The world of medtech is in a state of constant growth. Developers are always designing, tweaking, and improving new life-changing medical technology for patients around the world. With so much success and buzz around these impressive innovations, medtech’s momentum doesn’t show any sign of slowing.
Seasoned medical sales professionals and hopefuls should be keeping an eye on the immense growth medtech has to offer over the next few years. The Evaluate Group’s recently released World Preview 2016, Outlook to 2022 report found the global medtech market will be worth $529.8 billion by 2022. That’s an annual growth rate of 5.2 percent over the next seven years.
While this prediction is huge, it may not come as a surprise to those who have been watching investment groups and startups closely. Recently, Third Rock Ventures, a medical investment company, raised an overwhelming $616 million. However, large investment companies aren’t the only ones raking in medtech cash. BrainCheck, a Houston-based startup creating an app to determine if you’ve suffered a concussion, just raised $3 million in seed money to continue their development efforts. With so many advancements and investments being made in the Medtech field, the outlook for sales professionals looks bright.
The MedTech Field continues to Advance and Grow
Just like Apple will continue releasing a new iPhone, medtech is also on the determination path for smarter and better technology. The previously mentioned Evaluate Group’s survey shows the U.S. Food and Drug Administration (FDA) granted 33 first-time device approvals in 2014. That’s an impressive 43 percent increase over the 2013 total.
While the overall growth of medtech is impressive, some areas will see more growth than others. In fact, with so many amazing health advancement possibilities, neurology has grabbed the top spot as the fastest-growing device area. Just this category alone is expected to have sales rise by 6.9 percent annually between 2014 and 2020 — hitting $9.5 billion in 2020, according to Evaluate Group’s report.
Just like any market, the medical sales field has its ups and down. But a January Med Device Online article, J&J CEO Promises “Bold Actions” To Accelerate Medical Device Growth, shows companies like Johnson and Johnson aren’t planning to simply wait for profits to rise when there is a lag in sales.
In the article, Johnson and Johnson’s CEO stated the company is prepared to make strategic partnerships and acquisitions of innovative platforms to drive future growth. This strategy has already been put in place as the company makes smaller partnerships with organizations and developers of new technologies, such as HistoSonics, Carbon 3, Northwestern University, BioSense Webster, Brainlab, and Rainbow Medical.
The Startups just keep Coming
Thanks to the many investors who believe in bettering healthcare through biotech advancements, startups are able to take their innovative technology to the next level. Medical sales professionals should keep an eye on which startups are getting investments and making it to market. This year, my employer, MedReps, has been keeping an eye on impressive startups in our Startups to Watch series.
The possibilities for medtech are endless. New devices range anywhere from patient experience, like CareCloud that just raised $31.5 million, to medication support with startups like PillDrill, that recently raised $3 million in funds. Or, take companies like Zipline, for instance, that are taking medtech to the sky with $25 million in funds to launch their drone delivery medical supply service in the U.S.
What this means for Medical Sales Professionals
Medical sales professionals are passionate employees who are always looking for the best way to make products accessible to medical professionals and their patients. There are many reports estimating growth trends for the medtech market, but they all have one thing in common — the numbers aren’t small.
Evaluate Group’s 2022 estimation for Medtronic is that this top medtech company will reach $39.9 billion. Helping along in the process of getting devices to market is the research and development forecast, which is expected to grow 4.3 percent annually, reaching $34 billion in 2022.
These numbers can only mean one thing for the medical sales field: developing with these medtech companies means growing your career. Constantly changing technology means frequent training and continuation of education to understand devices will be necessary. However, with a huge range of devices — from patient experience to medication programs, all the way to robotic arms that send sensations of touch to the brain — there’s no doubt medical sales representatives will find something they’re passionate about.
What do you think the future of medtech holds for medical sales professionals? Let us know!