With smaller marketing budgets and a more focused,cost-conscious audience, the device and diagnostic sectors face challenges that require different strategies from their pharmaceutical counterparts.
A number of world events bode well for the future of medical devices.
According to Kalorama Information, a division of MarketResearch.com, an aging worldwide population — an increasing number number of people between the ages of 45 and 75 years in the industrialized world who consume more healthcare services such as heart and cancer tests — and new hospitals in developing countries such as Asia, Latin America, and South America — which are being built as these countries continue their economic expansion — to name two, are opening up more markets for device manufacturers.
According to Kalorama, the world market for diagnostics is estimated to grow 6% annually to $28.63 billion by 2005. This includes all laboratory and hospital-based products, not including over-the-counter product sales.
This growth is being sparked by increased health consciousness among consumers and demands from healthcare practitioners for quality medical-care products that range from stents, to hip replacements, to vision correction lasers, to spine fixation products, to in vitro diagnostics. More than 130,000 types of medical devices, including in vitro diagnostics, are used in hospitals, outpatient facilities, clinics, physician practices, and other sites…
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Experts on this Topic
Dick Aderman. Senior VP, general manager, Roche Centralized and Molecular Diagnostics, Indianapolis; Roche Diagnostics offers an extensive product line, which includes predisposition screening, targeted monitoring, prevention, diagnosis, therapy, and therapy monitoring systems. For more information, visit roche-diagnostics.us.
Frank Fasano. President, Cummins, MacFail & Nutry Inc., Somerville, N.J.; Cummins, MacFail & Nutry is a medical-device agency. For more information, e-mail email@example.com.
Patricia Malone. Principal, creative director, Stratagem Healthcare Communications, San Francisco; Stratagem is an independent, full-service ad agency serving the pharmaceutical, diagnostic, device, and consumer healthcare industries. For more information, visit stratagem-hc.com.
Ron Marrocco. Independent consultant, Boston; Mr. Marrocco’s consulting practice is dedicated to the marketing and distribution challenges of the medical-device industry. For more information, visit ronmarrocco.com.
Nino Pionati. VP, global marketing, research and development, ConvaTec, Skillman, N.J.; ConvaTec, a unit of Bristol-Myers Squibb, extends and enhances human life by providing ostomy care and wound therapeutics. For more information, visit convatec.com.
Heather Ready. Director, global marketing, VISX Inc., Santa Clara, Calif.; VISX designs, manufactures, and markets proprietary laser-vision correction technologies. For more information, visit visx.com.
Ken Ribotsky. President, Ribotsky Worldwide Inc., Somerset, N.J.; Ribotsky is a full-service healthcare communications agency providing marketing strategies as well as advertising, promotion programs, medical education, and public relations. For more information, visit ribotsky.com.
Shara Rosen, MBA. Senior consultant, Stratcom, Montreal; Stratcom provides marketing information services to the diagnostics and medical biotechnology industries. For more information, visit pagebleu.com/stratcom.