Orthopedic Devices - Singapore | Statista Market Forecast

The projected revenue for the Orthopedic Devices market market in Singapore is estimated to reach US$75.38m in 2024.
This market in Singapore is expected to display a compound annual growth rate (CAGR 2024-2029) of 8.14%, leading to a market volume of US$111.50m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue of US$16.02bn in 2024.
The Orthopedic Devices market market in Singapore holds significant potential within its borders.
Singapore's growing aging population is driving the demand for innovative orthopedic devices and technology in the medical sector.

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

Singapore is known for its advanced healthcare system and high standards of medical care. In recent years, the Orthopedic Devices market in Singapore has been experiencing significant growth and development. Customer preferences in the Orthopedic Devices market in Singapore are driven by several factors. Firstly, Singaporeans have a strong preference for high-quality healthcare services and products. They are willing to invest in advanced orthopedic devices that offer superior performance and durability. Additionally, Singaporeans are increasingly becoming more health-conscious and are seeking ways to maintain an active lifestyle. This has led to a growing demand for orthopedic devices that can support and enhance physical activity. Trends in the Orthopedic Devices market in Singapore reflect global trends in the industry. One major trend is the shift towards minimally invasive procedures. Singaporeans prefer less invasive treatment options that offer faster recovery times and fewer complications. This has led to an increased demand for orthopedic devices such as arthroscopy instruments and implants that can facilitate minimally invasive surgeries. Another trend in the market is the growing adoption of robotic-assisted surgery. Robotic-assisted orthopedic surgeries offer greater precision and accuracy, leading to improved patient outcomes. Singapore, with its advanced healthcare infrastructure, is at the forefront of adopting this technology. The demand for orthopedic devices used in robotic-assisted surgeries is expected to increase in the coming years. Local special circumstances in Singapore also contribute to the development of the Orthopedic Devices market. Singapore has a rapidly aging population, which is driving the demand for orthopedic devices such as joint replacements and orthopedic implants. The government of Singapore has also implemented various initiatives to promote medical tourism, attracting patients from around the world to seek treatment in Singapore. This has further boosted the demand for orthopedic devices in the country. Underlying macroeconomic factors also play a role in the development of the Orthopedic Devices market in Singapore. The country's strong economy and high per capita income levels enable Singaporeans to afford advanced medical treatments and devices. Additionally, the government's focus on healthcare and investment in research and development has created a favorable environment for the growth of the Orthopedic Devices market. In conclusion, the Orthopedic Devices market in Singapore is experiencing significant growth and development driven by customer preferences, global trends, local special circumstances, and underlying macroeconomic factors. The demand for high-quality orthopedic devices, minimally invasive procedures, and robotic-assisted surgeries is on the rise. With its advanced healthcare system and strong economy, Singapore is well-positioned to continue driving the growth of the Orthopedic Devices market 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.