Medical devices are essential part of modern medical industry. From the very first implant of a pacemaker, they have become an indispensable part of hospital treatments. There is a vast range of devices out there, from those used to detect and treat diseases, to those used in the patient’s own hope to control illness and reduce the cost of healthcare, to latest developments in AI, digital health, blockchain and healthcare IT. As technology keeps accelerating, we rely even more upon these devices, and sales will keep flourishing. The medtech market size is projected to expand at a CAGR of 5.4% between 2019 and 2025. In 2018, the market accounted for a value of US$425.5Bn and is likely to reach US$612.7Bn by 2025.
The medical device sales industry covers all varieties of devices, from basic hospital equipment such as face masks and syringes to instruments for monitoring patients, and high-end technology such as laboratory equipment and scanning and treatment machines. Devices are classified into various groups depending on their clinical application. For example. there are in-vitro kits including diagnostics, prosthetics and artificial limbs and joints, such as those used for hip replacements, anaesthesia and endoscopy, to name but a few.
The medical device sales industry is constantly changing and expanding in response to the development of new technology as well as to external challenges affecting human health – most recently the COVID-19 pandemic. This means that the industry is constantly looking for people who have the knowledge to understand new devices or changes to existing devices. The global medical device industry is mostly dominated by large companies from North America, while market leaders in Europe are Germany, the UK and Switzerland. The industry is hypercompetitive, and startups and small companies have to have the skills and knowledge to compete against large multinationals.
One of the ways in which startups and SMEs companies can overcome their small size is by focusing upon the value of their service or product. As the driving forces behind innovations improving current technology, these firms can add value to their sales drive by promising better care, reduced waiting times and increased efficiency, ultimately adding economic value to their product or service.
Adding value to medical devices means having in-depth knowledge of not only the technology itself, but how it can be embedded into the modern realities of healthcare systems, hospitals or people’s everyday lives. Anyone working in this industry therefore needs to have the ability to develop strong relationships with key stakeholders, decision-makers, and patients.
Since its inception in 2000 Guided Solutions has placed more than 8500 candidates in over 37 countries.
We identify and recruit medical device specialists at all seniority levels, enabling our clients to connect with associate through to board-level talent.
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