European Arthroscopy Device Market Will Reach $380 Million By 2021 Cross-Selling Remains the Primary Strategy for Competitors in this Space, According to Millennium Research Group
TORONTO, Oct. 3, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, demand for arthroscopy procedures in Europe will increase steadily due to the ongoing preference for minimally invasive treatments. This technique offers less patient pain and faster recovery times, and it can sometimes be performed on an outpatient basis, which helps to reduce health care costs.
"Product bundling remains the primary strategy for top players in this space, including DePuy Synthes, Smith & Nephew, Arthrex and CONMED," said MRG Senior Analyst Lexie Code. "These companies have successfully bundled arthroscopy devices with products from other markets, such as orthopedic soft tissue solutions and video and high-tech hardware devices, given that these devices are often used together in procedures. By offering related devices, companies can offer high-volume purchases at a discount, which is especially attractive for cost-conscious facilities."
However, this strategy may become less prominent in the arthroscopic device space in the future. A number of competitors have begun to develop devices, particularly in the fluid management device segment, that can integrate with products sold by competing manufacturers. This will allow companies using this strategy to sell individual products more easily; previously, hospitals were forced to purchase related equipment from a single supplier to ensure that the products integrated properly for optimal joint pressure and visualization during surgery. If more types of arthroscopy devices, such as arthroscopes and radiofrequency probes, are designed to integrate with competitors' equipment, market shares could change notably because hospitals would have more choices when purchasing single pieces of equipment.
Product innovation and new integration strategies also remain important for competitors in the evolving fluid management disposables market. In particular, this segment has seen a movement toward the use of cartridge-based devices, which can simplify tubing set-up. In addition, competitors that offer day-use and patient-use tubing will be at an advantage; hospitals are increasingly adopting these products because they result in lower per-procedure costs for high-volume facilities.
Millennium Research Group's European Markets for Arthroscopy Devices 2013 report includes 10-year forecasts for units, procedures, average selling prices and revenues, along with market drivers and limiters and a competitive landscape for powered shaver disposables, radiofrequency probes, fluid management disposables, arthroscopes, and hand instruments in the France, Germany, Italy, Spain, and the UK. Supplemental country coverage is also available for Austria, Belgium, the Czech Republic, Denmark, Finland, Greece, Hungary, the Netherlands, Norway, Poland, Portugal, Romania, Sweden, Switzerland and Ukraine, as well as in aggregate for the rest of the European countries.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
About Decision Resources Group
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SOURCE Millennium Research Group