Orthopedic Devices - Portugal | Statista Market Forecast

In Portugal, the projected revenue for the Orthopedic Devices market market is expected to reach US$224.50m in the year 2024.
Looking ahead, this market is estimated to experience an annual growth rate (CAGR 2024-2029) of 4.08%, which would result in a market volume of US$274.20m by the year 2029.
When compared globally, it is worth noting that the United States is set to generate the highest revenue in this market, with a projected revenue of US$16.02bn in 2024.
In Portugal, the orthopedic devices market is witnessing a surge in demand due to the country's aging population and increasing prevalence of musculoskeletal disorders.

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 Portugal is experiencing steady growth due to increasing customer preferences for innovative and technologically advanced products.

Customer preferences: Customers in the Orthopedic Devices market in Portugal are increasingly seeking products that offer advanced features and improved functionality. They are willing to invest in orthopedic devices that provide better mobility, comfort, and durability. Additionally, there is a growing demand for minimally invasive surgical procedures, which require specialized orthopedic devices.

Trends in the market: One of the key trends in the Orthopedic Devices market in Portugal is the adoption of robotic-assisted surgeries. Robotic systems offer improved precision, accuracy, and control during orthopedic procedures, resulting in better patient outcomes. The use of robotics in orthopedic surgeries is gaining popularity among surgeons and hospitals, driving the demand for robotic-assisted orthopedic devices in Portugal. Another trend in the market is the increasing use of 3D printing technology for the manufacturing of orthopedic devices. 3D printing allows for the production of customized implants and prosthetics, tailored to the specific needs of individual patients. This technology offers faster production times, reduced costs, and improved patient satisfaction. As a result, more orthopedic device manufacturers in Portugal are adopting 3D printing technology to meet the growing demand for personalized orthopedic solutions.

Local special circumstances: Portugal has a rapidly aging population, which is contributing to the growth of the Orthopedic Devices market. As people age, they are more likely to experience musculoskeletal conditions such as osteoarthritis, osteoporosis, and fractures. This has led to an increased demand for orthopedic devices, including joint replacements, spinal implants, and fracture fixation devices. The government and healthcare providers in Portugal are focusing on improving access to orthopedic care and investing in advanced medical technologies to meet the needs of the aging population.

Underlying macroeconomic factors: The economic stability and growth in Portugal have positively impacted the Orthopedic Devices market. With a stable economy, individuals have more disposable income to spend on healthcare, including orthopedic devices. Additionally, the government's focus on improving healthcare infrastructure and services has created a favorable environment for the growth of the Orthopedic Devices market. The increasing healthcare expenditure and favorable reimbursement policies further support the demand for orthopedic devices in Portugal. In conclusion, the Orthopedic Devices market in Portugal is driven by customer preferences for innovative and technologically advanced products. The adoption of robotic-assisted surgeries and 3D printing technology are key trends in the market. The aging population and government initiatives to improve healthcare services are also contributing to the growth of the market. The stable economy and favorable reimbursement policies are underlying macroeconomic factors that support the demand for orthopedic devices in Portugal.

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.