Orthopedic Devices - Lithuania | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Lithuania is expected to reach US$29.93m in 2024.
This represents the estimated total revenue that will be generated from the sales of Orthopedic Devices market in Lithuania.
It is projected that the revenue will continue to grow at an annual growth rate of 3.87% from 2024 to 2029.
This growth rate, also known as the compound annual growth rate (CAGR), indicates the average yearly increase in revenue during this period.
By 2029, it is anticipated that the market volume in Lithuania will reach US$36.19m.
When comparing in Lithuania's revenue to other countries globally, it is important to note that the United States is projected to generate the highest revenue in the Orthopedic Devices market market.
In 2024, the United States is expected to generate a revenue of US$16.02bn.
This demonstrates the significant market size and potential of the United States in the Orthopedic Devices market industry.
Lithuania's growing elderly population is driving the demand for innovative orthopedic devices to address age-related musculoskeletal conditions.

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 Lithuania is experiencing significant growth and development. Customer preferences in the Orthopedic Devices market in Lithuania are driven by several factors. Firstly, there is a growing aging population in the country, which is leading to an increased demand for orthopedic devices such as joint replacements and spinal implants. Additionally, there is a rising awareness among consumers about the benefits of early intervention and treatment for orthopedic conditions, which is driving the demand for devices that can help improve mobility and quality of life. Trends in the market include the adoption of advanced technologies and materials in orthopedic devices. Lithuanian consumers are increasingly seeking devices that offer improved durability, functionality, and comfort. This has led to the development of innovative products such as 3D-printed implants and minimally invasive surgical techniques. Furthermore, there is a growing trend towards personalized orthopedic solutions, with devices being custom-made to fit the specific needs of each patient. Local special circumstances in Lithuania also play a role in the development of the Orthopedic Devices market. The country has a well-established healthcare system that provides access to high-quality medical care. This, coupled with a favorable reimbursement environment, has created a conducive market for orthopedic device manufacturers. Additionally, Lithuania has a strong tradition of medical education and research, which has contributed to the development of skilled healthcare professionals and the advancement of medical technologies. Underlying macroeconomic factors also contribute to the growth of the Orthopedic Devices market in Lithuania. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and healthcare spending. This has allowed consumers to afford and access orthopedic devices, driving market growth. Furthermore, Lithuania's membership in the European Union provides opportunities for trade and collaboration with other member states, facilitating the import and export of orthopedic devices. In conclusion, the Orthopedic Devices market in Lithuania is experiencing growth and development driven by customer preferences for improved mobility and quality of life, the adoption of advanced technologies and materials, a favorable reimbursement environment, and underlying macroeconomic factors such as economic growth and EU membership.

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.