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Orthopedic Devices - India

India

The projected revenue for the Orthopedic Devices market market in India is estimated to reach INR €0.58bn by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 7.17%, leading to a market volume of INR €0.82bn by 2029.
In comparison to other countries, the United States is anticipated to generate the highest revenue, amounting to €14,850.00m in 2024.
The Orthopedic Devices market market in India holds significant potential for growth and development.
India is experiencing a surge in demand for orthopedic devices due to an aging population and increasing prevalence of musculoskeletal disorders.

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

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Analyst Opinion

The Orthopedic Devices market in India has been experiencing significant growth in recent years.

Customer preferences: Customers in India are increasingly seeking orthopedic devices that offer advanced technology and improved functionality. They are also looking for devices that are durable and long-lasting. Additionally, there is a growing demand for minimally invasive orthopedic procedures, which has led to the development of innovative devices that allow for less invasive surgeries and faster recovery times.

Trends in the market: One of the key trends in the Orthopedic Devices market in India is the increasing adoption of 3D printing technology. This technology allows for the customization of orthopedic devices, resulting in better patient outcomes and increased patient satisfaction. 3D printing also enables the production of complex and intricate designs that were not possible with traditional manufacturing methods. Another trend in the market is the rising prevalence of orthopedic conditions, such as arthritis and osteoporosis, which has led to an increased demand for orthopedic devices. Additionally, the aging population in India is driving the demand for orthopedic devices, as older individuals are more prone to orthopedic conditions and injuries.

Local special circumstances: India has a large population, which presents a significant market opportunity for orthopedic device manufacturers. The country also has a growing middle class with increasing disposable income, which is driving the demand for healthcare services, including orthopedic devices. Furthermore, the government in India is focused on improving healthcare infrastructure and increasing access to healthcare services, which is expected to further drive the demand for orthopedic devices.

Underlying macroeconomic factors: India's economy has been growing steadily, which has resulted in an increase in healthcare spending. This, coupled with the rising prevalence of orthopedic conditions and the aging population, is contributing to the growth of the Orthopedic Devices market in India. Additionally, advancements in technology and medical research are driving the development of innovative orthopedic devices, further fueling market growth. In conclusion, the Orthopedic Devices market in India is experiencing significant growth due to customer preferences for advanced technology and minimally invasive procedures. The increasing adoption of 3D printing technology and the rising prevalence of orthopedic conditions are also contributing to market growth. India's large population, growing middle class, and government initiatives to improve healthcare infrastructure are creating a favorable market environment. The country's steady economic growth and advancements in technology are further driving the growth of the Orthopedic Devices market in India.

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.