• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Opinions
    • Top 30
    • Research
    • Supply Chain
    • Device Sectors
    • Directory
    • Events
    • Resources
    • Microsites
    • More
  • Magazine
  • News
  • Opinions
  • Top 30
  • Research
  • Supply Chain
  • Device Sectors
  • Directory
  • Events
  • Resources
  • Microsites
  • Current / Back Issues
    Features
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Reprints
    Subscribe Now
    Advertise Now
    Top Features
    Adding Fabrication Capabilities: Additive Manufacturing for Production Parts

    Delivering the Goods: The Evolving World of Combination Products

    Anxious Undertones: The 2019 Year in Review

    From Art to Science: The Changing Face of Extrusion

    Exact Science: A Micromolding Roundtable
    OEM News
    Supplier News
    Service / Press Releases
    Online Exclusives
    Press Releases
    People in the News
    Product & Service Releases
    Supplier News
    Technical Features
    International News
    Videos
    Product & Service Releases
    Live From Shows
    Top News
    FDA OKs World's First Single-Use Duodenoscope

    Dr. Stephen Hahn Confirmed as New FDA Leader

    FDA OKs First Test to Help Screen for Newborn Duchenne Muscular Dystrophy

    MedStar Health and Cleveland Clinic Innovations Awarded Grant

    3M to Sell Drug Delivery Business for $650M
    From the Editor
    Blogs
    Guest Opinions
    Top Opinions
    Adding Fabrication Capabilities: Additive Manufacturing for Production Parts

    Delivering the Goods: The Evolving World of Combination Products

    Anxious Undertones: The 2019 Year in Review

    From Art to Science: The Changing Face of Extrusion

    Exact Science: A Micromolding Roundtable
    Top 30 Medical Device Companies
    Market Data
    White Papers
    Top Research
    From Genome Sequencing to the World’s First Portable MRI

    An Update on Digital Health

    ‘If You’re Reading This, You Need to Be at This Meeting’

    Five Steps for Succeeding Globally in Medtech

    Unlocking Market Doors with Real-World Evidence
    3D/Additive Manufacturing
    Contract Manufacturing
    Electronics
    Machining & Laser Processing
    Materials
    Molding
    Packaging & Sterilization
    R&D & Design
    Software & IT
    Testing
    Tubing & Extrusion
    Cardiovascular
    Diagnostics
    Digital Health
    Neurological
    Patient Monitoring
    Surgical
    All Companies
    Categories
    Company Capabilities
    Add New Company
    Outsourcing Directory
    Nelson Laboratories LLC

    MicroLumen Inc.

    K-Tube Technologies

    RJG Inc.

    FUTEK Advanced Sensor Technology Inc.
    MPO Summit
    Industry Events
    Webinars
    Live From Show Event
    Industry Associations
    Videos
    Career Central
    eBook
    Slideshows
    Top Resources
    EU's MDR: Irresistible Force Meets Immovable Object

    Ladies First: An Examination of the Women's Health Device Industry

    Localizing Medical Devices

    Sounding Board: Looking Back at 2019 and Gazing at 2020

    Understanding Key Processes for Mixing APIs with Silicone
    Companies
    News Releases
    Product Releases
    Press Releases
    Product Spec Sheets
    Service Releases
    Case Studies
    White Papers
    Brochures
    Videos
    Outsourcing Directory
    MicroLumen Inc.

    FUTEK Advanced Sensor Technology Inc.

    Command Medical Products Inc.

    Pulse Systems

    Lyons
    • Magazine
      • Current/Back Issues
      • Features
      • Editorial
      • Columns
      • Digital Editions
      • Subscribe Now
      • Advertise Now
    • News
    • Directory
      • All Companies
      • ALL CATEGORIES
      • Industry Associations
      • Company Capabilities
      • Add Your Company
    • Supply Chain
      • 3D/Additive Manufacturing
      • Contract Manufacturing
      • Electronics
      • Machining & Laser Processing
      • Materials
      • Molding
      • Packaging & Sterilization
      • R&D & Design
      • Software & IT
      • Testing
      • Tubing & Extrusion
    • Device Sectors
      • Cardiovascular
      • Diagnostics
      • Digital Health
      • Neurological
      • Patient Monitoring
      • Surgical
    • Top 30 Company Report
    • Expert Insights
    • Slideshows
    • Videos
    • Podcasts
    • Resources
    • eBook
    • Infographics
    • Whitepapers
    • Research
      • White Papers
      • Case Studies
      • Product Spec Sheets
      • Market Data
    • MPO Summit
    • Events
      • Industry Events
      • Live From Show Events
      • Webinars
    • Microsite
      • Companies
      • Product Releases
      • Product Spec Sheets
      • Services
      • White Papers / Tech Papers
      • Press Releases
      • Videos
      • Literature / Brochures
      • Case Studies
    • About Us
      • About Us
      • Contact Us
      • Advertise with Us
      • eNewsletter Archive
      • Privacy Policy
      • Terms of Use
    Columns

