The Med-Tech industry in the US is undergoing a rapid transformation with its market size set to reach $208.1 billion (a tenth of the US automobile Industry) by 2026. Innovations in AI-powered devices, digital health, and diagnostics are driving this rapid progress. The US med-tech sector’s rapid pace of innovation is reflected by the statistic that the US-FDA approved a record-breaking, 110 new medical devices in 2023 alone. This rapid surge has not only created opportunities for enterprises for faster market entry and access to new revenue streams but also has led to a very fierce and competitive market. With over 6,500 US med-tech companies, retaining customers has become more critical than ever.
For business leaders to tide over this competitive and evolving marketplace and achieve high enterprise valuations, a strategic reboot across critical business functions like financial operations, customer engagement, and sales & marketing is required. This is important to improve efficiency, reduce customer churn, increase customer lifetime value, deepen customer engagement, and safeguard long-term enterprise value.
