Expectations for the Orthopedic & Spine Market in 2022
Case volume will be high, and only continue to increase
Backlog, we all knew a backlog was coming as soon as lockdowns came in and cases started to be suspended, but I don’t think anyone could have anticipated the volume that the Healthcare systems are facing. According to a Report by McKinsey, the USA is looking at a backlog of around 1million Orthopedic and Spinal surgeries by mid-2022, expected to take 16 months to clear. In the UK, around 10million patients are currently waiting for surgical procedures, up from 4million at the start of the pandemic. This is clearly a global opportunity.
This is obviously a daunting figure, and there will be a lot on uncertainty for patients, but this does mean there are huge opportunities for device manufacturers to recoup lost revenue, change the way that cases and procedures are handled, and make up their balance sheets with possibly their best ever 18 months.
Hiring will be significant, with candidates holding a lot of power in processes
As we have already alluded to, there’s such a significantly volume of cases to work through in the US alone, that organisations are going to be fighting over securing talent in order to meet the demands of the market. Expect to see Sales, Marketing, Engineering and Operations roles be in high demand, as well as Regulatory and Quality being of vital importance. The risk of a recall or classification issues is too high for organisations, and expect to see companies take measures to avoid inventory issues which were an issue for many, even prior to the pandemic.
Candidates will find themselves getting more calls from fellow recruitment firms and I. Organisations will have to understand their value proposition and make sure they are a genuinely attractive prospect to candidates to not only compete in the OR, but also at the interview table. Also, expect to see more growth opportunities to entice individuals away. I’m already working on Management roles that are actively recruiting for individuals not currently managing but wanting to progress.
Surgery Centre usage will continue to grow
One of the key reasons why we are seeing a lot of activity in the market right now is down to the increased usage of Surgery centres. For less invasive cases, surgeons are relishing the opportunity to perform and work through cases at Surgery centres. This benefits the manufacturers hugely with less stringent approval processes for products, and the chance for genuinely innovative products to be seen and used by the surgeons much quicker.
Acquisitions will continue, but expect to see smaller companies take on more market share
This year started with a flurry of M&A’s, both from market leaders making strategic acquisitions, as well as investment companies looking to grow their Medical Prescence, or enter the market for the first time entirely.
I expect this to continue, as investors look at which markets are going to grow post covid, Medical Devices, and particularly elective based devices, has to be one of the safest bets. I also expect to see less dominance from the market leaders, and more SME organisations grow organically or benefit from external investment and look to take market share from the usual suspects.
Covid-19 has changed the world forever, whilst it has been a global crisis and there has been so much damage from this pandemic, we now need to look forward and look at the opportunities it has also presented.
Almost everyone has experienced a new way of working, and most of us are embracing the hybrid and remote working models. Many of us have found a better work-life balance without reducing our working hours, just the commute, and have found new priorities when looking at our professional and personal lives.
Expect to see an incredibly competitive next 2/3 years in the industry, and expect to see many opportunities for yourself to find a great new company, career progression, and increased compensation.
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