Orthopedic Devices - Nigeria | Statista Market Forecast

In Nigeria, the Orthopedic Devices market market is anticipated to witness a significant revenue growth, with projections indicating that it will reach US$54.95m by 2024.
Moreover, the market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 10.23% between 2024 and 2029, ultimately leading to a market volume of US$89.44m by 2029.
When compared globally, the United States is expected to generate the highest revenue, estimated at US$16.02bn in 2024.
Nigeria is experiencing a surge in demand for orthopedic devices 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 Nigeria has been experiencing significant growth in recent years, driven by various factors such as increasing healthcare expenditure, rising geriatric population, and a growing awareness of orthopedic conditions. Customer preferences in the Orthopedic Devices market in Nigeria are largely influenced by the need for high-quality products that provide effective treatment and improved patient outcomes. Nigerian consumers are increasingly seeking advanced orthopedic devices that are durable, reliable, and can be customized to meet individual patient needs. There is also a growing demand for minimally invasive surgical techniques and innovative implant materials that offer faster recovery times and reduced post-operative complications. Trends in the Orthopedic Devices market in Nigeria include a shift towards outpatient orthopedic procedures, as healthcare providers strive to reduce hospital stays and overall healthcare costs. This trend is driven by advancements in surgical techniques and the availability of more affordable and efficient orthopedic devices. Additionally, there is a growing focus on the development of implantable devices that are compatible with the local patient population, taking into consideration factors such as bone structure and body size. Local special circumstances in Nigeria, such as a high prevalence of orthopedic conditions and limited access to specialized healthcare services in rural areas, have contributed to the growth of the Orthopedic Devices market. The country has a significant burden of musculoskeletal disorders, including osteoarthritis, fractures, and spinal conditions, which has created a strong demand for orthopedic devices. However, the lack of trained orthopedic surgeons and limited healthcare infrastructure in certain regions pose challenges to the market's growth. Underlying macroeconomic factors, such as Nigeria's improving economic stability and increasing healthcare expenditure, have also played a role in the development of the Orthopedic Devices market. The country's expanding middle class and rising disposable incomes have allowed more individuals to afford orthopedic treatments and devices. Furthermore, government initiatives to improve healthcare infrastructure and increase access to healthcare services have contributed to the growth of the market. In conclusion, the Orthopedic Devices market in Nigeria is experiencing significant growth, driven by factors such as increasing healthcare expenditure, rising awareness of orthopedic conditions, and the need for high-quality and innovative orthopedic devices. Customer preferences are shifting towards advanced and customized products that offer improved patient outcomes, while trends include a focus on outpatient procedures and the development of implantable devices compatible with the local patient population. Local special circumstances, such as a high prevalence of orthopedic conditions and limited access to specialized healthcare services, present both opportunities and challenges for the market. The underlying macroeconomic factors of Nigeria's improving economic stability and increasing healthcare expenditure further contribute to the market's growth.

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.