From Products to Services: How Medical Device Companies Miss $100M+ Opportunities

Don’t be fooled by the rosy headlines predicting an $1.1 trillion medical device market by 2034 . Underlying that prediction’s 6% CAGR, and even a more conservative 3% CAGR , are seismic shifts reinventing the industry and redefining what it takes to succeed in an industry that is increasingly commodified.

Trends have become industry norms.

For over a decade, medical device industry analysts have warned about the impact of changing market dynamics that will require fundamental shifts to manufacturers’ business models. A few of the most prevalent and impactful include:

The power shift from clinical to economic buyers – Gone are the days when deep relationships with surgeons and other clinicians were sufficient to override cost concerns in equipment purchasing. Hospital systems an