    What a Long, Strange Trip It’s Been…

    Related CONTENT
    • 10 Imaging Predictions for 2018
    • New AI Tech Significantly Boosts Kidney Analysis
    • Biotricity Adds Artificial Intelligence to Its Remote Patient Monitoring Platform
    • Feeding the Medtech Innovation Pipeline
    • The Development of New Medtech Markets Through Neurostimulation
    Maria Shepherd, President and Founder, Medi-Vantage06.04.18
    Who could have predicted all the changes we have seen in medtech in the 15 years since 2003? In 2003, pacemakers were only used in cardiology. Since then, modifications of early pacemaker technology have erupted into the neurostimulation market. In May 2018 at the Neurotech Partnering Conference, it was estimated the neurostimulation sector would reach $13.4 billion by 2022.1

    Additionally, in 2003, fee-for-service was the standard of care and almost no one knew about Accountable Care Organizations. Price premiums for incremental changes in medical devices were still the norm, and most hospitals had never heard of a Value Analysis Committee. The rise of digital health technology was a gleam in the eye of an entrepreneur, and most of us still used our Blackberries for placing a call and an occasional check of email.

    Why This Is Important
    Despite all the progress we have made, medical device technology is still in the early innovation stage. The next 15 years are going to bring even more change to the practice of providing healthcare and our role in improving healthcare with new medical technology. The changes in innovation are expected to drive growth in the global medical device market from 2017’s $403 billion to $522 billion in 2022,2 representing a healthy CAGR of 6.7 percent. Consistent global figures for the worldwide medical device market in 2003 are difficult to find, but back then, the standard measure was to multiply the U.S. market for medical devices by two to estimate the size of the global market. Using this calculation yields a 2003 global market for medical devices of $204.2 billion3 (Table 1).


    Table 1: Worldwide growth in the medical device market2,3

    Price Strategies Have Become Critical in Medtech
    Fifteen years ago, an incremental feature improvement in a medtech product could result in a 5 percent price increase with no questions asked by healthcare. Today, those days are long since over. Further, bringing new medical devices to market is much more expensive. In an analysis of the estimated costs of bringing a PMA product to market, a 2010 Stanford study4 showed the cost of regulatory approval is high and also cited the cost of a PMA in the 1990s to be between $30 to $40 million (Table 2). This means price strategy, from simple qualitative research to a conjoint analysis, while expensive, can be a critical component of a new product strategy to ensure medical device companies earn every penny a new innovative technology deserves.


    Table 2: Changes in the cost of a PMA4

    Mobile Health Apps Didn’t Exist in 2003
    The global mHealth market was forecasted to reach $21.5 billion by 20185 (Table 3). mHealth apps have improved in the last five years with the increasing population of tablet and smartphone users, even in the elderly segment (>65 years old)—great news for our digital health clients! Other products widely used are wearable devices, such as Fitbits, glucose sensors, and digital blood pressure monitors.


                                                                           Table 3: Global mHealth growth5

    Expect to see some of these apps on your phone to monitor changes in physiology. Further, look for broader adoption by patients and healthcare providers. Patients get the benefit of easier communication with their healthcare provider and more information on symptoms and medical conditions, which decreases anxiety and reduces the communications burden on healthcare providers. Healthcare providers can expect to see lower patient utilization of services (such as unnecessary emergency room visits) and a focus on improving outcomes and preventive medicine.

