In common with many other sectors, topics such as new product introduction, portfolio management, the voice of the customer and managing risk are all key concerns in the development and leverage of an effective innovation capability here. However, given the steadily growing demand for improved medical devices in established markets and the swift growth in emerging markets, speed-to-market is of particular priority. With the need for FDA approval, backed up by successful clinical trials, efficient decision making early on in the development process is a capability that many companies are keen to refine, particularly in the US market where increasing demand is driving prices out of the reach of many.

Innovative solutions which will reduce the burden on the overall healthcare system, while allowing growth in the sector, are seen as a matter of priority. This is now being driven as much by private healthcare insurance companies and HMOs in the US as it is by governments. All recognise the massively increasing cost of providing medical support for a growing population – some of whom are becoming, on average, healthier, but most of whom are not. As the varied impacts of smoking start to decrease, the even greater challenge of dealing with such problems as Type 2 diabetes in children as a direct consequence of rising levels of obesity in key markets is causing major concerns. Consequently innovations in products which can provide early warning of ailment, link remote monitoring to therapeutic delivery and reduce cross-contamination within the field are all gaining widespread attention. In addition, a desire for minimally invasive treatments and improved diagnostic techniques are significant areas of innovation focus.

As in other sectors, as the Indian and Chinese markets in particular expand, in-depth, accurate, predictive market knowledge to steer associated innovation priorities is also becoming critical.