The Asian population is quickly aging and accumulating wealth, ripening conditions in several countries for the orthopaedic industry to grow 15 to 18 percent each year for the next decade.
“In Asia, hip and knee implants, trauma devices and other orthopaedic products are experiencing double-digit growth,” says Ames Gross, President and Founder of Pacific Bridge Medical, a firm that assists international medical companies in Asia.
The largest markets for opportunity, naturally, will be the growing economies—and populations—in China and India, Gross says. Vietnam and Myanmar also present promising environments for device manufacturers.
No matter the size, says Ames, companies that want to prosper in the Asian market need to abide by good business practices: hire natives to run the business, show appreciation of local culture and understand quality and price measurements.
“A lot of Asian people are getting richer, but they don’t yet have enough money to buy pricey orthopaedic products sold in the U.S. and Europe,” Gross says. “The bottom line is that orthopaedic manufacturers need to produce products that will work in the developing markets in the world and the developing markets in Asia.”
For more on the changing orthopaedic industries in China and India, John Gagliardi of MidWest Process Innovation continues the conversation: