Trends in the Medical Device Market: Accelerating Product Launch, Managing Risk

Posted by Michele Nichols on Fri, Nov 17, 2017

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As we do each year, Launch Team has paired up with Novatek to take a close look at the current trends, changes and technologies that are impacting the medical device industry. From product launches to new sales models, we're examining the 2018 outlook and sharing our insights.

The healthcare market has transformed quickly in the past year, and with MEDTECH 2017 fresh in our minds, we’re examining the trends that had an impact in 2017 and what's expected from the coming year. We've seen a lot of changes for our clients and for the industry, including:

  • Transitions to telemedicine
  • Launch of numerous digital devices
  • New processes and protocols

Uncertainty in the market has caused growth to slow, and the medical device buyer persona is changing.

“Where traditional medtech catered exclusively to physicians and hospital systems, health tech is more likely to be consumer-facing, bringing new tools and technologies directly to patients. It’s also more focused on preventive care, enabling patients to better manage their health before their physical problems advance to a state that can only be treated via an intervention such as surgery,” says Josh Makower, M.D.

The medtech industry recently has seen a major shift to digitalboth in terms of products (think IoT) and the tactics used to reach customers. Greater connectivity and web-based customer interaction has lead to two big concerns:

  • Cyber security – From connected devices to EHR systems, data safety is essential. (See Novatek’s blog on tips for preparing for a cyber attack)
  • Digital marketing – Educating buyers through high quality content and providing different ways to connect are key to increasing sales and adoption. (Read our case study on customer engagement in telemedicine)

For many companies, being successful in the medical device market in the coming year will include learning how to protect themselves and their customers against new risks while staying competitive in a continuously transforming industry. Our next blog will explore some best practices for overcoming these hurdles and increasing medical device market penetration.

 


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Topics: Business Insights, Medical Device