    The Medi-Vantage Perspective
    In almost every strategy research project we manage, we start with a review of adjacent technologies in the consumer markets. This review helps inform our strategy research, which often involves understanding how to integrate new technology, such as artificial intelligence (AI), into client product strategies. For example, at the World Medical Innovation Forum, held in April 2018, the majority of the Disruptive Dozen AI-based technologies6 that will have the greatest impact on healthcare in the next decade can all point to consumer-based technological advances that provided these platforms. There is no need to re-invent the wheel; there are plenty of good technological advances in development that can be modified to assist in medtech. Consider that in your product development strategy over the next 15 years. 

    References
    1. The Market for Neurotechnology: 2018-2022 published by Neurotech Reports. www.neurotechreports.com
    2. http://bit.ly/mpo180601
    3. http://bit.ly/mpo180602
    4. http://bit.ly/mpo180603 [PDF]
    5. http://bit.ly/mpo180604 [PDF]
    6. http://bit.ly/mpo180605

    Maria Shepherd has more than 20 years of leadership experience in medical device/life-science marketing in small startups and top-tier companies. After her industry career, including her role as VP of marketing for Oridion Medical where she boosted the company valuation prior to its acquisition by Covidien/Medtronic, director of marketing for Philips Medical, and senior management roles at Boston Scientific Corp., she founded Medi-Vantage. Medi-Vantage provides marketing and business strategy as well as innovation research for the medical device industry. The firm quantitatively and qualitatively sizes and segments opportunities, evaluates new technologies, provides marketing services, and assesses prospective acquisitions. Shepherd has taught marketing and product development courses and is a member of the Aligo Medtech Investment Committee (www.msbiv.com). She can be reached at 855-343-3100, ext. 102, or at mshepherd@medi-vantage.com. Visit her website at www.medi-vantage.com.
    Related Searches
    • market
    • wearable
    • medical device
    • product development
    Related Knowledge Center
    • Digital Health
    Suggested For You
    Study: AI Outperforms Dermatologists at Diagnosing Skin Cancer Study: AI Outperforms Dermatologists at Diagnosing Skin Cancer
    'AI Oncologist' Helps Target Radiation Treatment
    Olympus and ai4gi Ink Deal to Co-Develop A.I.-Powered Colonoscopy Olympus and ai4gi Ink Deal to Co-Develop A.I.-Powered Colonoscopy
    Designing from Finish to Start Designing from Finish to Start
    Pharma Industry’s Growth—What Can Medtech Learn from It? Pharma Industry’s Growth—What Can Medtech Learn from It?
    Using AI to Detect Arterial Stiffness Using AI to Detect Arterial Stiffness
    Healthcare Artificial Intelligence Market to Register Commendable 40 Percent CAGR Over 2017-2024 Healthcare Artificial Intelligence Market to Register Commendable 40 Percent CAGR Over 2017-2024
    FDA Clears AI-Based Device to Detect Diabetic Retinopathy FDA Clears AI-Based Device to Detect Diabetic Retinopathy
    Will Medtech M&A Mania Continue? Will Medtech M&A Mania Continue?
    The Development of New Medtech Markets Through Neurostimulation The Development of New Medtech Markets Through Neurostimulation
    Feeding the Medtech Innovation Pipeline Feeding the Medtech Innovation Pipeline
    Biotricity Adds Artificial Intelligence to Its Remote Patient Monitoring Platform Biotricity Adds Artificial Intelligence to Its Remote Patient Monitoring Platform
    New AI Tech Significantly Boosts Kidney Analysis New AI Tech Significantly Boosts Kidney Analysis
    10 Imaging Predictions for 2018 10 Imaging Predictions for 2018

    Related Columns

    • Digital Health
      An Update on Digital Health

      An Update on Digital Health

      Sure, most are startups—but not all. There were some brilliant ideas presented at The MedTech Conference (AdvaMed’s annual meeting) on Sept. 23-25 in Boston and the Connected Health Conference, also in Boston, put on by Partners Health…
      Maria Shepherd, President and Founder, Medi-Vantage 11.04.19

    • Contract Manufacturing | Digital Health | Software & IT
      Connecting the Dots in Medical Device Outsourcing

      Connecting the Dots in Medical Device Outsourcing

      San Francisco is globally renowned for many things: The Golden Gate Bridge (its color, international orange, was actually a primer used to protect the steel during transit), Ghirardelli chocolate, the TransAmerica pyramid building, and the “Pai…
      MPO Staff 07.30.19

    • Digital Health | Neurological
      A Breakthrough for the Nightmarish Effects of PTSD

      A Breakthrough for the Nightmarish Effects of PTSD

      Though I am not a particularly strong supporter of Apple—and you’re welcome to contact me to find out why—I have to admit the Apple Watch could be a useful tool for proactive health monitoring. The Apple Watch Series 4, released…
      Sam Brusco, Associate Editor 06.13.19


    • Digital Health
      AI in Healthcare: Where Are We Now?

