Orthopedic Devices - Southeast Asia

The projected revenue in the Orthopedic Devices market market in Southeast Asia is estimated to reach US$1.05bn by 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 6.65%, leading to a market volume of US$1.45bn by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$16.02bn in 2024.
In Southeast Asia, the demand for orthopedic devices is rapidly increasing due to the region's aging population and rising prevalence of chronic diseases.

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 Southeast Asia is experiencing significant growth and development due to several factors. Customer preferences in the region are driving the demand for orthopedic devices. As the population in Southeast Asia continues to age, the prevalence of chronic diseases and musculoskeletal disorders is increasing. This has led to a higher demand for orthopedic devices such as joint implants, spinal devices, and orthobiologics. Additionally, there is a growing awareness among consumers about the benefits of these devices in improving mobility and quality of life. As a result, more individuals are seeking orthopedic treatments and surgeries, further fueling the demand for orthopedic devices. Trends in the market indicate a shift towards minimally invasive procedures and advanced technologies. Patients in Southeast Asia are increasingly opting for minimally invasive surgeries, which offer shorter recovery times and reduced post-operative complications. This has led to a higher demand for orthopedic devices that are compatible with these procedures, such as arthroscopy instruments and robotic-assisted surgical systems. Furthermore, advancements in technology have led to the development of innovative orthopedic devices, such as 3D-printed implants and smart implants that can monitor and adjust to the patient's condition. These technological advancements are driving the growth of the orthopedic devices market in Southeast Asia. Local special circumstances in Southeast Asia also contribute to the development of the orthopedic devices market. The region has a large population, with countries like Indonesia and the Philippines having a combined population of over 300 million people. This provides a significant market potential for orthopedic device manufacturers. Additionally, the healthcare infrastructure in the region is improving, with increased investments in healthcare facilities and the training of healthcare professionals. This has resulted in better access to orthopedic treatments and surgeries, further driving the demand for orthopedic devices. Underlying macroeconomic factors also play a role in the development of the orthopedic devices market in Southeast Asia. The region has been experiencing steady economic growth, leading to an increase in disposable income and healthcare expenditure. This allows individuals to afford orthopedic treatments and devices. Furthermore, the presence of a growing middle class in the region has led to an increase in medical tourism, with patients from neighboring countries seeking orthopedic treatments in Southeast Asia. This has created a lucrative market for orthopedic device manufacturers. In conclusion, the Orthopedic Devices market in Southeast Asia is developing rapidly due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for orthopedic devices, the shift towards minimally invasive procedures and advanced technologies, the large population and improving healthcare infrastructure in the region, and the steady economic growth and rising healthcare expenditure are all contributing to the growth and development of the orthopedic devices market in Southeast Asia.

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.