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Orthopedic Devices - Asia

Asia

The projected revenue for the Orthopedic Devices market market in Asia is expected to reach €9.85bn in 2024.
It is anticipated that the market will continue to grow at an annual growth rate (CAGR 2024-2029) of 5.11%, leading to a market volume of €12.64bn by 2029.
In comparison to other countries worldwide, the United States is forecasted to generate the highest revenue, amounting to €14,700.00m in 2024.
The Orthopedic Devices market market in Asia contributes significantly to the overall market.
In Japan, there is a growing demand for advanced orthopedic devices due to the aging population and high prevalence of musculoskeletal disorders.

Key regions: France, Netherlands, Europe, Germany, Japan

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Analyst Opinion

The Orthopedic Devices market in Asia is experiencing significant growth and development, driven by several key factors. Customer preferences in the Orthopedic Devices market are primarily influenced by the increasing aging population and rising prevalence of orthopedic conditions such as arthritis and osteoporosis. As people age, the demand for orthopedic devices, including joint implants, spinal devices, and orthobiologics, increases. Additionally, the growing awareness about the benefits of early diagnosis and treatment of orthopedic conditions is also driving the demand for orthopedic devices in Asia. Trends in the market indicate a shift towards minimally invasive procedures and advanced technologies. Patients and healthcare providers are increasingly opting for minimally invasive surgeries for faster recovery, reduced scarring, and lower risk of complications. This trend is driving the demand for innovative orthopedic devices such as robotic-assisted surgical systems, navigation systems, and 3D-printed implants. Furthermore, the integration of digital technologies and artificial intelligence in orthopedic devices is enhancing surgical precision and patient outcomes. Local special circumstances in Asia play a significant role in the development of the Orthopedic Devices market. For example, countries like Japan and South Korea have a high proportion of elderly population, leading to a higher demand for orthopedic devices. In contrast, emerging economies like India and China are witnessing rapid urbanization and increasing disposable income, which is driving the demand for advanced orthopedic devices. Moreover, the presence of a well-established healthcare infrastructure and favorable reimbursement policies in some Asian countries further contribute to the growth of the market. Underlying macroeconomic factors also contribute to the development of the Orthopedic Devices market in Asia. The region's economic growth, coupled with increasing healthcare expenditure, provides a favorable environment for market expansion. Additionally, advancements in manufacturing capabilities and the presence of local orthopedic device manufacturers in Asia are driving the production and availability of cost-effective orthopedic devices in the market. In conclusion, the Orthopedic Devices market in Asia is witnessing significant growth and development due to customer preferences for minimally invasive procedures, advanced technologies, and the increasing prevalence of orthopedic conditions. Local special circumstances, such as the aging population and favorable healthcare infrastructure, further contribute to market growth. The underlying macroeconomic factors, including economic growth and manufacturing capabilities, also play a crucial role in shaping the market landscape.

Methodology

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.