Orthopedic Devices - Sri Lanka | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Sri Lanka is expected to reach US$21.01m in 2024.
Furthermore, it is anticipated to exhibit an annual growth rate of -3.78% between 2024 and 2029, leading to a market volume of US$17.32m by 2029.
In terms of global comparison, the United States is projected to generate the highest revenue, amounting to US$16.02bn in 2024.
Sri Lanka's growing elderly population is driving a surge in demand for orthopedic devices to address age-related conditions and 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 Sri Lanka is experiencing steady growth due to increasing customer preferences for advanced medical technology, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Sri Lanka are shifting towards orthopedic devices that offer advanced features and improved functionality. Patients are increasingly seeking devices that provide better mobility, comfort, and durability. This demand is driving manufacturers to innovate and develop new products that meet these requirements. Additionally, there is a growing preference for minimally invasive procedures, which require specialized orthopedic devices. These factors are contributing to the growth of the Orthopedic Devices market in Sri Lanka. Trends in the market indicate a growing adoption of 3D printing technology in the production of orthopedic devices. This technology allows for the customization of devices according to the specific needs of patients, resulting in better outcomes and patient satisfaction. The use of 3D printing also reduces the cost and time associated with traditional manufacturing processes. Sri Lanka is witnessing an increasing number of healthcare facilities and orthopedic clinics incorporating 3D printing technology into their practices, thereby driving the growth of the Orthopedic Devices market. Local special circumstances in Sri Lanka, such as an aging population and a high prevalence of orthopedic conditions, are contributing to the growth of the Orthopedic Devices market. The elderly population in Sri Lanka is increasing, leading to a higher demand for orthopedic devices to treat age-related conditions such as osteoarthritis and fractures. Additionally, the country has a high incidence of sports-related injuries, further driving the demand for orthopedic devices. These special circumstances create a favorable market environment for orthopedic device manufacturers. Underlying macroeconomic factors also play a significant role in the growth of the Orthopedic Devices market in Sri Lanka. The country's improving healthcare infrastructure and rising disposable income levels are enabling more people to access orthopedic treatments and devices. Furthermore, the government's focus on healthcare development and investment in medical technology is driving the growth of the Orthopedic Devices market. These macroeconomic factors create a conducive environment for the expansion of the market in Sri Lanka. In conclusion, the Orthopedic Devices market in Sri Lanka is experiencing growth due to increasing customer preferences for advanced technology, emerging trends in the market such as 3D printing, local special circumstances such as an aging population and a high prevalence of orthopedic conditions, and underlying macroeconomic factors including improving healthcare infrastructure and rising disposable income levels. These factors are contributing to the development and expansion of the Orthopedic Devices market in Sri Lanka.

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.