The size of the Asia Pacific orthopedic devices market is estimated to be growing at a CAGR of 5.52% from 2023 to 2028. The size of the market is expected to be USD 11.34 billion in 2023 and USD 14.83 billion by 2028.
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 high market growth in the near future.
COVID-19 pandemic crisis is still going, and hence the reason for exports and imports of devices is limited. There are a lot of medical practitioners and staff got affected in this pandemic period.
The rapid increase in the aging population across the globe, 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 in the near future. 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 example, FDA has made strict supervision for orthopedic devices to pass through quality control and check. 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 APAC Orthopedic Devices Market has been segmented and sub-segmented into the following categories.
By Anatomical Location:
By Type Of Consumable:
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 in the near future. 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 from 2023 to 2028. 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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