2018 has been an eventful year for the med-tech industry, and there are no signs that things will slow down in 2019. In fact, it’s estimated that the industry will reach $477.5 billion in annual revenue by 2020. In the midst of all this momentum it’s important to take a step back to assess the events of the past before looking ahead to the future.
While it may not be a new trend, the importance of marketing has become more important than ever before with nearly 7,000 medical device companies in the U.S. alone. It goes without saying that an industry with this much saturation becomes highly competitive, and it’s more important than ever that companies focus on achieving the highest possible visibility across all platforms.
Mobile-friendly websites are another trend whose existence may have predated 2018 but has never been more important. Not only do potential customers gravitate more to mobile-friendly sites, but they’re also more likely to make purchases. Not only that, but as more users make Google searches from their mobile devices, Google will be less likely to direct users to sites that aren’t geared towards mobile. Check out Google’s Mobile-Friendly Test to see if your site meets their criteria. To that end, search engine optimization has become of utmost importance, as nearly 30 million people use Google to conduct medical research.
Another area of increased focus in 2018 has been the importance of marketing to hospitals. Lower reimbursement growth resulting from new and shifting legislation may lead hospitals to become more cautious in their approach to medical purchases, either by altering their standards when looking at new procedures or more aggressively negotiating prices. This is a global phenomenon which may force down product prices.
Conversely, the global market presents a great deal of opportunity for the med-techh industry. Emerging economies are contributing more and more to the consumption of healthcare as they become more stable and their infrastructures – healthcare and otherwise – improve. This inherently affects marketing, as new strategies must be developed to suit new and foreign audiences.
While 2018 has been a tumultuous year – legislatively and otherwise – it’s a promising time for the med-tech industry, and we look forward to the opportunities that will accompany 2019.