For start-ups to large corporations, the development and manufacturing of medical technologies has become a lucrative target, and one with the added benefit of improving the lives of people around the world.
But rushing into any market is never a good idea, and given that both the production and sales costs of medical devices are far higher than other sectors, it’s essential to start with this three-fold approach to researching a new idea.
Reviewing existing technology is essential before any new products are introduced to the market. What worked, what didn’t, and most importantly, what do medical services professionals think? This input can be a valuable way to understand data in a real way that reflects real usage. How often were specialized devices or technologies used, and do newer options actually offer a better alternative?
A detailed review of procedure volumes for a given specification is essential in order to understand how often said technology is used, where it is used, and the viability of it in the coming years. Break data down into target regions, or by specific market segment to get a well-rounded look.
The development of any medical device must take into account a forecast for procedural and device use in the future. For example, a 2019 analysis of Implantable Pacemaker products anticipates usage through 2023, including factors like international market usage, emerging technologies, and rates of disorders and diagnoses for which the products are used.
This information becomes crucial when shaping R&D by:
- Focusing attention in the right markets
- Protecting product development ROI
- Highlighting sectors where there may be a greater need for the product