How MedTech is Changing Post-COVID and Its Impact on Marketing

MedTech, or medical technology, is every product, service or solution using medical technology to improve people’s health by preventing, diagnosing, monitoring and treating disease. Because of this, MedTech products are necessary to maintain and/or enhance the quality of life for all of humanity. For example, early diagnostic tools are utilized in preventive medicine – to prevent disease, or to diagnose at a stage before the disease is advanced. Said diagnosis allows physicians to identify specific conditions and to provide early treatment, hopefully, staving off further deterioration. Presently, medical technology is so common and so integrated into our everyday life that it is almost impossible to imagine life without it.

Interestingly, in response to the Covid-19 pandemic, 2021 saw a large rise in medical technology investments. Investors started pouring money into funding startups as they saw an opportunity to improve this mode of healthcare delivery. Research shows that MedTech companies raised $57.2 billion in 2021, which was an impressive 80% increase over 2020. But was this a temporary response to the health crisis or a new trend in the industry?

Here is what you need to know about MedTech in the wake of the pandemic and tips for ensuring your messaging resonates with your audience.

Increasing Confidence in MedTech: The Post-Pandemic Market

There are indications that the sector has been settling down in 2022, but confidence in MedTech remains high. The aforementioned research also showed that private equity investments fell by almost a third during the first stages of the pandemic, but these same groups significantly increased their spending in the latter part of 2021. This suggests investors feel secure in medical technology’s role in the post-pandemic era.

The exposure of healthcare organizations to evolving medical technologies during the pandemic  has made them more considerate than ever to new technology. Demand is expected to remain high for such useful technologies. Thus, investors are in a perfect situation to capitalize on this high confidence level and continue to drive momentum in the MedTech space.

Consequently, marketing these technologies plays a crucial role in propelling demand. Here are three ways you can boost performance of your marketing concurrently with the investor momentum.

3 Tips for MedTech Marketing

Minimize Industry Jargon

Often in the B2B marketing space, industry jargon is used in messaging. Some jargon may not be familiar to the healthcare audience, thus, some brand managers might be missing an opportunity to clearly connect product benefits to outcomes. Therefore, less industry jargon and more audience-centric language will help improve engagement and lower confusion.

Use Storytelling about Patient Experience

Storytelling is vital to communicating your value and your tech’s impact on the patient experience. In the boom in 2021, most of the money was invested in patient technology and consumer-facing platforms and apps. The emphasis was on creating a better patient experience and providing them with cutting-edge support.

Therefore, emphasize how your solution impacts the patient experience. Sharing a success story is the perfect way to showcase real-world outcomes.

Focus on Transparency

MedTech is filled with examples of how the latest innovation negatively affected providers, investors and patients. While there are regular breakthroughs, some can be expensive, complex, or otherwise disruptive and fail to provide measurable benefits. So focus on building trust by messaging with transparency, so your audience has a good understand and clear expectations.

Capitalizing on a Bright Future

As we see MedTech experiencing tremendous growth, brands will depend on marketers to ensure the market does not recede to pre-pandemic levels. By embedding these concepts in your marketing strategy, you can capitalize on the continued, promising bright future of MedTech!

Want more tips on healthcare marketing? Bookmark our blog to get the latest in healthcare marketing.

Article Written by: Alex Brown