Eastern Asia: Orthopedic Artificial Joints Market 2024

Orthopedic Artificial Joints Market Size in Eastern Asia

In 2022, after two years of growth, there was significant decline in the East Asian orthopedic artificial joints market, when its value decreased by -11.2% to $X. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +19.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2014 figures, consumption increased by +42.1% against 2012 indices. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Orthopedic Artificial Joints Production in Eastern Asia

In value terms, orthopedic artificial joints production surged to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt descent. The pace of growth appeared the most rapid in 2014 with an increase of 50%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Orthopedic Artificial Joints Exports

Exports by Country

In 2022, China (X units) represented the main exporter of artificial joints for orthopedic purposes, generating 55% of total exports. Taiwan (Chinese) (X units) took the second position in the ranking, distantly followed by South Korea (X units) and Japan (X units). All these countries together took near 45% share of total exports.

Exports from China decreased at an average annual rate of -4.2% from 2020 to 2022. At the same time, South Korea (+120.5%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +120.5% from 2020-2022. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-3.6%) illustrated a downward trend over the same period. China (+39 p.p.), Taiwan (Chinese) (+18 p.p.), South Korea (+13 p.p.) and Japan (+4.8 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest orthopedic artificial joints supplier in Eastern Asia, comprising 84% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 9.9% share of total exports. It was followed by South Korea, with a 3.7% share.

In China, orthopedic artificial joints exports expanded at an average annual rate of +31.4% over the period from 2020-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+6.4% per year) and South Korea (-9.8% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, increasing by 8.1% against the previous year. Over the period under review, the export price saw a significant increase. The growth pace was the most rapid in 2021 an increase of 416%. Over the period under review, the export prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while South Korea ($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 mixed trends in the export price figures.

Orthopedic Artificial Joints Imports

Imports by Country

China represented the main importing country with an import of around X units, which amounted to 59% of total imports. Hong Kong SAR (X units) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (14%) and Japan (5.7%). Taiwan (Chinese) (X units) took a relatively small share of total imports.

China was also the fastest-growing in terms of the artificial joints for orthopedic purposes imports, with a CAGR of +145.3% from 2020 to 2022. At the same time, Hong Kong SAR (+108.4%), South Korea (+73.3%) and Taiwan (Chinese) (+60.2%) displayed positive paces of growth. By contrast, Japan (-60.4%) illustrated a downward trend over the same period. China (+41 p.p.), Hong Kong SAR (+10 p.p.) and South Korea (+5.8 p.p.) significantly strengthened its position in terms of the total imports, while Japan saw its share reduced by -58.6% from 2020 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 96% of total imports. Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together comprising a further 4.1%.

In terms of the main importing countries, Hong Kong SAR, with a CAGR of +3.4%, recorded the highest growth rate of the value of imports, 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 Eastern Asia stood at $X per unit in 2022, surging by 135% against the previous year. In general, the import price, however, saw a sharp decrease. Over the period under review, import prices attained the peak figure at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+160.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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