Orthopedic Devices - Jamaica | Statista Market Forecast

The projected revenue in Jamaica's Orthopedic Devices market market is estimated to reach US$12.83m in 2024.
It is expected that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 3.35%, leading to a market volume of US$15.13m by 2029.
In a global perspective, the United States is anticipated to generate the highest revenue in this market, with US$16.02bn in 2024.
The demand for orthopedic devices in Jamaica is on the rise due to 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 Jamaica is experiencing steady growth due to various factors including customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Orthopedic Devices market in Jamaica are influenced by several factors. Firstly, there is a growing awareness and demand for advanced orthopedic devices among the population. Jamaican consumers are increasingly seeking out innovative and technologically advanced products that can improve their quality of life. Additionally, there is a preference for orthopedic devices that are durable, comfortable, and provide effective support and mobility. Customers also prioritize affordability, as the cost of healthcare in Jamaica can be a barrier for some individuals. Trends in the Orthopedic Devices market in Jamaica are aligned with global trends. One significant trend is the increasing adoption of minimally invasive surgical techniques. These techniques offer several benefits such as reduced scarring, shorter recovery times, and less post-operative pain. As a result, there is a growing demand for orthopedic devices that are compatible with minimally invasive procedures. Another trend is the development of personalized orthopedic devices. Advances in technology, such as 3D printing, have made it possible to customize orthopedic devices to fit individual patients' needs and anatomy. This trend is driven by the desire for improved patient outcomes and increased patient satisfaction. Local special circumstances in Jamaica also contribute to the development of the Orthopedic Devices market. The country has a high prevalence of chronic diseases such as arthritis, which often require orthopedic interventions. Additionally, the aging population in Jamaica is increasing, leading to a higher demand for orthopedic devices to address age-related orthopedic conditions. Furthermore, the tourism industry in Jamaica plays a role in driving the market. The country attracts tourists seeking medical treatments, including orthopedic procedures, due to the availability of quality healthcare services at a lower cost compared to some other countries. Underlying macroeconomic factors also impact the Orthopedic Devices market in Jamaica. The country's economic growth and stability contribute to increased healthcare spending, including the procurement of orthopedic devices. Additionally, the government's focus on improving healthcare infrastructure and services further supports the market's growth. However, challenges such as limited access to healthcare in rural areas and the high cost of imported medical devices can hinder market development. In conclusion, the Orthopedic Devices market in Jamaica is developing due to customer preferences for advanced and affordable orthopedic devices, global trends such as minimally invasive procedures and personalized devices, local special circumstances including the prevalence of chronic diseases and an aging population, and underlying macroeconomic factors such as economic growth and government initiatives to improve healthcare.

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.