Trends in Medical Device Industry Mean Opportunity
The demand for knee and hip replacements in the US continues to grow and some reports put the total market value for 2007 at about $5.5 billion. This trend has not gone unnoticed by medical device manufacturers. The industry continues to grow more crowded with large firms such as Zimmer and Stryker tweaking their offerings to increase market share. A study in Medical Device & Diagnostic Industry points to important trends that will shape the future for businesses operating in this sector:
- Technology is increasingly crossing traditional lines of business and biopharmaceutical firms may find themselves blending both biologic, digital and mechanical fields to develop products.
- Companies may find themselves increasingly marketing to payers such as insurance companies and consumers instead of to doctors and hospitals.
- The market is expanding globally for both import and export opportunities. Proper marketing strategies can grow business in the international arena.
- As new products come on the market, regulatory oversight will increase.
Discuss these trends with your medical device manufacturers and plan new marketing campaigns to reach a broader customer base.[Sources: Palmer, Jay. “Stepping Out on a Zimmer Knee,” Wall Street Journal, 6.22.08; Medical Device & Diagnostic Industry study, 2008]