ASEAN: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in ASEAN

In 2022, the ASEAN orthopedic prosthetics market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption posted a strong increase. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Orthopedic Prosthetics Production in ASEAN

In value terms, orthopedic prosthetics production reached $X in 2022 estimated in export price. Overall, production, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 33% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Orthopedic Prosthetics Exports

Exports in ASEAN

In 2022, shipments abroad of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) decreased by -15.1% to X units, falling for the second year in a row after nine years of growth. In general, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2013 when exports increased by 58% against the previous year. The volume of export peaked at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, orthopedic prosthetics exports reduced to $X in 2022. Overall, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 64% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore was the largest exporting country with an export of about X units, which reached 86% of total exports. It was distantly followed by Thailand (X units), achieving a 12% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to orthopedic prosthetics exports from Singapore stood at +15.1%. At the same time, Thailand (+36.3%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +36.3% from 2012-2022. While the share of Thailand (+9.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-10.6 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) remains the largest orthopedic prosthetics supplier in ASEAN, comprising 91% of total exports. The second position in the ranking was taken by Thailand ($X), with an 8.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Singapore amounted to +19.2%.

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, flattening at the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2018 when the export price increased by 14%. The level of export peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Thailand totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.6%).

Orthopedic Prosthetics Imports

Imports in ASEAN

In 2022, approx. X units of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) were imported in ASEAN; increasing by 10% on the previous year. The total import volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 39%. The volume of import peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, orthopedic prosthetics imports surged to $X in 2022. In general, imports saw a strong increase. The pace of growth was the most pronounced in 2013 with an increase of 38% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

The purchases of the three major importers of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints), namely Thailand, Malaysia and Singapore, represented more than two-thirds of total import. It was distantly followed by Vietnam (X units), committing an 11% share of total imports. The Philippines (X units) and Myanmar (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +190.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Thailand ($X) and Vietnam ($X) were the countries with the highest levels of imports in 2022, with a combined 86% share of total imports. Malaysia, the Philippines and Myanmar lagged somewhat behind, together comprising a further 13%.

Myanmar, with a CAGR of +127.0%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, increasing by 5.3% against the previous year. Import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, orthopedic prosthetics import price increased by +75.2% against 2014 indices. The growth pace was the most rapid in 2019 when the import price increased by 24% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per unit), while Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+18.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform