Final Q423 US Total Joints Market results are expected to solidify above pre-COVID growth rates for 2023. The post-pandemic patient backlog sustained strong market performance in 2023 despite tough comparisons and a challenging economic environment with rising inflation and the threat of a recession looming over healthcare consumers. What will the future hold? In this article, SmartTRAK looks at some of the trends to watch in 2024, including:
- Mixed Predictions Regarding Patient Backlog
Several Companies including Zimmer Biomet are banking on the backlog of patients to continue boosting procedure growth through 2024. Wall Street analysts, however, are more tempered in their forward-looking projections.
- US Economic Factors Buoying Consumer Confidence
The demand for health care is typically more resilient in the face of weaker economic conditions. However, improvements in some economic conditions in the US during 2024 are expected to buoy consumer confidence.
- Ongoing Shift to Outpatient Site-of-Care Despite Reimbursement Decline
Eligible patients are continuing to choose joint replacement surgery in an outpatient or ambulatory surgery center (ASC) setting in increasing numbers. New ASCs springing up around the country are giving potential patients expanded site-of-care options.
- Ongoing Influence of ASC Economics
ASCs facing lower reimbursement rates compared to hospital outpatient and inpatient settings will continue to look for product solutions that improve efficiency and reduce the overall cost of care.
- New Product Launches to Watch
New and early-stage hip and knee product launches for both large and mid-tier Joint Replacement Market players will drive revenue growth.
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