Knowing what’s to come in the medical sales industry is not only interesting, but it could help you with your sales goals. If you know how to prepare and get ahead of your competition, reaching your goals will be that much easier.
Designed by forecasters who study what changes have been made over the past few years and check to see where the industry and its customers are heading, the trends described here are all predictions of what’s to come.
Medical Sales Trends to Watch Out For in 2023
If you want to know what the future holds and create some forward-thinking sales goals, then check out these medical sales trends to watch out for in 2023.
An Aging Population That Spends More on Healthcare
Sometimes you need to look beyond the medical sales industry itself in order to find trends that will affect it in a fairly large manner. One good example of this is the aging population. Looking at the charts, there are clearly more elderly people than there has been in the past, and experts are predicting that the over-60 demographic is just going to keep expanding.
Along with an increase in elderly people, there’s also more healthcare spending taking place. This makes sense because older people tend to have more medical conditions. As they live longer, there’s more of a need for prescription medications that treat their health issues, as well as supplies like walkers and wheelchairs that help them get around.
What does this mean for the medical sales representatives? Well, it means that they’re going to be selling more of these devices and medications to their customers, who in turn will provide them on demand to their patients.
A Rise in Demand in International Markets
Not all of those elderly people described above live in the United States. Some are located throughout the world. Many countries are undergoing the same population trends as the U.S., which means a larger call for medical devices and more in those locations.
Since developing countries don’t have the same medical infrastructure as the United States and lack the companies that produce these needed medical products, it’s predicted that medical supply, device, and medication companies (among others) in the U.S. will begin to get approval to sell their products overseas. This means larger territories for salespeople, as well as a set of entirely new customers to contact.
Medical Devices Are Going to Become More Popular
Medical devices, which encompass everything from insulin pumps and blood sugar measuring devices to the IV medication pumps and monitors that you see in hospital rooms, are only going to become more popular as time goes by. These devices are loosely defined by the FDA as an instrument, machine, implant, software program or appliance that is used solely for medical use. Due to this loose definition, medical devices can even include smartwatches that can track heart rate, oxygen levels, and more.
As technology advances, these medical devices get increasingly accurate, as well as smaller, making the ones that adhere or fasten onto the body even easier to wear. They will get more affordable as well because insurance will cover them in increasing amounts. As a result, medical device sales are going to rise, and salespeople working in that particular segment of the industry can expect to see their sales quotas go up as well.
New Developments in Robotic and AI Technology
Surgical tools and related items have seen a boost of late due to new developments in robotic technology. Some are even using AI (artificial intelligence) technology in order to make procedures safer for the patient and more effective overall. As technology continues to advance, salespeople working in the surgical tools field, as well as biotechnology, will see the number of new tools that they represent grow quite a bit.
In addition, since hospital and surgical clinic-based customers will need to enhance their skills along with advance their technology, salespeople can expect to see their number of customers and general sales figures grow as well. Surgeons will always be on the lookout for the newest, properly proven tools and will be willing to schedule appointments to see them demonstrated, as well as look for the newest literature on what these tools can do.
As a medical salesperson, this trend is good news, as it shows just how much this particular field is growing and proves that there’s a continued market for surgical devices and tools. Thanks to technology, the ability of these tools will keep advancing and growing, ensuring that this trend is here to stay.