Lets look at the top 5 challenges faced by medical device manufacturers in the emerging markets:
Ensuring Product Quality
Medical device manufacturers must warrant top-notch product quality to avoid product recalls. For a medical equipment manufacturer, product recall negatively impacts its brand reputation and the companys bottom line. Thus, ensuring adequate product safety, security and reliability are extremely crucial to survive the competition in emerging markets.
Regulatory Compliance and Government Support
Medical device manufacturers must ensure adherence to product safety standards and regulatory compliance. Medical devices include every piece of equipment right from thermometers to magnetic resonance imaging machines. Medical equipment manufacturing companies must pay attention to compliance and regulatory standards that differ from country to country.
Besides this, garnering government support in the form of subsidized research and development, expediting approvals, tax and financial support, and offering favorable tax reimbursements are some of the major challenges for medical device manufacturers.
Localization of Medical Devices
In the emerging markets, local medical device manufacturers are more successful as compared to their multinational counterparts. This is possible because the local players offer tailor-made products aimed at resolving local needs and constraints. The local medical equipment manufacturers often indulge in market research and leverage the benefits of local operations and a domestic sales force to bridge the gaps in the market.
IoT Integration and Data Security
Internet-of-Things (IoT) enabled medical devices and surgical instruments that are high on innovation pose as a technical challenge for medical devices companies. The growing concern of medical equipment manufacturing companies is to collect, secure, and manage vast amounts of sensitive data that is stored in a cloud-based infrastructure to prevent data theft and breaches.
Cost of Product Development
The major challenge for medical device manufacturers is to overcome the burgeoning cost of product development as a result of the challenges mentioned above. Besides technology and government regulations, medical service providers evaluate new products based on their price against factors like patient experience.
To know more about the healthcare industry and the challenges faced by medical device manufacturers, request more info.
We help our clients make smarter decisions to achieve rapid business growth
Our strength lies in the unrivaled diversity of our international market research teams, innovative research methodologies, and unique viewpoints that merge seamlessly to offer customized solutions for your every business requirement.
Get in Touch
Insights
Introduction to PFAS Per- and polyfluorinated alkyl substances (PFAS) are a large family of over 9,000 human-made chemicals found in everyday items such as non-stick pans, grease-resistant pizza boxes, and waterproof clothing. These chemicals first appeared in the 1950s and are known for their persistence in the environment and in the human body, earning them […]
Read More
Introduction Gene editing, an advanced technique in molecular biology, allows scientists to modify, eliminate, or replace mutated genes at the DNA level. This field has experienced remarkable progress due to precision tools like CRISPR and TALENs, which act as molecular scalpels to perform targeted genetic modifications. Precision Tools and Technologies CRISPR-Cas9 is a standout among […]
Read More
What is the report about? Liquid filters are essential equipment used to separate suspended solids from a fluid stream, typically through a physical barrier called the filter medium. This process is crucial in various industries, particularly in the production of goods intended for human consumption such as beverages and drinking water. Market Segmentation The global […]
Read More
Nonwoven fabrics, traditionally used in wipes and medical textiles, now span a broader range of industries, including automotive, geotextiles, and architecture. Their adaptability makes them essential in air and liquid filtration, agriculture, and beyond. Sustainability and Eco-Friendliness Growing environmental consciousness drives the future of nonwoven fabrics. Sustainable innovations in sourcing and manufacturing integrate biodegradable and […]
Read More
Generative AI leverages algorithms to create content, ideas, and solutions traditionally reliant on human creativity. It trains models to learn patterns and generate new content, benefiting industries like banking, retail, and healthcare. Generative AI enhances creativity by crafting art, composing music, and writing stories, while AI tools assist content creators by automating tasks, suggesting ideas, […]
Read More
Written By: Vishesh Kumar Where has the pricing strategy model gone wrong and how to fix it? How much to charge for my product or service? What is going to be my strategy of pricing? Those are key questions staring at senior executives responsible for making decisions around the pricing model at any enterprise. In […]
Read More