Artificial Joints Market Procurement Intelligence Report

A purchasing guide for Artificial Joints – rich advisory on spend outlook in Artificial Joints, pricing analysis for Artificial Joints procurement cost benchmarking, negotiation strategies and key vendors of Artificial Joints.

Artificial Joints is an essential part of the Medical and Surgical Consumables category which includes all spend on recurring products used in the application of invasive or non invasive treatment of medical conditions or disease containment activities. The products should be non-durable in nature and designated to be of single-use or temporary use.

Key questions on L4 procurement answered by this report

Strategic Sourcing Guide to Artificial Joints Procurement

Overview

Several macro changes in the dynamics of overall Medical and Surgical Consumables as well as Artificial Joints procurement trends are poised to change the business practices and procurement thumb rules. New locations and vendors are emerging as cost effective suppliers of Artificial Joints, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

Buyers that have multiple locations under management are increasingly opting for a single supplier who can deliver the preferred solutions in a consistent manner across locations. Often suppliers with a physical presence across key geographies are preferred in such cases.

Many suppliers are expanding within the value chain to offer integrated solutions. With this new approach, suppliers can offer a wide portfolio of solutions and position themselves for large contracts that go beyond just Artificial Joints. Buyers also find the benefits of volume buying, consolidation of supplier base, efficient co-ordination in case of an event and less spending on category management.

Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.

Artificial Joints Procurement Best Practices

As market conditions become more dynamic and procurement practices get more sophisticated, category managers need to be cognizant of the best practices that work for their Artificial Joints category procurement. The report offers a succinct analysis of Artificial Joints procurement best practices.

For example, Buyers must clearly define clauses pertaining to the ownership of subcontracted services that are not part of their service providers' portfolios. This is necessary to ensure service consistency and control over sensitive data that are shared with sub-contracted firms.

Buyers should look to minimize the contract-related risks where unfavorable credit terms may severly penalize buyers for delayed payments or entitle the supplier to demand pre-payments or shorten the payment terms. Although these clauses are not very common in the category, suppliers may still insist on them, especially in situations where buyers' liquidity or financial health is in question.

Before engaging in a contractual agreement with suppliers, buyers should focus on identifying and understanding various critical parameters along with their impacts on different procurement models.


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Risks in Artificial Joints procurement

Artificial Joints procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Artificial Joints procurement. Some examples include:


  • When requirements of the buyers are not absolutely clear or usage patterns are not stable or predictable, suppliers often build in \"cost buffers\" for unforeseen risks due to a lack of complete understanding on buyer's requirements. This increases the risk of overspending on Artificial Joints
  • Contract-related risks where unfavorable credit terms may severly penalize buyers for delayed payments or entitle the supplier to demand pre-payments or shorten the payment terms are not very common in the category but they do exist in certain situations where buyers' liquidity or financial health is in question
  • Pricing terms in the contract could prove to be inadequate to safeguard the buyer from impact of a sudden increase in supplier's cost, often arising from a lack of clarity on scope of products or services to be delivered

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Who should read this report

  • The report is intended to serve as a one-stop reference guide for Artificial Joints procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Artificial Joints: Procurement Report 101” as well as for category experts actively tracking the global Artificial Joints procurement market.

     

    You may have just initiated your research to design a winning Artificial Joints procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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Key questions on Artificial Joints procurement answered by this report

    Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

     

    The Artificial Joints procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

     

    • What is the spend potential in the Artificial Joints market?
    • What is the correct price to pay for Artificial Joints? What are the key trends and factors that influence current and future pricing?
    • Which selection criteria are the most important for Artificial Joints Suppliers Market?
    • Who are the top Artificial Joints suppliers? What are their cost structures?
    • Which negotiation levers can reduce Artificial Joints procurement cost ?
    • What are supplier margins in Artificial Joints market?
    • What are the best practices for Artificial Joints procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

Artificial Joints Category Insights: What is inside

  • A comprehensive drill down on category sourcing execution: Data, insights, advisory

    The Artificial Joints market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

    Data

    A key highlight of this report is the in-depth outlook created on Artificial Joints procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Artificial Joints. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

    Insights

    Along with specific category and supplier intelligence, the publication also includes curated insights on Artificial Joints market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

    Advisory

    Additionally, the report also advises on the best practices and strategies to manage the Artificial Joints category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

  • Unrivalled breadth of category analysis: at your fingertips

    Category Ecosystem

    • Buyer and supplier ecosystem
    • Competitiveness index
    • Buyer and supplier power
    • Threat of new entrants and substitutes

    Global and Regional Sourcing Insights

    • Category spend
    • Spend growth
    • Dynamics
    • Opportunities

    Pricing and Cost Analysis

      • Pricing outlook and data
      • Drivers of pricing
      • Cost structure and inputs cost
      • Total cost of ownership
      • Pricing models and margins

    Cost Saving Opportunities & Negotiation Strategies

    • Buyer and supplier side levers
    • Quantified cost saving opportunities
    • Negotiation strategies and quantified outcome

    Procurement Best Practices, Strategy and Enablers

    • Procurement excellence
    • Sustainability and innovation
    • KPIs and category enablers
    • Risk management and outsourcing

    Vendor Analysis

    • RFx essentials and selection criteria
    • SLAs
    • Supplier evaluation metrics
    • Detailed supplier profiles
  • A lucid, easy to read format: Enabling fast decisions

    Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

Category Research Framework

SpendEdge presents a detailed picture of Artificial Joints procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

Information Sources

Primary research
Secondary research
Procurement heads
Industry journals and reports
Category managers
Periodicals and new articles
Sourcing consortium professionals
Category webinars
Industry experts and thought leaders
Internal categiry playbooks
Procurement managers
Industry/government websites on regulations, compliance
Category heads of suppliers
Internal databases
Client account heads/managers
Industry blogs/thought leader briefings
Client and industry consultants

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