28 February 2023 –The medical device market includes devices and products that prevent, diagnose, and treat diseases. The most well-known medical technology products include pacemakers, imaging instruments, dialysis machines, and implants.

The medical device market includes products used for medical laboratory testing of specimens derived from the human body and a variety of other products which classify into medical specialties or types of application, such as Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and Surgical Devices General & Plastics, and other segments (Statista, 2022).

The global medical device market growth is estimated from $495.46 billion in 2022 to $718.92 billion in 2029, with a CAGR of 5.5% (2022 to 2029 period). The increasing prevalence of chronic diseases such as cancer and diabetes, unhealthy lifestyles, and inappropriate eating patterns contribute significantly to the higher demand for medical devices. This trend is due to the increasing need for health procedures related to routine check-ups and early diagnosis. In addition, the rise of hospitals and health facilities numbers positively affects the global medical device market (Fortune Business Insights, 2022).

This value drives local medical device entrepreneurs to penetrate the market immediately. The intense worldwide competition requires all companies to prepare the best strategy for competing in global market opportunities. Below are several tips for your company: 

Analyzing the need and demand for the products

Before penetrating products into a market segment, companies must examine the market situations and conditions. A pre-feasibility and feasibility study will help to predict the prospects, along with the strategy.

Completion of international standardization requirements

Internationally recognized requirements and certificates provide higher opportunities to win the market. The certificate will enhance opportunities for cooperation agreements between countries, certifications that your company needs include ISO and CE Marking.

Participation in international exhibitions

The company should attend and participate in international medical device exhibitions as it will broaden the opportunities to meet new clients.

These three strategies will increase the success rate for industries to cooperate with foreign companies, which also supports the government in developing the Indonesian health sector. PT Inspiry Indonesia Konsultan can help you implement this strategy by:

• Assisting ISO certification and CE Marking

• Creating customized pre-feasibility and feasibility studies

• Preparing for international health exhibitions

Contact us via:

E-mail: inspiryindonesiakonsultan@gmail.com

Website: www.inspiryconsultant.com

Instagram: @inspiry.indonesia

Mobile phone : +62 877 6777 1778

Salam Inspirasi,

apt. Syifa Amirta Sani, S.Farm