Why Access to the US Market is Key for Medical Device Manufacturers
According to a report by Grand View Research, the U.S. medical device market is estimated to be worth $177 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2029.
The combination of market size and growth makes the U.S. a desirable country for device manufacturers worldwide to target. However, there are several factors to consider before getting started.
Regulations for device manufacturers
With a vibrant and competitive medical device industry, the U.S. has plenty of prominent players competing for market share. The biggest companies are all vying for leadership positions, with acquisitions regularly being made to bolster market share.
New products are regularly launched, with heavy R&D activity fueling innovations and technological advances.
Current trends in the medical device industry
- Demand for innovative new products and services
- Increasing lifestyle-related diseases
- The need to adapt to regulatory changes
- Mounting pressure to enhance efficiency and reduce costs
Benefits of selling medical devices in the US (for manufacturers)
Large market size
Stable regulatory environment
Culture of innovation and investment
Patient-driven, high-quality healthcare system
The opportunity for overseas medical device manufacturers
Many medical institutions, including hospitals and clinics, must innovate to reduce inefficiency. Upgrading to the latest technology is one way to achieve this goal.
Manufacturers from around the world who can present technology that solves the biggest challenges facing American medical institutions have a compelling opportunity in front of them.
There are, however, a few challenges with expanding into the U.S. market for overseas medical device manufacturers.
Obstacles facing device manufacturers outside of America
IML: your solution for accessing the US market
We source and import the world’s most innovative medical devices from leading manufacturers across the globe. Our network of dealer partners then sells your devices to U.S. hospitals, clinics, and other medical institutions on your behalf.
By partnering with IML, medical device manufacturers can save time, increase go-to-market speed, and streamline their sales process.