Self Pay Orthopedic Surgery- Market Potential and Consumer Demand
The number of orthopedic surgery procedures performed globally in 2017 was 22.3 million approximately. The number is expected to cross 28.3 million by 2022, which shows orthopedic surgical procedure categories are rapidly growing. Driven by joint replacement implants, surgical power tools and prosthetic limbs, the global orthopedics market was valued at $52.8 billion in 2017. By 2023, the market size is expected to surpass $66.2 billion approximately. Some of the key procedures that are causing steadily increasing demand of the market are:
- Joint reconstruction
- Spinal surgery procedure
- Soft tissue replacement
- Hip, knee and shoulder reconstruction
- Orthobiologics like stem cells, bone graft, bone morphogenetic proteins, etc.
Important Factors that Drives the Market of Orthopedic Procedures:
- Age-related orthopedic procedures
- Increase in aged and obesity population
- Better implant technologies
- Technological advancement
- Rising demand of elective MIS procedures
- Rising trauma-related injuries
- Increasing number of outpatient techniques
Major Regions contributing to the Growing Demand of Orthopedic Procedures
By 2026, North America is expected to hold the largest share of orthopedic procedures due to the increasing elderly population and rising demand of orthopedic techniques in this region. The major revenue contributors are knee and spine segments followed by hip, ankle, foot, trauma and extremities.
Another fastest-growing region for the orthopedic procedures market is Asia-Pacific. One of the key factors that boost the orthopedic procedures market in this region is the growing prevalence of orthopedic diseases. The largest market share in the Asia Pacific market is held by China followed by India, Japan and Australia.
There is also steady demand of orthopedic procedures in the European market where the key contributors are the United Kingdom, Germany, France, Spain, Italy, etc.
What Consumers Expect?
A big part of the orthopedic surgery market is driven by cash-paying customers. These people do not get coverage and need to pay for the treatment from their own pocket. That is why they expect complete transparency about the cost of the treatment, details of the procedure, types of equipment to be used, medications to be provided, experience of the surgeon/doctor, credentials of the clinic, possible complications, etc.
The orthopedic providers must ensure that the consumers get all these details with complete transparency. They can incorporate various informative resources such as clinic profiles, doctor profiles, testimonials, case studies, reviews, articles, videos, all-inclusive packages and more.
Apart from all the above-mentioned informative and educational resources, the providers must stress on direct communication. One-on-one communication with the patients can help in clarifying their worries and doubts. In addition, they can also be informed about the safety measures of the clinic, benefits of the procedure, doctor credentials, center facilities, after-care, etc. with direct communication.
Providers must ensure that they offer hybrid experience to the patients. For that, they must educate the consumers about the treatment procedures, recovery time, cost, possible complications, surgeon’s experience and more. They can incorporate various educational mediums such as articles, blogs, case studies, videos, etc. to educate the patients and arrange of online consultation with the experts. When the patients get answers to everything, they want to know they feel confident and proceed to book treatment. Now, providers need to ensure that the treatment matches the patient’s expectation, and they are also guided with suitable after-care strategies. So, the entire journey of education, online consultation, treatment and aftercare completes the hybrid experience that the consumers want from the providers.
Just like shopping for retail goods provide a lot of choice to the consumers, patients expect similar convenience with healthcare shopping. For orthopedic treatments, the consumers want to know about the suitable procedures by different clinics, success rates of the clinics, experience of the surgeon, price of the procedures, etc. They like to visit the platform where they can do retail healthcare shopping and then make their choice. The providers thus need to ensure that they are visible in the global self-pay orthopedic marketplace so that their offerings are visible to the consumers.
PlacidWay is a leading global healthcare marketplace that helps thousands of providers with innovative solutions. We can help you offer hybrid experience to your consumers and enjoy omnichannel communication with them. Also, we have a wide range of advanced solutions like all-inclusive packages, online consultation/second opinion, detailed center profiles, doctor profiles, videos, infographics, testimonials, case studies, etc. can help you to reach and tap the huge potential of the self-pay global orthopedic market easily.
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