      AI in Healthcare: Where Are We Now?

      At the 5th Annual World Medical Innovation Forum (WMIF), hosted by Partners HealthCare, three days of panels and presentations highlighted new applications of artificial intelligence (AI) machine learning and natural language processing technologies…
      Maria Shepherd, President and Founder, Medi-Vantage 06.13.19

    • Cardiovascular | Diagnostics | Digital Health | Patient Monitoring
      Cardiac Care on the Can

      Cardiac Care on the Can

      Transitioning from reactive to proactive/preventive care could work wonders for the healthcare system. A proactive strategy is important for cardiovascular disease, the leading cause of death across the globe. According to a 2017 American Heart Asso…
      Sam Brusco, Associate Editor 04.03.19

    • Digital Health | Patient Monitoring
      Converging Goals: How a Focus on the Patient Drives Stronger Healthcare Partnerships

      Converging Goals: How a Focus on the Patient Drives Stronger Healthcare Partnerships

      The foundation of healthcare is shifting from a provider-based to a patient-centric—or value-based—model. With aging populations, better-informed patients, and emerging technologies, the responsibilities and roles of every stakeholder in…
      Vicki Anastasi, VP and Global Head—Medical Device and Diagnostics Research & Real World Evidence Late Phase Research, ICON 04.03.19


    • Diagnostics | Digital Health
      Google’s Search for Direction in Healthcare

      Google’s Search for Direction in Healthcare

      Fake news, begone: Reports of Alphabet’s healthcare struggles have not been greatly exaggerated. That bears repeating: Not been greatly exaggerated. Indeed, Google’s parent company is foundering a bit in its attempt to claim a signi…
      Michael Barbella, Managing Editor 03.07.19

    • 3D/Additive Manufacturing | Digital Health
      Discerning Medtech’s Path in 2019

      Discerning Medtech’s Path in 2019

      It’s the dawn of another year, and that means it’s time to engage in the unavoidable pastime of prognostication. Predicting the future isn’t easy, but it can be fun and oftentimes insightful. One of the most rewarding aspects of pro…
      Mark Bonifacio, President, BCS LLC 01.31.19

    • Digital Health
      A Primer for Manufacturers Adjusting to Value-Based Healthcare

      A Primer for Manufacturers Adjusting to Value-Based Healthcare

      Value-based healthcare (VBHC) models are poised to transform everything from how patient care is delivered to how treatments are priced. A 2016 analysis by UnitedHealthcare estimated that at the end of 2018, more than $65 billion would be tied to val…
      Vicki Anastasi, VP and Global Head, Medical Device and Diagnostics Research, ICON 01.31.19


    • Digital Health
      2019 Preview: Predicting the Trends and Their Potential Impact on Business Plans

      2019 Preview: Predicting the Trends and Their Potential Impact on Business Plans

      The prognosticators are at it again. With 2019 well underway, industry pundits are deeply ensconced in a longstanding New Year’s tradition—predicting the trends and developments likely to impact medtech over the next 12 months (and beyond…
      Florence Joffroy-Black and Dave Sheppard, MedWorld Advisors 01.30.19

    • Digital Health
      Mobile Medical Applications: The Regulatory Framework in the U.S. and the EU

      Mobile Medical Applications: The Regulatory Framework in the U.S. and the EU

      The medical device market is one of the largest industries in the healthcare sector, which has seen significant growth in the last 15 years. Harnessing the benefits of the digital revolution and medical technology, the industry is in a state of conti…
      Sudeep Kolluri, Solutioning Lead, Freyr 06.04.18

    • Cardiovascular | Digital Health | Neurological
      The Human Cyborg, Circa 2033

      The Human Cyborg, Circa 2033

      The world is full of Neil Harbissons. So claims billionaire futurist Elon Musk, dreamer extraordinaire and outspoken doomsayer of artificial intelligence who is helming an effort to colonize Mars. Musk contends the Earth’s dominant species has…
      Michael Barbella, Managing Editor 06.04.18

