Market Insights Health Medical Technology Medical Devices

Orthopedic Devices - South Africa

South Africa

In South Africa, the Orthopedic Devices market market is expected to witness a significant increase in revenue, reaching an estimated value of €240.40m by the year 2024.
Furthermore, this market is projected to experience a steady annual growth rate of 3.25% from 2024 to 2029, resulting in a market volume of €282.10m by the end of the forecast period.
When compared globally, it is worth noting that the United States is expected to generate the highest revenue in the Orthopedic Devices market market, with an estimated value of €14,850.00m in 2024.
Orthopedic device manufacturers in South Africa are focusing on developing affordable and innovative solutions to cater to the growing demand for orthopedic treatments in the country.

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

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Analyst Opinion

The South African orthopedic devices market is experiencing steady growth, driven by factors such as an aging population, increasing prevalence of chronic diseases, and advancements in medical technology.

Customer preferences: Customers in South Africa are increasingly seeking orthopedic devices that are technologically advanced, durable, and cost-effective. They prioritize devices that offer improved functionality and comfort, while also being affordable and accessible. Additionally, there is a growing demand for personalized orthopedic devices that are tailored to the individual needs of patients.

Trends in the market: One of the key trends in the South African orthopedic devices market is the rising adoption of minimally invasive surgical procedures. These procedures offer several advantages over traditional open surgeries, including shorter recovery times, reduced risk of complications, and smaller incisions. As a result, there is a growing demand for orthopedic devices that are compatible with minimally invasive techniques. Another trend in the market is the increasing use of 3D printing technology in the manufacturing of orthopedic devices. 3D printing allows for the production of highly customized devices that are perfectly tailored to the patient's anatomy. This technology also enables faster production times and reduces the need for inventory storage, making it a cost-effective solution for orthopedic device manufacturers.

Local special circumstances: South Africa has a high burden of musculoskeletal disorders, including osteoarthritis, rheumatoid arthritis, and fractures. This, coupled with an aging population, has created a significant demand for orthopedic devices in the country. However, the market is also characterized by a lack of access to healthcare services and affordability issues, particularly in rural areas. This poses a challenge for both patients and orthopedic device manufacturers.

Underlying macroeconomic factors: The South African economy has been experiencing slow growth in recent years, which has had an impact on the healthcare sector. Government spending on healthcare has been constrained, leading to limited resources for the procurement of orthopedic devices. Additionally, the depreciation of the South African rand has increased the cost of imported medical devices, making them less affordable for both patients and healthcare providers. In conclusion, the South African orthopedic devices market is witnessing growth driven by an aging population, increasing prevalence of chronic diseases, and technological advancements. Customer preferences are focused on technologically advanced, durable, and cost-effective devices. The market is also seeing a rise in minimally invasive procedures and the use of 3D printing technology. However, the market is constrained by limited access to healthcare services, affordability issues, and macroeconomic challenges.

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.