Orthopedic Devices - Lebanon | Statista Market Forecast

Lebanon's Orthopedic Devices market market is forecasted to achieve a revenue of US$34.56m by 2024.
The market is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 0.86%, leading to a market volume of US$36.08m by 2029.
In terms of global comparison, the United States is expected to generate the highest revenue, reaching US$16.02bn in 2024.
Lebanon's orthopedic devices market is witnessing 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 Lebanon has been experiencing steady growth in recent years. Customer preferences have played a significant role in shaping this market, with a growing demand for innovative and technologically advanced devices. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the market. Customer preferences in the Orthopedic Devices market in Lebanon are driven by a desire for high-quality and reliable products. Patients and healthcare professionals alike seek devices that can effectively treat orthopedic conditions and improve patient outcomes. As a result, there is a growing demand for innovative devices that incorporate the latest advancements in technology. This includes devices that utilize minimally invasive techniques, offer personalized treatment options, and have enhanced durability and functionality. Trends in the market reflect the global advancements in orthopedic devices. Lebanon, like many other countries, is witnessing a shift towards the use of biodegradable and bioresorbable implants. These implants are designed to gradually break down and be absorbed by the body, reducing the need for subsequent surgeries to remove or replace them. This trend is driven by the desire to improve patient outcomes, reduce complications, and enhance the overall patient experience. Another trend in the market is the increasing adoption of robotic-assisted orthopedic surgery. Robotic systems offer precise and accurate guidance during surgical procedures, resulting in improved surgical outcomes and reduced risk of complications. This technology is particularly beneficial in complex orthopedic surgeries, such as joint replacements, where the precise placement of implants is critical for long-term success. Local special circumstances in Lebanon also contribute to the development of the Orthopedic Devices market. The country has a growing aging population, which is driving the demand for orthopedic devices. As people age, they are more prone to orthopedic conditions such as osteoarthritis and fractures, which require the use of orthopedic devices for treatment and rehabilitation. Additionally, Lebanon has a high prevalence of sports-related injuries, further fueling the demand for orthopedic devices. Underlying macroeconomic factors, such as healthcare infrastructure and government policies, also play a role in the development of the Orthopedic Devices market in Lebanon. The country has a well-established healthcare system with access to advanced medical technologies and skilled healthcare professionals. This enables the adoption of innovative orthopedic devices and supports the growth of the market. Furthermore, favorable government policies and regulations promote the development and use of orthopedic devices, ensuring their safety and efficacy. In conclusion, the Orthopedic Devices market in Lebanon is developing in response to customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for innovative and technologically advanced devices, such as biodegradable implants and robotic-assisted surgery systems, is driving the growth of the market. The aging population, high prevalence of sports-related injuries, well-established healthcare infrastructure, and favorable government policies further contribute to the development of the 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.