Expect the pace of medtech innovation in 2024 to meet or exceed the outstanding bump we saw in 2023. And expect price strategies for these new technologies to keep medtech marketing teams on their toes.
Medi-Vantage is an authority in medical device price strategy research and has written several articles on the topic. (Download our report: “Pricing Strategy in Medtech”) We know the hectic landscape of the medical device industry makes a solid price strategy difficult to achieve and crucial to the bottom line.
As defined by the number of PMAs and 510(k) De Novo clearances, the FDA has approved a greater number of innovative medical technologies in 2023 than ever before¹. The question is, where does your company rank in comparison to your competitors?
And, there has been much to feed the needs for innovation in the medtech industry.
Leading the pack are medtech product approvals of AI and machine-learning-enabled technologies which reached an all-time high²; followed by the number of PMA and 510(k) De Novo devices. Also, FDA is picking up the pace of review: waiting times have dropped by 15% in the period between 2020 to 2022.
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Footnotes
Medical Devices Cleared or Approved by FDA in 2023, FDA (2023).
What to expect from medtech in 2024, McKinsey & Company (February 7, 2024).