Medical devices are the products or instruments which are used for the diagnosis, prevention, relief or treatment of a disease, disability, injury and so on. Medical devices cover a wide range of products which includes wheelchairs, glasses, pacemakers, dental crowns, hip implants, blood pressure monitors, breast implants, catheters, syringes, and many more.
Medical devices have developed their technologies over the past 100 years. From the discovery of penicillin to the discovery of advanced robots which are used in performing surgery, great steps have been taken in research and technology development. Regulatory changes have altered the way of medical professional’s work and what they need to get their jobs done. The technology used in healthcare is changing every single year. So, in order to thrive selling in the medical device industry, you need to be on top of your game at all times. Medical equipment marketing plans are varying significantly in the recent years and from company to company owing to the increasing number of companies involved in the manufacturing of medical devices owing to the emphasis to sustain in a competitive environment.
Medical devices sales tips include the well-designed customer relationship management (CRM) systems help the companies collect more information about key customers and marketplace trends on a timely basis, as well as informs sales representative on customer needs and opportunities. Best-in-class systems also help to update sales representatives regarding other critical commercial activities, such as marketing strategies and tactics, customer service interactions, and contract negotiations.
Along with CRM implementation, mobile technologies including smartphones, and tablets allows medical device manufacture companies to develop platforms and apps faster than ever. It also enables those platforms and apps to make a sizeable business impact and medical devices sales pitch is growing briskly from the past three years owing to the increasing demand from the North American and European regions because of the various government’s initiatives. Mobility computing offers representatives the opportunity to demonstrate products through video or initiate a video conference with peers or clinical specialists for expert commentary. This collaborative and customized environment during sales calls improves the quality of a rep’s interactions with physicians and other key decision makers. Solutions through mobiles help to improve the effectiveness of closed-loop marketing solutions by allowing reps to provide immediate feedback on physician responses to marketing materials.
When you’re adopting medical device market strategy to reach out to specific people or target audience, Data-Driven Decision-Making is the key to success. In order to identify potential markets and deliver the appropriate message, you need various ways to analyze your sales data and estimate demand. Analytics platforms and other data management tools should provide decision-makers with clear, easy-to-interpret data that enhance marketing and sales strategies improves customer service and controls costs.
How to market a medical device: No matter what strategy a company uses to support marketing and sales, a strong medical sales management process is essential for meeting the challenges of today’s market and growing the bottom line. Based on the geography, manufacturing companies of medical devices are more in North America, Europe, and Asia-Pacific. Among them, North America is the region with a large number of manufacturers in contrast with the other regions of the globe. The U.S. holds the largest medical device market in the world with a market size of around $140 billion, and U.S. market represented about 42% of the global medical device market in 2017. U.S. medical device companies are highly contemplated globally for their innovations and high technology products. R&D spending continues to represent a high percentage of medical device industry expenditures, averaging 6.9% of revenue from 2011 to 2017.
Key players in the medical devices manufacturing include:
- Medtronic PLC
- Johnson & Johnson
- Becton Dickinson &Co. (BD)
- Stryker Corporation
As per the Envision Intelligence estimates, the Global medical devices market value is estimated to reach up to $348 Billion by the end of 2024 with a CAGR of approximately 4.9% during 2018-2024. APAC countries including China, India and other countries and some of the European countries are the promising markets for the medical devices manufacturers. Medical device market is witnessing the development of design and manufacturing of portable and smaller devices and increasing the usage of software as a differentiator in medical devices. The market growth will be driven by the introduction of innovative devices into the market and also by the demand generated by illnesses associated with the aging global population.
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