In our annual deep-dive into how market and technology changes drive marketing, sales and service models in the medical device industry, Launch Team and Novatek take a look at the stats behind the decisions we see in the medical device companies we work with each day.
Medical Device Market Growth Trends
With slowing top-line growth in the U.S. medical device market, many medical device companies are turning their attention to developing the products required to enable telemedicine. Already a major emphasis in Europe, telemedicine is also gaining favor in the U.S. as a means to reduce healthcare costs and improve patients’ access to treatment. We expect to see accelerated product launch of mobile diagonistics in the near future.
Personalized medicine is another major opportunity. As Baby Boomers age, ensuring medication compliance is opening the opportunity for custom vitamin and medication pouches and other drug delivery systems.
A few more stats:
350K—Number of online consults in 2013
7M—Patients treated via telemedicine in 2017
$6B—Anticipated employer savings with telemedicine
$20B—Health IT market by 2019
The medical device customer base as a whole is expanding, as more and more companies begin to recognize patients as the consumers. This change amplifies the importance of educational content marketing and customer service presented through social media.
We also forsee a shift in marketing messages from innovation to TCO (total cost of ownership), which will require education on workflows and user experience. Many companies will need to explore a different value proposition.
The election year may account for some of the slowdown, as the direction of healthcare reform hangs in the balance.
Check back each week for in-depth exploration of innovation and drivers for medical device companies and their supply chains.
Download our Product Launch Checklist for actionable branding, sales and marketing steps for a successful medical device product launch.
