15 Jan 4 Methods for Judging a Medical Device Market for Distributors
4 Methods for Judging a Medical Device Market for Distributors
Manufacturing jobs are growing in some sectors and that can mean great things if you’re considering a career in medical device distribution or if you’re thinking about expanding the medical devices that you offer.
While the U.S. lost roughly 5 million manufacturing jobs since 2000, medical equipment manufacturing has grown by about 8% over the past two decades. That’s because these devices aren’t competing on who can produce them for the lowest cost, they’re competing by figuring out which product is the most innovative and can be customized the most to the end-consumer.
Those are the two biggest factors to look at when considering the viability of a medical device — according to Indiana University Kelley School of Business Professor Mohan Tatikonda — and we think they’re great guiding principles for how you should judge the market.
Here are four of the key questions you’ll want to answer when you’re looking to judge a medical device’s future and if it presents a growing opportunity for you.
Is the Target Condition Solved or Is the Market Growing?
The market for Pain Management Devices is expected to grow at a CAGR of 8.5% from 2016 to 2021, to reach $4.64 billion. The growth is due to increasing longevity across the globe, which equates to a large patient base, adverse effects (and side effects), new treatment methodologies, and devices that now target pain without losing efficacy over time, according to MarketsandMarkets, one of the world’s largest market research firms.
The researcher expects the market to stay large because drugs and other treatment options are handling part of the care of major illnesses and events, but not pain management. Such areas include:
- neuropathic pain,
- cancer pain,
- facial pain & migraines,
- musculoskeletal pain,
- and smaller segments of pain.
Its report also notes that prescription devices will remain the largest portion of this market, but over-the-counter options will be the fastest growing segment through 2021. Devices that can be provided in both settings, such as those used in out-patient or rehab center care, are best positioned to take advantage of both segments.
Is the Product a New, Innovative Approach?
The best devices have something familiar that people can understand and may know a bit about so that you can get your foot in the door. You don’t have the guaranteed time like they do on Shark Tank, so you’ll want an opening that’s known but a differentiator that’s compelling enough to keep them listening.
We’ve taken this approach with our WellnessPro+ devices that offer multiple paths to healing with upcoming models adding support for new devices including cold laser and wrinkle control wands. Delivering microcurrent control also allows us to be fully adjustable with precision in electrical ranging from 1μA to 600μA.
We’re building off an existing knowledge base of bioelectronic medicine and electrotherapy, but providing more significant control and a smaller form factor than many practitioners who would have worked with an old TENS model in the past.
By being different than traditional TENS units, we’re giving you a way to differentiate and focus on innovation, which has a better conversion rate for device sales.
Is the It Adaptable?
Medical devices need to work across multiple care settings because you need to sell to a wider array of clients to grow your business and thrive. Seek out opportunities that allow not only for different targeting but the ability to tailor your pitch to your specific audience, from clinics and hospitals to outpatient care or specialty services like physical therapy offices. The focus on flexibility needs to come in on the patient side of things, whether that’s fitting in more care scenarios or making it easy for the patient and provider to understand. For example, our WellnessPro+ delivers electrotherapy pain relief for hundreds of different pain ailments and therapy patterns, which means it works for a wide range of pain causes. However, that can be overwhelming for some, so we also provide a clear set of instructions and predefined autocodes to treat the most common ailments. We make it easy on providers to deliver care, which makes it easier to get it into their hands.
Is the Company Seen as an Expert?
What do people say about the company and is it easy to find and share that information? Look for testimonials of real people as well as physicians and providers, so you can make the case that your client and their customers will both benefit.
Your goal is to find reviews that are honest and feature people your audience will identify with, whether it’s a massage therapy clinic owner or a world-renowned ophthalmologist or someone suffering from fibromyalgia pain.
Everyone can claim that they are an expert, but you want proof that people are satisfied with the treatment the medical device delivers. And, if they have testimonials from other medical device sales distributors and professionals, that’s an even better sign that the device could be a big win as you grow your footprint.
If you want to learn more about the benefits of electrotherapy and how electrical stimulation can provide you with all-natural pain relief, download your free brochure about the WellnessPro Plus , the most advanced doctor-recommended TENS unit on the market. If you have specific questions, contact Electromedical Technologies or call us at toll-free (888) 880-7888.