Southern Asia: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in Southern Asia

The South Asian orthopedic prosthetics market stood at $X in 2022, approximately reflecting the previous year. Over the period under review, consumption, however, showed prominent growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Orthopedic Prosthetics Production in Southern Asia

In value terms, orthopedic prosthetics production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 41%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Orthopedic Prosthetics Exports

Exports in Southern Asia

Orthopedic prosthetics exports surged to X units in 2022, with an increase of 92% against the previous year's figure. Overall, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 125%. The volume of export peaked in 2022 and is likely to see steady growth in years to come.

In value terms, orthopedic prosthetics exports skyrocketed to $X in 2022. Over the period under review, exports recorded a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 116%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

India dominates exports structure, reaching X units, which was near 96% of total exports in 2022. Nepal (X units) followed a long way behind the leaders.

India was also the fastest-growing in terms of the artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) exports, with a CAGR of +27.4% from 2012 to 2022. At the same time, Nepal (+11.9%) displayed positive paces of growth. While the share of India (+10 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nepal (-8.8 p.p.) displayed negative dynamics.

In value terms, India ($X) remains the largest orthopedic prosthetics supplier in Southern Asia, comprising 98% of total exports. The second position in the ranking was taken by Nepal ($X), with a 2.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled +25.0%.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per unit, which is down by -24.2% against the previous year. In general, the export price recorded a mild downturn. The pace of growth was the most pronounced in 2019 when the export price increased by 36%. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the export prices remained at a somewhat lower figure.

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 India ($X per unit), while Nepal totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+3.3%).

Orthopedic Prosthetics Imports

Imports in Southern Asia

In 2022, the amount of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) imported in Southern Asia rose remarkably to X units, increasing by 15% on the year before. Overall, imports showed buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 93%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, orthopedic prosthetics imports skyrocketed to $X in 2022. Total imports indicated a tangible increase from 2012 to 2022: its value 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, imports increased by +139.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 88%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, India (X units) represented the largest importer of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints), comprising 67% of total imports. Bangladesh (X units) held a 23% share (based on physical terms) of total imports, which put it in second place, followed by Pakistan (6.7%). Sri Lanka (X units) followed a long way behind the leaders.

Imports into India increased at an average annual rate of +5.6% from 2012 to 2022. At the same time, Bangladesh (+28.5%) and Pakistan (+1.1%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +28.5% from 2012-2022. By contrast, Sri Lanka (-2.2%) illustrated a downward trend over the same period. Bangladesh (+19 p.p.) significantly strengthened its position in terms of the total imports, while Pakistan, Sri Lanka and India saw its share reduced by -4.9%, -5.4% and -8.3% from 2012 to 2022, respectively.

In value terms, India ($X) constitutes the largest market for imported artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) in Southern Asia, comprising 82% of total imports. The second position in the ranking was held by Pakistan ($X), with an 8.2% share of total imports. It was followed by Bangladesh, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value in India totaled +5.0%. In the other countries, the average annual rates were as follows: Pakistan (+2.1% per year) and Bangladesh (+15.4% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per unit in 2022, surging by 11% against the previous year. Overall, the import price, however, saw a noticeable contraction. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 India ($X per unit), while Bangladesh ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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