Are Medical Devices that Help you Exercise the Next Big thing?
The medical device industry is constantly evolving. With industry giants moving towards value based healthcare models and companies like Apple entering the space, the future of the industry looks bright, but could also be confusing if you work in the industry and want to best position yourself for the future.
One medical device industry segment that tends to change at an even faster pace is the cosmetic surgery industry. With consumer behavior and aesthetic trends constantly changing, companies need to understand market trends and future technology to ensure they are positioned well for the future.
Allergan is a leader in cosmetic surgery and they understand this all too well. Botox has been a long-term hit for the company and has allowed them to develop and acquire technology that will help continue Botox's growth as new competitors enter the market. CoolSculpting has also been a tremendous success for Allergan. The product, acquired from Zeltiq, is a non-invasive fat reduction procedure and has enjoyed significant growth over the last several quarters, but last quarter, showed a sizable decline in year-over-year growth, only growing 1%.
What happened? Who knows. Products in this space can be cool for a couple of years and then fade. It's why companies and their sales reps need to constantly be aware of the market around them.
So what's next?
A recent story in Bloomberg, highlighted a trend for medical devices that can take the place of exercise. Of course, the physicians are not recommending patients use procedures in the place of exercise, but this could be a way to take a patient's fitness to the next level.
“Within two weeks you should be able to get the equivalent of a year’s worth of gains in your core or your buttock,” Neinstein says. But “in no way are we using this machine to replace exercise. It’s really helping the busy person who’s got a job, a family, commitments. They’re still eating well, they’re still exercising, but not everyone can go to the next level.”
The company, BLT Industries, sells the EMSCULPT, which helps patients build muscle and tone their bodies by just lying on a doctor's table. Here's how the device works.
Are medical devices that help patients exercise, or even take the place of exercise, the next big thing in the cosmetic surgery industry? They very well could.
The cosmetic surgery industry has seen consistent growth and companies are always looking at trends in the market. With people having less and less time in their schedules due to constant demands from work and kids, devices like this make sense.
If you work in medical sales, this should be a reminder to always keep the pulse of the industry to understand how the market perceives your device and what could be coming down the pike as a replacement or the next big thing.