Orthopedic Devices - Ireland | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Ireland is set to reach US$109.90m in 2024.
It is expected that the revenue will exhibit an annual growth rate of 2.57% from 2024 to 2029, leading to a market volume of US$124.70m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$16.02bn in 2024.
Ireland is emerging as a leading hub for orthopedic device manufacturing, attracting global companies with its skilled workforce and favorable business environment.

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 Ireland is experiencing steady growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Ireland, there is a growing demand for orthopedic devices due to the increasing prevalence of musculoskeletal disorders and the aging population. As people age, the risk of developing orthopedic conditions such as osteoarthritis and fractures increases, leading to a higher demand for orthopedic devices. Additionally, customers in Ireland are becoming more aware of the benefits of orthopedic devices in improving mobility and quality of life, leading to a greater acceptance and adoption of these products.

Trends in the market: One of the key trends in the orthopedic devices market in Ireland is the shift towards minimally invasive procedures. Minimally invasive surgeries offer several advantages such as smaller incisions, reduced pain, shorter hospital stays, and faster recovery times. This trend is driven by advancements in technology and surgical techniques, as well as the preference of patients for less invasive treatment options. As a result, there is an increasing demand for orthopedic devices that are specifically designed for minimally invasive procedures, such as arthroscopic instruments and implants. Another trend in the market is the increasing use of 3D printing technology in the manufacturing of orthopedic devices. 3D printing allows for the production of customized implants and prosthetics that are tailored to the specific needs of individual patients. This technology enables better fit and functionality, leading to improved patient outcomes. The adoption of 3D printing in orthopedic device manufacturing is expected to continue growing in Ireland, as it offers numerous benefits in terms of design flexibility, cost-effectiveness, and reduced lead times.

Local special circumstances: Ireland has a well-developed healthcare system with a strong focus on research and innovation. The country is home to several leading medical device companies and research institutions, which contribute to the development and advancement of orthopedic devices. The presence of these institutions and companies fosters collaboration and knowledge exchange, leading to the introduction of innovative products and treatment options in the market.

Underlying macroeconomic factors: The Irish economy has been growing steadily in recent years, which has had a positive impact on the healthcare sector, including the orthopedic devices market. The growing economy has resulted in increased healthcare spending, improved access to healthcare services, and higher disposable incomes. These factors have contributed to the growth of the orthopedic devices market in Ireland, as more people are able to afford and access these products and procedures. In conclusion, the Orthopedic Devices market in Ireland is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for orthopedic devices, particularly in the aging population, the shift towards minimally invasive procedures, the adoption of 3D printing technology, the presence of a strong healthcare system and research institutions, and the growing economy are all driving the growth of the market in Ireland.

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.