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Many orthopedic companies remain focused on the U.S. market to drive significant growth, and for good reason. The States represent nearly 70% of the global orthopedic market. Although challenges remain in other regions of the world for commercializing new products, opportunities exist for future innovation and market share.
For example. Paragon 28 is focused on pumping up its international sales. The efforts appear to be working. Sales in the U.K., Australia, South Africa, Canada and Spain have contributed to the company’s third-quarter growth.
Value-based purchasing (VBP) in China has created headwinds for some orthopedic companies, but players that remain focused in the market could reap the rewards of one of the fastest-growing aging populations in the world.
Stryker CEO Kevin Lobo believes the APAC and EMEA regions are at an inflection point for robotics, offering companies the opportunity to develop enabling technology offerings in those areas.
The European Union’s Medical Device Regulation (MDR) remains a major regulatory hurdle for companies opting to stay in that market and has added to the expense of launching products throughout the EU. Still, Stryker has referred to Europe as a “growth engine” as it looks to grow its international presence.
Infographic proudly sponsored by Autocam Medical.
