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Orthopedic Devices - Lesotho

Lesotho
  • The Orthopedic Devices market market in Lesotho is anticipated to achieve a revenue of US$1.63m by 2024.
  • Looking ahead, it is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 5.64%, leading to a market volume of US$2.15m by 2029.
  • In a global context, the United States is projected to generate the highest revenue, amounting to US$16.02bn in 2024.
  • Lesotho's orthopedic device market is experiencing 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.

In-Scope

  • Joint reconstruction implants
  • Spinal devices
  • Trauma fixation devices
  • Arthroscopy devices

Out-Of-Scope

  • Orthopedic pharmaceuticals
  • Orthopedic supplements
Medical Devices: market data & analysis - Cover

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Medical Devices: market data & analysis

Study Details

    Revenue

    Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.

    Most recent update: Aug 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Key Players

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Orthopedic Devices market in Lesotho is experiencing significant growth due to various factors.

    Customer preferences:
    Customers in Lesotho have shown a growing preference for orthopedic devices due to the increasing awareness about the importance of orthopedic health. With the rising incidence of orthopedic conditions such as arthritis, fractures, and joint disorders, there is a greater demand for devices that can aid in the treatment and management of these conditions. Additionally, the aging population in Lesotho has contributed to the demand for orthopedic devices, as older individuals are more prone to orthopedic issues.

    Trends in the market:
    One of the key trends in the Orthopedic Devices market in Lesotho is the adoption of technologically advanced devices. With advancements in medical technology, orthopedic devices have become more sophisticated and effective in treating orthopedic conditions. Customers in Lesotho are increasingly seeking devices that offer better functionality, durability, and comfort. For example, there is a growing demand for joint replacement implants that mimic the natural movement of the joint and provide long-lasting relief. Another trend in the market is the increasing popularity of minimally invasive orthopedic procedures. Customers in Lesotho are opting for procedures that involve smaller incisions, less tissue damage, and faster recovery times. This has led to a higher demand for orthopedic devices that are compatible with minimally invasive techniques, such as arthroscopic instruments and navigational systems.

    Local special circumstances:
    Lesotho is a landlocked country with limited access to healthcare facilities and resources. This has led to a higher reliance on imported orthopedic devices. The government of Lesotho has been working towards improving the healthcare infrastructure and increasing access to quality healthcare services, including orthopedic care. However, the limited availability of healthcare resources and the high cost of orthopedic devices pose challenges to the market growth in Lesotho.

    Underlying macroeconomic factors:
    The economic growth in Lesotho has contributed to the development of the Orthopedic Devices market. As the country's economy continues to grow, there is an increase in disposable income, which allows individuals to afford orthopedic devices. Additionally, the government's focus on healthcare development and improving access to healthcare services has created a favorable environment for the growth of the Orthopedic Devices market. In conclusion, the Orthopedic Devices market in Lesotho is witnessing significant growth due to the increasing customer preference for orthopedic devices, the adoption of technologically advanced devices, and the growing popularity of minimally invasive procedures. However, the limited availability of healthcare resources and the high cost of orthopedic devices pose challenges to the market growth. The underlying macroeconomic factors, such as economic growth and government focus on healthcare development, are driving the growth of the market in Lesotho.

    Global Comparison

    Most recent update: Aug 2024

    Source: Statista Market Insights

    Methodology

    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.

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    Medical Devices: market data & analysis - BackgroundMedical Devices: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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    Medical technology industry - statistics & facts

    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.
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