    • Diagnostics | Digital Health
      A Past Glimpse Into the Future

      A Past Glimpse Into the Future

      Scott Gottlieb, M.D., apparently is a man of many talents. Not only can the U.S. Food and Drug Administration’s (FDA) 23rd commissioner communicate effectively, lead forcibly, invest cleverly, dress stylishly, and rear fowl effortlessly, he als…
      Michael Barbella, Managing Editor 06.04.18

    • Cardiovascular | Digital Health
      Feeding the Medtech Innovation Pipeline

      Feeding the Medtech Innovation Pipeline

      MassMEDIC is the largest regional medical device association in the United States, with member companies ranging from the largest to the smallest medical technology innovators. The MassMEDIC Medtech Showcase, held in October every year, is a meeting…
      Maria Shepherd, President and Founder, Medi-Vantage 01.30.18

    • Digital Health
      Medtech Is Dead if It Is Resistant to Change

      Medtech Is Dead if It Is Resistant to Change

      MedtechVision2017 isn’t your average “women in medtech” meeting. The founders (www.medtechwomen.org) demand (and receive) the best content from their all-volunteer team of meeting planners and visionaries. This year’s event&md…
      Maria Shepherd, President and Founder, Medi-Vantage 10.05.17


    Breaking News
    • FDA OKs World's First Single-Use Duodenoscope
    • Dr. Stephen Hahn Confirmed as New FDA Leader
    • FDA OKs First Test to Help Screen for Newborn Duchenne Muscular Dystrophy
    • MedStar Health and Cleveland Clinic Innovations Awarded Grant
    • 3M to Sell Drug Delivery Business for $650M
    View Breaking News >
    CURRENT ISSUE

    November/December 2019

    • Adding Fabrication Capabilities: Additive Manufacturing for Production Parts
    • Delivering the Goods: The Evolving World of Combination Products
    • Anxious Undertones: The 2019 Year in Review
    • View More >
    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    Deerland Obtains Certification from Australia’s Therapeutic Goods Administration
    OptiMSM Shown to Improve Hair & Nail Appearance and Condition
    DCC Acquires Contract Manufacturer Ion Laboratories
    Coatings World

    Latest Breaking News From Coatings World

    Arkema: Bostik Acquires Danish Company LIP
    Axalta Adds New Epoxy Primer to Tufcote Liquid Industrial Coatings Portfolio
    Chromaflo Technologies Promotes Sergio Duenas to Country Manager of Mexico
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    FDA OKs World's First Single-Use Duodenoscope
    Dr. Stephen Hahn Confirmed as New FDA Leader
    FDA OKs First Test to Help Screen for Newborn Duchenne Muscular Dystrophy
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Sanofi Awarded $226M by US Gov't for Pandemic Influenza Preparedness
    Amgen Selects Location For R&D Facility
    Arctoris Opens Oxford R&D Facility
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    Time Features 5 Best Beauty Inventions
    CES 2020 Preview - Innovation Award Honorees in Health & Wellness
    Prada & L’Oréal Sign Long-Term Licensing Deal
    Happi

    Latest Breaking News From Happi

    Cosmetic Assessments Revealed at CIR Panel
    T-Boz Launches CBD Line
    DRF and Flowerkist Develop CBD Range
    Ink World

    Latest Breaking News From Ink World

    Ripon Printers Adds Ricoh Pro C9210
    LogoJet Opens Bogota, Colombia Office
    Canon Solutions America Powers University of Notre Dame Athletics' Printing Capabilities
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    GSE products provide quality assurance for Pharmalabel
    Luminer promotes Heather Bookman to prepress manager
    Materials Exchange launches to solve excess inventory issue
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    DuPont to Acquire Osmosis Specialist
    Nice-Pak to Expand in Indiana
    Hospeco Launches Compact Fem Hy Dispenser
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    FDA OKs First Test to Help Screen for Newborn Duchenne Muscular Dystrophy
    Europe, North America Comprise More Than 80 Percent of Global Bone Marrow Transplantation Demand
    TriMed Closes Out FDA Warning Letter
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    3D Printing Materials Market to Grow at 23.9% CAGR Through 2025: GVR
    Kyocera, TactoTek Collaborate on Injection Molded Structural Electronics Solutions
    Toray Opens R&D Innovation Center for the Future

    Copyright © 2019 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.