Unlike taking traditional products or services to market, medical devices require a different approach. Not only must you have FDA approval, there are an array of different audiences who may make purchasing decisions for your device.
The medical device market is evolving. It is projected to reach $673 billion by 2029, and KPMG predicts medical device manufacturers that go beyond connecting with customers and connect with patients as well as end users will lead the way.
But, medical device marketing doesn’t have to be complex. Here are several strategies you can use for market growth.
Understanding the Medical Device Market Landscape
The medical device landscape spans tools from thermometers to surgical robots to implantable devices. These devices can improve patient care, make advancements and be used for better diagnostics.
The industry saw a boom thanks to COVID and the increased use of medical devices to diagnose and track and collect data virtually.
Market Trends in Medical Devices
As we look beyond 2024, keep an eye on these market trends in medical devices:
Increased use of AI and machine learning: According to BIS Research, the artificial intelligence medical device market is expected to grow nearly 25% by 2032. In fact, the company reports that the number of AI medical device approvals with the FDA has been steadily increasing every year.
BIS research notes that specialties like radiology, cardiology and the demand for wearables are driving this increase.
Cybersecurity threats: While cybersecurity remains a threat for healthcare organizations, it’s also a threat for medical device manufacturers. To keep patients and customers safe, medical device manufacturers need to be aware of and comply with evolving security requirements from the FDA. Beginning Oct. 1, 2023, medical device manufacturers must submit a detailed plan to the FDA about how they will actively monitor, identify and address any potential security threats or breaches for any device that contains software or connects to the internet.
Innovation will continue: McKinsey reports the FDA approved more novel medical technologies in 2023 than any other year. McKinsey expects the pace of innovation in 2024 and beyond to outpace 2020 and 2022 levels. Cardiovascular, neuromodulation and digital-health-devices are expected to gain momentum. The increased pace of innovation will likely mean more competition for medical device and medtech companies, McKinsey suggests.
Approaching Competitor/Competitive Analysis in Medical Device Marketing
To stand out in a crowded market, you need to know how to position yourself. Effective positioning can also help you create successful medical device marketing strategies and value propositions. Knowing your competitors, their products and their strengths and weaknesses can help you do this.
Competitive analysis should identify:
- Unmet customer needs competitors are not addressing
- Opportunities in the marketplace
- Gaps in the marketplace
- The benefits and advantages of your device
Medical Device Marketing: Analyzing Your Competitors
Include the following when analyzing your competition:
- Look at your competitors’ marketing campaigns and language. Is it resonating with their audience?
- Whether or not your competitors products have any advantages or vulnerabilities when meeting customers needs
Overcoming Medical Device Marketing Challenges
Medical device marketing presents unique challenges that don’t come with traditional product marketing. To overcome these challenges, you need to have a solid understanding of the healthcare and business landscapes while balancing pressure from your competition, regulatory requirements and patient safety and satisfaction.
Invest in regulatory expertise and training: Work closely with experts who can provide guidance and direction on changing regulatory guidelines and the submission process. Because regulations continuously evolve, closely monitor the regulatory space for any changes. And finally, make sure your marketing team is abreast of industry standards and are trained in regulatory compliance.
Target the right audience: Knowing who you’re marketing to, why and their pain points can help you target the right audience. Having detailed buyer personas can help you uncover the above points about your audience. Once you know more about your audience, use personalized marketing strategies and data and analytics to target your audience.
Implement robust data protection and training: Ensure company has secure data transmission, storage and access. Work with those knowledgeable about healthcare data privacy laws, and ensure your marketing team is trained and well-versed in data privacy regulations, data security best practices and how to handle patient information.
Developing an Effective Medical Device Marketing Strategy
An effective digital marketing strategy can help you stand out in a crowded medical device market and can help you capture more market share.
Know your audience
Is your target audience physicians? Hospital administrators? Other hospital staff? Patients? Identifying your audience and your buyer personas can help you pinpoint the decision makers and secondary decision makers you want to get in front of. It can also help you develop content that addresses your personas’ pain points and questions.
Create an impactful value proposition
What benefits does your device provide to physicians, staff or patients? Your value proposition should tell your target audience how your device will solve their pain points, why your product is better than others on the market and how it will benefit them.
Effective channels for medical device marketing
Knowing your audience helps you determine which channels will be most effective for your medical device marketing campaigns. Is your audience clinicians who check emails on their phones between cases? Are they active on social media?
McKinsey reports the most successful medical device marketing campaigns are omnichannel and combine digital campaigns with traditional face-to-face sales rep visits. Regardless of which channels your audience prefers, it’s important to have a robust SEO strategy. The majority of buyers don’t search for products by product name. They search for a solution to a problem. When you know where your audience gets their information and how they search for and evaluate products, this can help influence your SEO strategy.
Leveraging Content Marketing for Medical Devices
Content marketing is an important piece of the medical device marketing puzzle. It can help you reach your target audience and establish you as an expert.
How content marketing helps you reach clinicians: Clinicians seek evidence-based information about treatments and devices that may help. To reach this audience, you can create content showcasing research findings through case studies and whitepapers. You can also create educational content about your device and how it can improve patient outcomes. Optimize your content with terms clinicians commonly search. This could include treatment guidelines, medical procedures or device specs.
How content marketing helps you reach patients: Patients usually head online to find information about their health condition, symptoms or treatments. Create educational content that’s easy to understand about conditions, treatments and how medical devices can play a role. Consider creating infographics, videos, articles and even testimonials about how your device impacted patients’ lives. Optimize your content with keywords about symptoms, medical conditions or treatment options.
Kuno Creative’s Expertise in Medical Device Marketing
The Kuno Creative team has helped medical device companies, physicians, health systems and others in the healthcare space better understand their audience, connect with them through the right messaging and user experience and create memorable digital marketing campaigns all in a way that’s HIPAA compliant.
Our team of experts is well versed in strategy, SEO, content marketing, inbound marketing and much more.
Take a look at some of these success stories:
Medical Device Manufacturer Creates Buzz With Content Marketing and Demand Generation
Branding, Website and SEO Attracts and Engages Buyers for Medical Technology Company
Ready To Boost Your Medical Device Marketing?
While some general marketing principles apply to medical device marketing, this space demands more from multiple facets of the marketing process. The right agency partner can help you navigate each facet, help you reach your audience and gain market share. Ready to get started? Schedule a consultation to learn more about partnering with Kuno today.
