Avention Media

If you are a medical equipment and supply business and looking to provide essential medical equipment and willing to contribute to improving overall patient care, and confused how and where to start? In  this article, we will discuss how you can venture into the process of selling your medical equipment to the hospitals from market research to building a customer base.

Medical Equipment and Supply Business

The medical equipment and supply businesses manufacture and supply medical equipment that are required in the healthcare set up such as hospitals, diagnostic centers, and other healthcare spaces. This type of business plays an important role in the healthcare industry ensuring that the healthcare professionals have access to necessary supplies to offer quality care to the patients.

According to Fortune business insights, the global market size of medical equipment was valued at USD 512.22 billion in 2022 and from USD 536.12 in 2023 and is expected to grow to USD 799.67 billion by 2030.

North America Medical Devices Market Size

Note: The result may vary according to the current market scenario.

The increasing number of patients and need for surgical and diagnostic procedures is raising the demand for medical equipment in the emerging and developed countries.

The medical equipment industry by key market leaders, further making huge investment in technologically innovative and more advanced medical equipment with an aim to cater to overall patient care. Thus, creating various opportunities for medical device manufacturers to market their products to the healthcare industry and key decision makers in that field.

Medical equipment and supply business offers wide variety of products, but not restricted to:

  Types Of Medical Equipment

 

  • Medical Equipment: This includes equipment such as Hospital beds, Nebulizers, Ventilators, Blood Pressure monitors, EKG machines, Wheelchairs, Patient monitors and many more.
  • Durable Goods: These are single-use items or disposables like Surgical drapes, medical masks, gloves, eyewear, syringes, colostomy bags, wound care, bandages, and infusion sets.
  • Diagnostic Supplies: This includes devices used in the diagnostic center such as ultrasound, circuit tester, thermometer, pulse oximeter, blood pressure cuff, electrocardiographs, and X Ray accessories.
  • Personal Protective Equipment: Ever since the COVID19 outbreak, there is an increase demand for PPEs such as Gowns, masks, hand sanitizers, face shields, and gloves.

Importance Of Targeting Decision Makers In The Hospitals

Whether you’re selling medical equipment or services or marketing your business to the healthcare industry or hospitals, you need to understand their specific needs and how you can solve their problems and meet their objective in the dynamic industry.

The larger institutions and organizations will have departments and key decision makers who are involved in taking monetary decisions. Having specified individuals filling these responsibilities helps create more individual contacts in general. When there are more people to target you can benefit more opportunities and strategies to generate leads and nurture them.

Therefore, it is important to understand the people involved in making purchase decisions and their roles before you approach them. Decision makers will have different levels of power, influence and responsibility depending on the size of the organization. These roles include:

  • The economic buyer: The one who gives out the final word for investment and controls the budget.
  • The clinical buyer: The one who assesses your product and services.
  • The technical buyer: They analyze technical identification and compatibility of the product.
  • The end user: They use your product and give feedback.
  • The gatekeeper: The one who filters out the information and has access to other key decision makers.

While targeting your potential prospect in the healthcare industry and hospitals it is essential to understand their roles and tailor your message accordingly.

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Strategies To Sell Medical Equipment

1. Connect with the right audience with the right data:

Before you plan to sell your product to the healthcare industry, you must be aware of the company      size, number of physicians, number of facilities they provide, types of facilities they offer, and budget.

2. Showcase the benefits of the medical equipment:

Sometimes the key decision makers in the hospitals can be hesitant or have an objection to make a purchase decision or commit to purchase, especially when they are not convinced of the value or urgency of the product. To persuade them to act quickly you need to create the urgency and sense of value to invest in your product. Showcase them how your product can help them achieve their goal faster and better and how easily they can integrate it in their healthcare set up.

3. Build trust and long-term partnership:

Hospital decision makers will only listen to you and trust your recommendations when you establish strong rapport with them. Build credibility by sharing reliable information, case studies and testimonials that guarantees your product’s value and success. Show genuine interest and empathy with problems and questions they have and take their feedback actively. Don’t agitate, rather be helpful.

4. Understand Your customer’s problems and concerns:

Your customers might have various problems and concerns that will restrain them from making a purchase or investing in your product. It might include budget constraint, technical compatibility, staffing, training, regulatory problems, implementation, and others. Show them how your product can fit within their budget, comply with their regulation standards, integrate with their system, and help their staff. Provide them with a realistic timeline and guarantee of implementation and maintenance of your product.

5. Conduct workshops, webinars, and hands on training sessions:

Hosting and inviting hospitals to take part in the workshops, webinars, and training sessions will give recognition as well as create networks with the relevant customers. This will not only generate leads but also create a sense of trust and reliability among healthcare decision makers.

6. Gain knowledge on regulations:

Hospital decision makers take deep interest in the regulatory standards. Ensure that your products meet all the necessary regulations such as FDAs medical device registration and listing process and comply with any state level requirements. This will make them act quickly and invest in your products.

7. Leverage digital marketing:

Build your business and make your presence on social media to market your products online. Use blogs, content marketing and paid marketing resources to promote and engage with your target customers. This will gain you visibility amongst your audience and convert them into leads.

8. Have an eye on your competitors:

Study your competitors carefully, see what they are bringing to the table, what are their strengths and weaknesses. This will help you gain insights into their products and modify your product accordingly.

9. Stay updated with technology and advancements in the field:

With the advancement of science and technology, there is always room for innovation. Stay updated with the new innovations and advancements in the market to adapt to new technological innovations.

Conclusion

The demand for medical equipment is growing rapidly across the globe, with countries like the USA and Germany dominating the innovation and technology space.  The industry is expected to grow USD $521 billion globally by 2025 and reach USD $799.67 billion by 2030.

Increasing consumer demand, technological advancements, investments from the business leaders will boost the growth and innovation within the market.

This will open many avenues to the B2B medical equipment manufacturers and medical supply businesses to cater to the industry by utilizing right strategies and investments and capitalize their growth and see success in the field.

FAQS

1. How much is medical equipment worth?

Medical equipment can cost anywhere between $2,000 to $100,000 USD. If they’re used properly, they can cost 30 to 40% less than new ones. This cost may vary depending on the type of equipment, brand, and the technology used for its functioning.

2. Is it hard to sell medical equipment?

Selling medical equipment can be challenging. You need to find prospects and what exactly they are looking for. By doing so you can reach out to your ideal customers and pitch your product and services to them so that they can make quick decisions to invest in your products.

3. How do I market my business to hospitals?

Marketing your medical products to the hospitals can be a difficult task. Before  you plan to sell your products make sure you consider the followings, 

  • What is the product?
  • Where do you want to market it?
  • Who are your target audience?
  • When do you want to launch the product?
  • Why is there a need for the product?
  • How are you going to sell the product?

4. What is the largest market for medical devices?

North America is one of the leading markets for medical equipment manufacturers, owing to an increasing number of aging populations, and growing demand for medical devices and healthcare services.



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