Why isn’t more of the medical device industry adopting advertising in their medtech marketing strategies?
Pharmaceutical sales have shown dynamic growth throughout the years since 2001, projecting a sales forecast of approximately $1.4 Trillion at CAGR of 6.4%. New prescription drug spending is one of the top ten categories in advertising spend in the U.S.
The medical device industry outlook is good, but could be improved by promoting it’s medtech products using as many avenues as possible. And, although the medical device industry size is approximately 50% of pharma, medical device market research shows some disease states where medtech DTC advertising increases medical device sales. One huge opportunity is the treatment of chronic pain by neurostimulation.
For example, Abbott is putting it’s toe in the water in using medtech marketing strategies by advertising using these two face to face billboards in a busy area of Boston’s South End. Abbott recognizes the power of patient demand. Read More
How can we help you? Our last three projects were:
- Medical device strategy development for medtech products that compete with pharmaceuticals
- Medtech conjoint price sensitivity analysis
- M&A third party due diligence on the buy side for a potential acquisition