Orthopedic Devices - Papua New Guinea

The Orthopedic Devices market market in Papua New Guinea is anticipated to witness a considerable increase in revenue, projected to reach US$5.06m in 2024.
This expected growth is further expected to continue at an annual growth rate of 2.59% from 2024 to 2029, resulting in a market volume of US$5.75m by 2029.
When comparing this revenue to the global market, it is important to note that the United States is projected to generate the highest revenue, with an estimated US$16.02bn in 2024.
Papua New Guinea is witnessing a growing demand for orthopedic devices 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 Papua New Guinea is experiencing significant growth and development, driven by several factors. Customer preferences in Papua New Guinea are shifting towards a greater demand for orthopedic devices due to an aging population and an increase in sports-related injuries. As the population ages, the prevalence of orthopedic conditions such as osteoarthritis and fractures is increasing, leading to a higher demand for orthopedic devices such as joint implants and fracture fixation devices. Additionally, the popularity of sports and physical activities has grown in recent years, resulting in a rise in orthopedic injuries that require specialized devices for treatment and rehabilitation. Trends in the market indicate a growing preference for technologically advanced orthopedic devices in Papua New Guinea. Patients and healthcare professionals are increasingly seeking devices that offer improved functionality, durability, and patient outcomes. This has led to the introduction of innovative products such as minimally invasive surgical techniques, 3D-printed implants, and smart implants that can monitor and adjust to the patient's needs. These advancements in technology are driving the market growth as they provide better treatment options and faster recovery times for patients. Local special circumstances in Papua New Guinea also contribute to the development of the Orthopedic Devices market. The country's healthcare infrastructure is expanding, with a focus on improving access to quality healthcare services, including orthopedic care. This includes the establishment of specialized orthopedic hospitals and clinics, as well as the training of healthcare professionals in orthopedic surgery and rehabilitation. These developments have increased the availability of orthopedic devices and improved the overall quality of care for patients. Underlying macroeconomic factors such as economic growth and increased healthcare expenditure are also driving the development of the Orthopedic Devices market in Papua New Guinea. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and healthcare spending. This has allowed more individuals to afford orthopedic devices and access specialized orthopedic care. Additionally, the government has been investing in healthcare infrastructure and services, further supporting the growth of the Orthopedic Devices market. In conclusion, the Orthopedic Devices market in Papua New Guinea is developing due to changing customer preferences, technological advancements, local special circumstances, and underlying macroeconomic factors. The demand for orthopedic devices is driven by an aging population, an increase in sports-related injuries, and a growing preference for technologically advanced products. The expansion of healthcare infrastructure and increased healthcare expenditure further contribute to the market growth. Overall, the Orthopedic Devices market in Papua New Guinea is expected to continue its upward trajectory in the coming years.

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.