has been experiencing significant growth in recent years.

Customer preferences: Customers in India are increasingly seeking orthopedic devices that offer advanced technology and improved functionality. They are also looking for devices that are durable and long-lasting. Additionally, there is a growing demand for minimally invasive orthopedic procedures, which has led to the development of innovative devices that allow for less invasive surgeries and faster recovery times.

Trends in the market: One of the key trends in the Orthopedic Devices market in India is the increasing adoption of 3D printing technology. This technology allows for the customization of orthopedic devices, resulting in better patient outcomes and increased patient satisfaction. 3D printing also enables the production of complex and intricate designs that were not possible with traditional manufacturing methods. Another trend in the market is the rising prevalence of orthopedic conditions, such as arthritis and osteoporosis, which has led to an increased demand for orthopedic devices. Additionally, the aging population in India is driving the demand for orthopedic devices, as older individuals are more prone to orthopedic conditions and injuries.

Local special circumstances: India has a large population, which presents a significant market opportunity for orthopedic device manufacturers. The country also has a growing middle class with increasing disposable income, which is driving the demand for healthcare services, including orthopedic devices. Furthermore, the government in India is focused on improving healthcare infrastructure and increasing access to healthcare services, which is expected to further drive the demand for orthopedic devices.

Underlying macroeconomic factors: India's economy has been growing steadily, which has resulted in an increase in healthcare spending. This, coupled with the rising prevalence of orthopedic conditions and the aging population, is contributing to the growth of the Orthopedic Devices market in India. Additionally, advancements in technology and medical research are driving the development of innovative orthopedic devices, further fueling market growth. In conclusion, the Orthopedic Devices market in India is experiencing significant growth due to customer preferences for advanced technology and minimally invasive procedures. The increasing adoption of 3D printing technology and the rising prevalence of orthopedic conditions are also contributing to market growth. India's large population, growing middle class, and government initiatives to improve healthcare infrastructure are creating a favorable market environment. The country's steady economic growth and advancements in technology are further driving the growth of the Orthopedic Devices market in India.

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.