Orthopedic Devices - New Zealand | Statista Market Forecast

The Orthopedic Devices market market in New Zealand is forecasted to achieve a revenue of NZD US$106.90m by the year 2024.
It is projected to exhibit a Compound Annual Growth Rate (CAGR) of 4.91% between 2024 and 2029, ultimately leading to a market volume of NZD US$135.80m by 2029.
When compared globally, the majority of revenue is expected to be generated the United States, with a staggering amount of US$16.02bn projected for 2024.
New Zealand's growing aging population is driving a surge in demand for orthopedic devices, creating opportunities for market expansion.

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 New Zealand is experiencing significant growth and development.

Customer preferences: Customers in New Zealand have shown a strong preference for orthopedic devices that are technologically advanced and provide superior functionality. They are seeking devices that can improve their quality of life and allow them to maintain an active lifestyle. Additionally, customers are increasingly looking for orthopedic devices that are minimally invasive and have shorter recovery times.

Trends in the market: One of the key trends in the Orthopedic Devices market in New Zealand is the increasing demand for joint replacement surgeries. As the population ages, the prevalence of conditions such as osteoarthritis is rising, leading to a greater need for joint replacements. This trend is expected to continue in the coming years, driving the growth of the orthopedic devices market. Another trend in the market is the adoption of advanced technologies in orthopedic devices. New Zealand has a well-developed healthcare system and is quick to adopt new technologies. This has led to the introduction of innovative orthopedic devices such as robotic-assisted surgical systems and 3D-printed implants. These advanced technologies offer improved precision and better patient outcomes, driving their adoption in the market.

Local special circumstances: New Zealand has a relatively small population compared to other countries, which presents unique challenges and opportunities for the orthopedic devices market. While the market size may be smaller, it also allows for more personalized and specialized care. The close-knit healthcare community in New Zealand enables collaboration between healthcare professionals and industry experts, leading to the development of innovative solutions tailored to the local market needs.

Underlying macroeconomic factors: The growing healthcare expenditure in New Zealand is a key driver for the development of the orthopedic devices market. The government has been increasing its investment in healthcare infrastructure and services, which has resulted in improved access to orthopedic treatments and devices. Additionally, the rising disposable income and changing lifestyles of the population have contributed to the increased demand for orthopedic devices. In conclusion, the Orthopedic Devices market in New Zealand is experiencing significant growth and development. Customer preferences for technologically advanced and minimally invasive devices, along with the increasing demand for joint replacements, are driving the market. The adoption of advanced technologies and the close-knit healthcare community in New Zealand are further contributing to the market's growth. The government's investment in healthcare infrastructure and services, coupled with the rising disposable income of the population, are underlying macroeconomic factors that support 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.