According to industry professionals, there are factors that have the possibility to influence medical business opportunities – more specifically, the orthopedic device market. As the healthcare industry continues to grow, companies need to focus on specialization and proprietary offerings to stay lucrative and successful. Industry professionals have identified five disruptive factors that are currently influencing the orthopedic device market:
- Heightened regulatory scrutiny – As the industry changes and grows, so do regulations put upon it. When it comes to medical business opportunities, regulations can prove to be a significant road block. While the issue of regulatory scrutiny is not specific to the orthopedic device market, it certainly affects it as this sector was one of the first to be focused on by the FDA.
- Shift to payors and providers – In addition to large healthcare operations consolidating with one another, a shift to payors and providers is impacting the orthopedic device market. Insurers are also consolidating, leaving states with limited insurer options. As a result of this mergers and acquisitions activity, the prices in the orthopedic device marketing are being impacted.
- Unclear sources of innovation – When it comes to the orthopedic device market, there is a legitimate lack of innovation. Most of the devices that are created come from a handful of core platforms that already exist. However, innovation is being found in materials and new material usage though cost continues to be a factor in these types of innovations.
- New models for healthcare delivery – As the demand for healthcare increases, the way it is delivered is continually evolving. Patients are seeking more convenient, cheaper and quicker care. The standard model of healthcare delivery is changing to accommodate these demands.
- Increased demand for lower socio-economic classes – The demand for orthopedic devices from lower socio-economic classes has increased over the past several years, contributing to the disruption of the market. Finding a way to satisfy this demand with cost in mind is crucial to the future of the industry.
How can these disrupting factors be addressed? One way to combat these influencers is to move the focus to proprietary medical business opportunities. In order to evaluate where a business can specialize, they must first take stock of their offerings and where they might best compete. In addition, the business should take stock of current industry trends and the disruptive forces that can affect it.
Looking toward the future of the industry is also key in making plans to survive in a changing landscape. The orthopedic device market looks to move toward 3D technology and robotics and there is a wealth of medical business opportunities that lie within. Discovering how to move forward without being greatly impacted by disruptive factors is key to any business within the orthopedic device market and the healthcare industry at large.