Is There a Market For Your Medical Device?

Oct 15, 2019 | Product Development

Why would you spend time, effort and money developing a medical device without checking that there’s actually a viable market for it?

That would be crazy, wouldn’t it?

Yet, all too often, we focus on the technology, the engineering, at the expense of finding out whether it has a valuable practical use.

So, Finding out where, how and when you can get to a sustainable market is surely rather important. Getting it wrong is damaging. It’s extremely time consuming. It’s very expensive.

If you had a sense of what you needed to do, to take care of this, what would you then do?

After watching this video, you may want to think about how you’ll put what you learn into action.

In this bite-size video, we’ll continue our exploration of the map of medical device development. This time, we’re taking a look at the Market Research and Access track.

In the time available to us, we can’t go into great detail, so please get in touch to find out more.

You’ll want to ensure there actually is a market for the product you’re developing! It’s also helpful to have an idea of which countries you plan to sell itin.

So, it’s a good idea to perform a Market Assessment, to check the market exists, its size, complexity and what competition is already out there (which may include other ways of addressing the same, or similar, unmet clinical needs). The assessment should also look at the options for a route to the market, for your product.

Building on the information you gathered earlier, Competitor Benchmarking assesses the position of your product’s competitors, their market access, opportunities for your product and threats to it’s success.

All this information helps you firm up on the most effective Route to Market for your product, in its launch market, and for subsequent launches that build on that initial success.

Developing a Marketing Strategy is an important part of preparing to launch your product. You’ll work with key opinion leaders (hopefully you’ll have started working with them much earlier in development to support Clinical activities and Market Assessment).

During Launch, you start to execute your Marketing Strategy for the product, including the delivery of Tactical Communications to your target market(s). Clinical and product performance data can be very useful here in allowing you to make claims about the product.

Alongside this, you’ll be looking for opportunities for Business Development – whether its additional indications for use, going into new countries, additional market segments, or working with new distributors.

As you watched this video, you’ll have started to think about how you can go about addressing each of these steps properly, making the best of each part of your journey. You may now want to get some guidance to turn your thoughts into concrete actions.

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