Orthopedic Devices - Taiwan | Statista Market Forecast

The projected revenue for the Orthopedic Devices market market in Taiwan is expected to reach US$219.90m in 2024.
It is anticipated that there will be an annual growth rate (CAGR 2024-2029) of 4.40%, leading to a market volume of US$272.70m by 2029.
When compared globally, it is worth noting that the United States is expected to generate the highest revenue of US$16.02bn in 2024.
Taiwan's orthopedic device market is experiencing 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 Taiwan has been experiencing steady growth in recent years, driven by customer preferences for advanced and innovative medical devices. Taiwanese consumers place a high value on quality healthcare and are increasingly seeking orthopedic devices that offer improved functionality and durability. This has led to a growing demand for technologically advanced orthopedic devices in the market. Customer preferences in Taiwan are heavily influenced by global trends in the orthopedic devices market. As advancements in technology continue to reshape the industry worldwide, Taiwanese consumers are increasingly seeking out devices that offer the latest innovations. This includes products with features such as minimally invasive surgical techniques, 3D printing, and smart implants. Additionally, there is a growing demand for orthopedic devices that are designed to be more comfortable and less invasive, allowing for faster recovery times and improved patient outcomes. The market in Taiwan is also driven by local special circumstances. The aging population in Taiwan has created a significant demand for orthopedic devices, as the elderly are more prone to orthopedic conditions such as osteoarthritis and fractures. This has led to an increased need for joint replacement surgeries and orthopedic implants, driving the growth of the market. Additionally, the government's focus on healthcare infrastructure development and the expansion of healthcare coverage has further contributed to the growth of the orthopedic devices market in Taiwan. Underlying macroeconomic factors have also played a role in the development of the orthopedic devices market in Taiwan. The country's strong economy and high levels of disposable income have allowed consumers to invest in high-quality healthcare services and products. This has created a favorable environment for the growth of the orthopedic devices market, as consumers are willing to spend more on advanced and innovative medical devices. In conclusion, the Orthopedic Devices market in Taiwan is experiencing steady growth due to customer preferences for advanced and innovative medical devices, local special circumstances such as an aging population, and favorable macroeconomic factors. Taiwanese consumers are increasingly seeking out orthopedic devices that offer the latest technological advancements, improved functionality, and durability. The market is expected to continue growing as the demand for orthopedic devices in the country remains strong.

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.