The United States is the world’s largest medical device market and it shows no signs of slowing. The market is yet to experience tremendous growth. Since the past 40 years, the number of technology innovations both within and around medical devices have increased dramatically. Especially, the past 20 years have witnessed an acceleration in the sector due to the digital transformation.
Every individual all over the globe understands the importance of physical wellness. When we had a discussion with the founder of an emerging US medical device manufacturer company, we sat with them and understood their business model. Further, we conducted a quick competitive analysis and reached to a conclusion that they had the best business model in the current market as they planned to resolve many problems that current companies were not focusing on.
“When we met, we were inspired by the passion and the amount of research he had put in. The business plan revolved around solving the current problems in the market that the competitors were not focusing on and we knew that this is the thing that would set us apart and help up curate the perfect pitch to intrigue potential investors.” – Ash Narain, CMO, Marquee Equity
The rising prevalence of chronic diseases and the increasing geriatric population in the country are the key market drivers. The onset of chronic diseases is more commonly prevalent between the age group of 45 and 54 years. The scenario set off lucrative opportunities for both existing players and new entrants.
The U.S. medical device manufacturers market size was valued at USD 176.7 billion in 2020 and is anticipated to exhibit a compound annual growth rate (CAGR) of 5.0% over the forecast period.
Having said that, the US dollar is very strong and just one of the reasons why the medical device market is on the rise. However, the strong dollar creates challenges for American device manufacturers exporting to markets with weaker currencies.
Amidst these facts what was working for our client was – a combination of an innovative business idea and a medical device manufacturer friendly geographical location with ample opportunities of growth.
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