Market Insights Health Medical Technology Medical Devices

Orthopedic Devices - China

China

The projected revenue for the Orthopedic Devices market market in China is expected to reach US$2.18bn in 2024.
Furthermore, it is anticipated that the revenue will grow at an annual growth rate of 6.27% (CAGR 2024-2028), resulting in a market volume of US$2.78bn by 2028.
It is worth noting that in global comparison, the United States is expected to generate the highest revenue in this market, with an estimated value of US$16,040.00m in 2024.
China's growing aging population is driving the demand for advanced orthopedic devices in the medical technology market.

Key regions: United States, United Kingdom, France, Germany, Europe

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Currency

Analyst Opinion

The Orthopedic Devices market in China is experiencing significant growth and development due to various factors.

Customer preferences: Customers in China are increasingly seeking advanced orthopedic devices that offer higher levels of precision and functionality. They are willing to invest in innovative technologies that can provide better outcomes and improve their quality of life. Additionally, there is a growing demand for minimally invasive procedures, as patients prefer faster recovery times and less scarring.

Trends in the market: One of the key trends in the Orthopedic Devices market in China is the rising adoption of robotic-assisted surgery. Robotic systems offer surgeons enhanced precision and control during procedures, resulting in improved patient outcomes. This technology is particularly popular in joint replacement surgeries, where the accuracy of implant placement is crucial. The increasing number of hospitals and medical institutions investing in robotic systems indicates the growing acceptance and demand for this technology in China. Another trend in the market is the increasing use of 3D printing technology in orthopedic device manufacturing. 3D printing allows for the production of customized implants and prosthetics, tailored to each patient's unique anatomy. This technology offers numerous advantages, including reduced surgery time, improved implant fit, and enhanced patient satisfaction. As a result, more orthopedic device manufacturers in China are incorporating 3D printing into their production processes.

Local special circumstances: China has a large aging population, which is driving the demand for orthopedic devices. As people age, the risk of orthopedic conditions such as osteoarthritis and fractures increases. This has created a significant market opportunity for orthopedic device manufacturers, as the elderly population seeks effective treatment options to maintain their mobility and independence. Additionally, the Chinese government has implemented policies to improve access to healthcare services, further fueling the demand for orthopedic devices.

Underlying macroeconomic factors: China's rapidly growing economy has resulted in increased disposable income and improved healthcare infrastructure. As a result, more people in China have the financial means to afford orthopedic devices and undergo orthopedic procedures. Furthermore, the government's focus on healthcare reforms and the expansion of health insurance coverage have made orthopedic treatments more accessible to a larger portion of the population. These macroeconomic factors have contributed to the growth of the Orthopedic Devices market in China.

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.