Asia-Pacific Orthopedic Devices Market Research Report - Segmented By Anatomical Location, Consumable Type, Country (India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore and Rest of APAC) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029)

Published: January, 2024
ID: 1387
Pages: 145

Asia-Pacific Orthopedic Devices Market Size (2024 to 2029)

The size of the Asia Pacific orthopedic devices market is estimated to be growing at a CAGR of 5.52% from 2024 to 2029 and be worth USD 11.97 billion in 2024 and USD 15.65 billion by 2029. 

Available trauma management techniques cannot restore body parts successfully due to the lack of efficient surgical tools. As a result, manufacturers invest significantly in Research and Development (R&D) to develop innovative and capable devices. As a result, increased R&D activities are anticipated to ensure promising market growth during the forecast period. The COVID-19 pandemic crisis is still ongoing, and hence the reason for exports and imports of devices is limited. There are a lot of medical practitioners and staff affected by this pandemic period.

The rapid increase in the aging population across the globe, and the rise in the prevalence of orthopedic injuries or diseases such as osteoarthritis, osteoporosis, traumatic fractures, and rheumatoid arthritis are the factors that are driving the market. Also, increasing the incidence of road accidents and sports injuries and spurring demand for minimally invasive surgical procedures to stimulate global market growth. Emerging economies offer lucrative opportunities for the growth of the orthopedic devices market shortly. In addition, the early onset of musculoskeletal conditions triggered by obesity and a sedentary lifestyle are expected to boost growth. The growth is expected due to an increase in local manufacturing in the Asia Pacific region because of the initiatives taken by the government to promote domestic manufacturing to reduce dependence on imports. However, less developed nations are expected to rely on imports from Asian countries or the US or Europe. Growing awareness regarding the availability of innovative products is pushing hospitals to upgrade their devices and services continually. Besides, reimbursement coverage of orthopedic treatments has fuelled the adoption of orthopedic surgeries. Hence this factor led to the implementation and monitoring of many hospitals.

Along with market growth, market restraints are holding back the market's growth in the Asia Pacific region. For instance, the FDA has made strict supervision for orthopedic devices to pass through quality control and checks. Another market challenge is the high cost of orthopedic devices. A cost-effective solution is yet to be provided by manufacturers.

This research report on the Asia-Pacific orthopedic devices market has been segmented and sub-segmented into the following categories.

Asia-Pacific Orthopedic Devices Market - By Anatomical Location: 

  • Knee
  • Shoulder
  • Foot
  • Ankle
  • Hip
  • Spine
  • Elbow
  • Craniomaxillofacial

Asia-Pacific Orthopedic Devices Market - By Type Of Consumable: 

  • Orthopedic Staples
  • Orthopedic Suture Anchors
    • Resorbable Suture Anchors
    • Metallic Suture Anchors

Asia-Pacific Orthopedic Devices Market - By Country: 

  • India
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Thailand
  • Malaysia
  • Vietnam
  • Philippines
  • Indonesia
  • Singapore
  • Rest of APAC

Regionally, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to the rising aging population, increasing medical tourism in Asia-Pacific countries, and favorable regulatory policies for the modernization of healthcare infrastructure.

China and India are expected to account for the most significant share during the forecast period in the APAC region. This is because the orthopedic devices market in China and India is expected to account for the largest geriatric population pool in the world. Hence, the demand from these countries is expected to grow tremendously shortly. Besides, the booming medical tourism industry, owing to the availability of advanced healthcare treatments at cost-efficient rates, is expected to attract the target patient population.

The Japanese orthopedic devices market is predicted to showcase a lucrative CAGR during the forecast period. Japan has many implant manufacturers, coupled with high healthcare expenditure compared to other regional countries. Moreover, the high adaption of new technology is expected to further fuel regional market growth.

KEY MARKET PLAYERS:

Some of the prominent companies in the APAC orthopedic devices market profiled in the report are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biomet.

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