Investors and entrepreneurs often face similar challenges, and two of the toughest aspects of getting MedTech to market are creating the product and finding where to place it in the market. So which is tougher?
Product creation is generally the most difficult part of MedTech development and marketing. Inventors and investors must make sure that their product is novel, future-proof, better than the competition, and safe. What’s more, finding market fit is simplified if the product is well-developed and serves a concrete need.
Keep reading to learn more about the centrality of MedTech product development, what steps can make this journey smoother, and how to ensure your tech will find its market home quickly.
What Does Product Creation Involve?
While some may imagine MedTech marketing to be the toughest hurdle, my take is a bit different. With rapidly changing markets, every-emerging technology, and an AI revolution well underway, there’s a lot to consider when creating a product.
- Will this product meet a need better than the competition?
- Can this product compete with or integrate AI?
- Will this idea stand the test of time and make you money in 5 years?
Good ideas are the solid foundation of any successful MedTech launch. You need to make sure that your product is viable, unique, and practical. Will it be outdated in a few years? Can it be improved over time with software upgrades?
One excellent way to understand the future of MedTech is to look at the modern car industry. Tesla revolutionized how cars work with their software-heavy approach. Instead of taking your car to a mechanic, a software update over the air can solve many issues. Will your product be as revolutionary? Consider the following :
- AI is set to continue taking off and will revolutionize MedTech
- Software updates allow a device to be usable in different ways for years to come
- Software can be improved after-market; hardware, not so much
Developing a creative and useful piece of technology that is ready for the AI revolution is vital. An idea that might have been impressive even 5 years ago might not make it in today’s industry. Make sure that the product you develop is not only novel, but
- Ready for over-the-air updates
- Compatible with the Internet of Things
- Safe conceptually and practically
- Zeroing in on a single yet vital component of health or prevention
This last point is especially meaningful. I’ve seen some ambitious ideas fail to find a home in the market, simply because they tried to do too much.
One such idea was a device that monitored brain waves as well as heart rate. Might this have been a great product? Maybe, but it tried to do too much. Concerns about medical data privacy also scared investors away from this idea, and it was hard for them to see a practical application.
So how do all of these aspects of product development make finding a market niche easier?
Market Fit and Development
When it comes down to it, a well-developed product with a clear purpose and immediate usability will fit neatly into a market on its own. If you and investors both understand and agree on the applications of your tech, figuring out where it’ll fit within the market should be easy. Consider the following :
- Your product has already responded to a need
- It zeroes in on a specific body system or issue
- It’s future-proof and IoT-ready
- The product works well and is unique
- The product is safe and complies with all data privacy laws, here and abroad
All of these factors will help buyers and investors understand where this device fits. When your idea and execution are solid, the end of the story writes itself. Don’t dream of market success before you’ve invested the time and effort into coming up with a great, safe, and unique piece of tech.
Markets only respond well to
- Novel and
- Easily adopted items
and your idea needs to be all three to truly win.
While many inventors and investors worry about market fit, the toughest part of the MedTech development process is the creation of the product. When you have a dynamic, easily updated, future-ready item that solves a problem, a place in the market will find itself.
Remember to be sure your product is easy to update, specific and effective in its functions, safe, and compatible with software updates as well as the Internet of Things. A great idea will be so unique and appealing (not to mention life-saving) that the market will either seamlessly accept your design, or adapt to include it.
Keep in mind product safety, data security and privacy concerns, and the various overseas markets where your product might launch. When you invest heavily in the earliest stages of development, the markets will take care of themselves.