Asia: Orthopedic Artificial Joints Market 2024

Orthopedic Artificial Joints Market Size in Asia

In 2022, the Asian orthopedic artificial joints market decreased by -2.9% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption recorded significant growth. Over the period under review, the market attained the peak level at $X in 2021, and then fell slightly in the following year.

Orthopedic Artificial Joints Production in Asia

In value terms, orthopedic artificial joints production expanded markedly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by 81%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Orthopedic Artificial Joints Exports

Exports by Country

Singapore prevails in exports structure, recording X units, which was near 75% of total exports in 2022. China (X units) took the second position in the ranking, followed by Turkey (X units). All these countries together took approx. 16% share of total exports. Taiwan (Chinese) (X units) and South Korea (X units) followed a long way behind the leaders.

Exports from Singapore increased at an average annual rate of +62.1% from 2020 to 2022. At the same time, South Korea (+120.5%) and Turkey (+14.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Asia, with a CAGR of +120.5% from 2020-2022. By contrast, Taiwan (Chinese) (-3.6%) and China (-4.2%) illustrated a downward trend over the same period. From 2020 to 2022, the share of Singapore and South Korea increased by +75 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest orthopedic artificial joints supplier in Asia, comprising 51% of total exports. The second position in the ranking was held by Singapore ($X), with a 25% share of total exports. It was followed by Taiwan (Chinese), with a 6% share.

From 2020 to 2022, the average annual growth rate of value in China stood at +31.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (+1.1% per year) and Taiwan (Chinese) (+6.4% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, increasing by 139% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per unit), while Turkey ($X per unit) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by China (+37.1%), while the other leaders experienced more modest paces of growth.

Orthopedic Artificial Joints Imports

Imports in Asia

In 2022, purchases abroad of artificial joints for orthopedic purposes increased by 6.7% to X units, rising for the third consecutive year after two years of decline. In general, imports posted a significant increase. The growth pace was the most rapid in 2020 when imports increased by 33,344% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, orthopedic artificial joints imports declined to $X in 2022. Total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +18.9% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 21% against the previous year. As a result, imports reached the peak of $X, and then shrank slightly in the following year.

Imports by Country

In 2022, Yemen (X units) represented the key importer of artificial joints for orthopedic purposes, committing 57% of total imports. Iran (X units) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by China (7.3%) and Kuwait (5.1%). Iraq (X units), the United Arab Emirates (X units) and Hong Kong SAR (X units) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to orthopedic artificial joints imports into Yemen stood at +1,021.4%. At the same time, Kuwait (+1,145.3%), the United Arab Emirates (+170.2%), China (+145.3%), Hong Kong SAR (+108.4%) and Iran (+64.1%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in Asia, with a CAGR of +1,145.3% from 2012-2022. By contrast, Iraq (-24.2%) illustrated a downward trend over the same period. While the share of Yemen (+56 p.p.), Iran (+14 p.p.), China (+6.3 p.p.), Kuwait (+4.1 p.p.), Iraq (+3.1 p.p.) and the United Arab Emirates (+2.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported artificial joints for orthopedic purposes in Asia, comprising 28% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 4.6% share of total imports. It was followed by Iran, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +9.5%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+23.1% per year) and Iran (+15.5% per year).

Import Prices by Country

The import price in Asia stood at $X per unit in 2022, reducing by -8% against the previous year. Over the period under review, the import price recorded a precipitous slump. The growth pace was the most rapid in 2018 when the import price increased by 306% against the previous year. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+55.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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