Medical Implants Market Overview
The global medical implants market is witnessing a surge in the demand owing to rising disposable income, better medical facilities, significant technological advancements, rise in healthcare expenditure, and rising prevalence of chronic diseases. Additionally, rising healthcare demands in developing countries are expected to lead to the growth of the implants market around the globe. However, factors such as high costs of implantation, stringent regulatory framework, inadequate reimbursement policies, and lack of skilled health care professionals are inhibiting the growth of the medical implants market. Furthermore, market dynamics are also rapidly changing. As such, companies in the medical implants market will need to reduce costs, advance in technology, streamline operations, and innovate quickly.
Top Markets: The United States holds the largest share of the global medical implants market, followed by Europe. The experts at Infiniti Research predict that the Asia-Pacific region will showcase explosive growth through 2021.
Top segments: Orthopedic implants, cardiac implants, spinal implants, dental implants, and cosmetic implants
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Key medical implants market challenges faced by the client
An American medical implants manufacturer and supplier was looking to develop an advanced orthopedic implant for the North American market. In order to ensure the commercial success of the new device, the client wanted the product to meet the needs and expectations of end-users such as physicians and support staffs. In addition, the client wanted to track innovations and trends and identify technology areas that provide the best commercial opportunity.
The company in the medical implants market also wanted to:
- Navigate technological disruption with a better understanding of the technology landscape and a strategic roadmap for investment
- Identify technologies that are most likely to confer a competitive advantage in the near and long-term in the medical implants market
- Understand the technology adoption trends in their focus industry and identify the changes that need to be made to compete effectively
Our Integrated Approach
To help the client tackle the industry challenges, the experts at Infiniti Research conducted rigorous desk research of the latest innovations in the North American medical implants market through 750+ sources.
As a part of the market assessment, the experts also conducted:
- Company analysis and profiling to identify areas that need improvement
- Market potential assessment to identify and evaluate potential investment areas
- Concept testing to check the viability of introducing the new product in North America
- Pricing research to draw the relationship between the product’s features and pricing to determine the optimal price point
Furthermore, Infiniti’s market assessment involved:
- Development of a go-to-market opportunity roadmap
- Setup for new product pricing approval policy in North America
- Product testing and approval process
- Identification of physicians needs and requirements
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By leveraging Infiniti’s market assessment, the company in the client was able to:
- Gain a better understanding of the technology landscape and identify the changes that need to be made in their new medical device to compete effectively
- Track the latest innovations and trends and identify technology areas that provide the best commercial opportunity in the medical implants industry
- Develop a sound go-to-market opportunity roadmap for their new product launch
- Estimate the profit potential for their new medical device for the next five years
- Gain 11% market share in its new product category, generating $2.8 million in savings