RESEARCH TRIANGLE PARK, NC--(Marketwired - May 15, 2015) - Medical device manufacturers hoping to enter the US market face increasing commercial competition and challenges to gain the funding necessary to support emerging brands. Because development and commercialization can consume a lot of resources, many device firms look to partnerships and acquisitions to move products to market.
According to a new study published by primary intelligence firm Cutting Edge Information, 80% of surveyed Top 10 medical device companies look to outside sources to commercialize medical device brands. The majority (60%) of product development among Top 10 companies was enabled by technology or business acquisitions and another 20% via joint ventures or collaborations with other firms.
"In some cases, companies work together to develop or support a single brand," said Victoria Cavicchi, research analyst at Cutting Edge Information. "Device manufacturers use partnerships and acquisitions to gain access to new technology. They may also seek a partner to commercialize the product or aid in any number of development processes."
One interviewed executive explained that his firm worked in a true partnership with a parent company to develop a cardiology device. The two organizations delineated roles and responsibilities early in the efforts. While the executive's firm developed and manufactured the product, its partner -- the parent company -- took on the cost of testing and commercializing the device.
Although acquisitions and partnerships are common for large organizations, they were not as prevalent among surveyed Top 50 and small device manufacturers. In fact, among all surveyed firms, 71% reported developing their brand internally.
"Medical Device Development: Benchmarking Early-Stage Product Management and Promotion," available at http://www.cuttingedgeinfo.com/research/marketing/medical-devices/, examines new product planning for established and emerging medical device firms launching brands in the US market. Report highlights include:
- Detailed profiles of 11 medical device manufacturers and their products, including budget and staffing resource levels required to support development and commercialization, development timelines and commercial competition levels
- Benchmarks on surveyed companies' expected commercial success, including projected market share and competition levels in the US
- Exploration of commercial board implementation and staffing across product development stages
- Executive insight on determining a product's best-fit regulatory pathway as well as guidelines for determining the viability of partnering to support product development
For more information about medical device commercialization in the US, please visit http://www.cuttingedgeinfo.com/research/marketing/medical-devices/.
Contact Information:
CONTACT:
Rachel Shockley
Marketing Team Leader
Cutting Edge Information
919-433-0211