MedTech – Medical Technology has changed the face of the entire medical industry. This industry has a market size of $430 billion with one primary goal: provision and contribution of high-end medical tools and services. Their inclusion has reduced complications, helping patients access simpler and safer alternatives for their treatments.
Today, they provide HCP’s and health practitioners with their best medical tools and services. MedTech tools and services can range from a high-end stethoscope to an MRI scanner. With the growth of technology and science, MedTech has become a necessity. The world has evolved with many successful medical technology start-ups. Investment in it gives a higher return and has continual growth. Their requirement in the market is high as every individual’s primary concern narrows down to their health.
Hence, it shouldn’t come as a revelation that several medical trends change the functioning of the MedTech companies, and adaptability to the same is crucial for recurring growth.
The role of digital marketing in Medical Technology
When it comes to product and service branding, the methodologies adopted in MedTech have changed tremendously. From product distribution to inventory management, the entire approach has evolved. Digital marketing is a trend that has impacted every industry, MedTech being one of them. It has resulted in being a beneficial platform with its growing requirement. While the Health Care practitioners and systems are the driving force of the medical and MedTech industry, digital marketing acts as a catalyst for making accessibility and provision easier. Digital marketing helps reach a larger audience which is a sensitive need in the medical line. Digital marketing has improved efficiency and removed various roadblocks in feedback and access.
How has digital marketing improved MedTech?
Post-pandemic, the mode of work has turned remote. Which highly impacted the MedTech industry. There was a dire need for adapting and learning all about digital communication as that is a tool for running businesses. MedTech companies started devoting more budget to digital marketing and comparatively witnessed a higher return on investment.
Correct medical device marketing strategies are vital for experiencing better results. Consequentially, the role of digital marketing is now a tool that maximizes profits through effective reach and awareness.
Procuring better leads
Through digital marketing tools like email campaigning and social media awareness, contacting HCP’s, hospitals, and health practitioners has become convenient and cost-efficient. Accordingly, digital marketing now provides better leads and clients. Plus, it is recommended to personalize emails while prospecting potential clients for timely conversions.
Awareness of new products and services
Evolving technologies always have the potential of introducing new tools and services in their market. Digital Marketing provides a good platform for showcasing the same. It can generate clear communication with its audience and potential clients. Delivery of correct and concise information relating to the medical industry is crucial, which is easier through digital marketing. Currently, most of the MedTech companies are using social media and emails to launch their new products. That has proved to create more cognizance.
Better interaction
A prompt means of communication is necessary for the medical field. Tackling emergencies or catering to end-moment requirements is something that happens each day. Clear communication between the MedTech companies and the HCPs is mandatory. Digital marketing helps in maintaining that promptness as it is the fastest method of interaction.
Running campaigns
Running multi-channel campaigns has become a trend in the MedTech industry. It helps in an interaction that is well-formatted to the company, the HCPs, and the consumers, further increasing the lead volume.
Improved supply
Converting the need for a MedTech tool or service through social media has become more convenient. This creates a smoother flow in the supply of products and services because there is a means of chronologically expressing challenges and solutions.
Here are some statistics that make digital marketing an imperative for MedTech
Based on McKinsey’s research and survey, the following can be observed:
- MedTech companies started investing 40% of their budget in digital marketing, highlighting its importance
- Of the total surveyed, 90% per cent claim that they witnessed a 10% improvement in their companies due to digital marketing
- 50% of the total respondents witnessed an increase of 20% in their ROI
- Therefore, it’s not surprising that medical advancements continually impact the operations of MedTech companies. To continue growth, they must be flexible and adapt to these changes. One crucial aspect of adaptation is upskilling for the MedTech industry.
Conclusion
The role of digital marketing in the MedTech industry has proved to be an evident one. An industry as important as medical requires digital marketing strategies as well to create widespread awareness of the diseases and their immediate treatments. From a B2B perspective, it also works well to advertise the tools to the right audience at the right time. The idea behind integrating digital marketing with the current market is to leverage the changing trends for maximum conversions.