Medical devices companies are constantly searching for growth opportunities. The largest opportunities lie within untapped emerging markets and the development of innovative technology.
Analyzing growth opportunities using growth rates is an easy way to categorize and evaluate said opportunities. However, growth rates do not always convey the full impact of growth drivers. As a result, incremental revenue analysis can be used to calculate growth contribution for different opportunities, providing context for these opportunities and helping to make better decisions. By using this analysis and selecting key medical device markets within the cardiovascular, orthopedics, and endoscopy therapy areas, we determined that the largest growth opportunities can be leveraged by expanding sales of mature technologies in emerging markets, while selling innovative devices in developed markets also represents a lucrative opportunity in some therapy areas. Through consideration of this analysis and an evaluation of core competencies and potential partnerships, medical device manufacturers can most effectively and efficiently realize these opportunities.