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The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2033 with Market Insights.
With the dip in global production, the GDP has contracted in 2022 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2022 as base year, 2023 as estimated year and forecast to 2033. This will have market drivers, recovery rate in the market, insights and competitive analysis.
The North America North America Orthopedic Devices Market is projected to experience a modest CAGR during the forecast period, i.e., 2023-2033. Growing focus laid by the government of North America towards raising the expenditure on research and development in healthcare is one of the major factors anticipated to drive the growth of the market in the coming years. Besides this, rising need amongst the healthcare service providers in the region to enhance their productivity, along with the surge in adoption of numerous technologies by implementing structural changes into their existing healthcare system, is also
projected to boost the market growth in the coming years. The healthcare network in the countries in North America, which include nations such as the United States and Canada, has been witnessing massive transformation over the past few years. Growing adoption of advanced medical technologies and devices, which helps the service providers in offering quality services, are also anticipated to boost the growth of the market during the forecast period. Besides this, the adoption of modern diagnostic technologies for the treatment of patients, which is helping to transform the healthcare sector in the region drastically is also poised to display massive growth opportunities for the market in the coming years.
The government/compulsory health spending per capita in the United States reached USD 12318.1 in 2021, up from USD 10046.5 in the year 2017. On the other hand, in Canada, this spending touched USD 5904.9 in the year 2021, up from USD 5150.5 in the year 2017. The study on the North America North America Orthopedic Devices market includes a detailed analysis of the overall market size and revenue growth, along with the recent market developments. In addition to this, the growth drivers associate with the growth of the market, along with the market segmentation, challenges and the opportunities, that are expected to influence the market growth in the coming years, are also covered in this market research study. Additionally, the North America North America Orthopedic Devices market is estimated to attain notable absolute $ opportunity value by the end of 2033 as compared to the value achieved in 2022.
The research report on the study of the North America North America Orthopedic Devices market, offers risk analysis of the market for both the historical years and the future years, and also majorly covers the demand and supply risk affecting the market growth. Further, the existing and future market trends prevalent in the region, are also explained in this report. Besides this, the study of the correlation and regression analysis for the determination of relation between independent and dependent variables, are also covered in this market research study.
The region of North America registered an increase in GDP per capita growth of 5.4 percent in 2021, up from 2.3 percent registered in 2018 that was considered to be the highest since 2009 (-3.5%). Countries belonging to the North America, such as the United States and Canada, recorded a significant GDP per capita (in Current US$) that was hovering between USD 69287.5 and USD 52051.4 in the year 2021 with the level of GDP per capita in the United States being the highest reaching USD 69287.5 (in Current US$) in 2021, up from USD 63027.7 (in Current US$) in the previous year. On the other hand, in Canada, the level of GDP per capita touched USD 5205.4 (in Current US$) in the year 2021, up from USD 43258.3 (in Current US$) in the previous year.
In the year 2019, the average per capita health spending in the United States reached the equivalent of about USD 11000 for every US citizen. Moreover, amongst the OECD countries, over 76% of all health spending is majorly financed by government or compulsory insurance schemes. In the United States, which is also a member country of OECD, the share of government or compulsory insurance schemes stood at 85% post the introduction of the Affordable Care Act in the year 2014. Added to this share is the growing importance of Federal and state programmes, such as Medicare and Medicaid, which significantly plays an important role in purchasing health care. On the other hand, the United States is known to be the highest spender on health care, which stands at around 3 times the average of OECD. In terms of volume, this stands out at around 2 times. Further, in the year 2019, the federal and state programmes in the US covered about one-quarter of all the health care spending in the nation. Additionally, about 60% of this expenditure were classified under compulsory insurance schemes.
To live a quality life, individuals nowadays are more focused on receiving quality healthcare services. On an average, the provisional life expectancy of individuals of all races and origins in the United States at birth was 76.1 years in the year 2021. This was a decline by 0.9 year from 77.0 years in the year 2020. Further, amongst males, life expectancy at birth in the year 2021 was 73.2 years, while that for female was 79.1 years. Additionally, amongst males, life expectancy at birth declined by 1.0 year from its previous year, while females witnessed a decrease of 0.8 year from 2020. On the other hand, the difference in life expectancy between males and females in the year 2021 was 5.9 years, which was increase from 5.7 in the year 2020.
The report includes a section on North America region which is further segmented on a country/regional level including United States, and Canada.
A complete section on competitive landscape provides an understanding of the companies in current strategic report based upon various parameters which includes overview of the company, business strategy, major product offerings, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis. There is a separate section which has been provided on the market share of key players in this market, as well as the competitive positioning of the players.
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