MedTech and Market Intelligence: Is it Too Late to be Friends?
Medical Technology (MedTech) is a crucial sector of the healthcare industry. Insulin pumps, ventilators, hearing aid, and implants are just a few examples of many that make MedTech an everyday encounter in the current healthcare system.
Unfortunately, it is often the case that MedTech companies start utilizing market intelligence tools in the late stages of product development. This is because of a misperception that only technical research is necessary in the earlier stages of product development. In fact, market research should move in parallel to technical research throughout all product development stages.
While technical research is important for the conceptualization and manufacturing of the product, market research is essential for crucial parts of product development. In the early stages of product development, market intelligence plays a major role in verifying market potential, competitive edge, design requirements of product from a user’s perspective, and product’s link to user’s actual needs. In different stages of the product development cycle, different market intel tools are required to prevent organizations from spending huge amounts of development costs through guiding an efficient product development funnel.
MedTech: An industry hindered by overshadowing
MedTech is an emerging market with great opportunity due to technological advances and implementations indifferent healthcare segments. In 2022 the global medical devices market was valued at USD577.26 billion and is expected to reach USD 850 billion by 2030. However, as any other industry, MedTech also faces challenges that can impair market growth. Two great examples were the late market introduction of air filtering devices and wearable biosensors. Inefficient market intelligence led to delayed customer acceptance of these products.
The high-efficiency particulate air filter, in short HEPA, is 95-98% efficient in filtering airborne viruses including SARS‑CoV‑2. However, during the pandemic, a lot of misinformation about the efficiency of HEPA in filtering corona virus was spread. Only in 2021, one year after COVID-19 breakthrough, scientific data reassured that HEPA removed almost all traces of airborne SARS-CoV-2 inCOVID-19 wards.
Wearable biosensors are another MedTech example with great potential but delayed market acceptance. Wearable biosensors can be used in hospitals in a great range of clinical applications such as vital signs, monitoring and feedback, and disease control. During COVID-19,wearable biosensors were implemented to manage the triage and clinical surveillance of COVID-19 patients, reducing healthcare workers exposure to infected patients. Despite its advantages, clinical usage of these devices is still low. Many medical staff still have concerns whether the developed technology is reliable. Moreover, other factors such as data security and wireless capability challenge product implementation in clinical settings. Patients are hesitant when allowing access to their personal data such as location, and health status in. In addition, wearables demand an efficient internet connection to function therefore reliable and fast wireless covering the whole facility is necessary.
Why market intelligence has never been more important in the MedTech industry
Despite its necessity for patients, it is often the case that patient access to MedTech solutions is delayed because of preventable challenges.
Implementing effective market research throughout the product development phases helps MedTech companies avoid costly mistakes and acquire a quicker access to the market. With market intelligence, companies are informed about their potential product’s cost-effectiveness, risk management, customer acceptance and regulatory requirements.
Hammer’s role in MedTech
Market intelligence brings to the MedTech industry efficient tools such as market mapping, potential product adoption, target customer persona, market entry strategizing, and more. Taken together, such tools give MedTech business developers a clear view of the market to speed up product development and to better position their products.
With Hammer intelligence tools and methodologies, achieving this couldn’t be easier. Hammer has 30+ years of market research experience, 40+ clients across Europe, and a portfolio of projects in a wide array of industries. Curious to know more? Get in touch!