Market Insights Health Medical Technology Medical Devices

Orthopedic Devices - G7

The projected revenue for the Orthopedic Devices market market in the G7 countries is estimated to reach US$28.26bn by the year 2024.
It is expected that the revenue will demonstrate an annual growth rate of 3.28% from 2024 to 2028, leading to a market volume of US$32.15bn by 2028.
In comparison to other countries worldwide, the United States is anticipated to generate the highest revenue, with US$16,040.00m in 2024.
The demand for orthopedic devices in the medical technology market is rapidly growing in the G7 countries due to the aging population and increasing prevalence of chronic diseases.

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

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Analyst Opinion

The Orthopedic Devices market in G7 is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the G7 countries have shown a strong preference for orthopedic devices that offer advanced technology and improved functionality. They are increasingly seeking devices that are minimally invasive, provide faster recovery times, and have longer durability. Additionally, there is a growing demand for personalized orthopedic devices that are customized to meet individual patient needs. Customers are also placing importance on devices that are cost-effective and offer value for money.

Trends in the market: One of the key trends in the Orthopedic Devices market in G7 is the increasing adoption of robotic-assisted surgeries. Robotic systems offer greater precision and accuracy during surgical procedures, resulting in better outcomes for patients. These systems also allow for minimally invasive procedures, reducing the risk of complications and promoting faster recovery times. The use of robotics in orthopedic surgeries is expected to continue growing in the G7 countries. Another trend in the market is the rise of 3D printing technology in the manufacturing of orthopedic devices. 3D printing allows for the production of highly customized and patient-specific implants, which can improve the fit and function of the device. This technology also enables faster production times and reduces the cost of manufacturing, making it more accessible to a larger number of patients.

Local special circumstances: Each country in the G7 has its own unique set of circumstances that influence the development of the Orthopedic Devices market. For example, in the United States, the market is driven by a large aging population and a high prevalence of chronic orthopedic conditions. In Japan, there is a strong focus on technological innovation and the adoption of advanced medical devices. Germany, on the other hand, is known for its high-quality manufacturing and precision engineering, which contributes to the development of orthopedic devices.

Underlying macroeconomic factors: The Orthopedic Devices market in G7 is also influenced by underlying macroeconomic factors. The GDP growth, healthcare expenditure, and insurance coverage in each country play a significant role in the market's development. Additionally, government regulations and policies regarding healthcare and medical device approvals impact the market dynamics. The G7 countries, being developed economies, generally have a higher healthcare expenditure and a well-established healthcare infrastructure, which supports the growth of the Orthopedic Devices market. In conclusion, the Orthopedic Devices market in G7 is driven by customer preferences for advanced technology and improved functionality. The adoption of robotic-assisted surgeries and 3D printing technology are key trends in the market. Each country in the G7 has its own unique circumstances that contribute to the development of the market, and underlying macroeconomic factors also play a significant role.

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.