The medical technology industry is expanding globally. Find out how culturally adapted marketing facilitates market entry in Asia and Europe and how trust is built in sensitive markets.
The medical technology industry is in a phase of rapid global growth. According to a forecast by Statista, the global medical technology market will grow to a volume of 772.50 billion US dollars by 2029, with an annual growth rate of 5.29% between 2024 and 2029. This growth offers enormous opportunities, but also presents companies with the challenge of adapting their marketing strategies to different cultures and healthcare systems.
Le Dong, founder of Le Dong Communications, emphasizes: “Success in the global medical technology industry depends largely on how well companies understand local healthcare cultures and adapt their communication accordingly. It’s about building trust while communicating the benefits of innovative technologies.”
Cultural differences in the perception of health
A key aspect of cross-cultural marketing in medical technology is understanding different healthcare concepts and practices in different cultures. In Asia, for example, traditional medicine often plays a greater role than in Western countries.
A study by McKinsey & Company shows that around 40% of the population in China regularly use traditional Chinese medicine. For medical technology companies, this means that they need to position their products and their benefits in a broader context that takes into account both modern and traditional approaches.
“In Asia, it’s often about showing how modern medical technology can complement and support traditional healing methods rather than replace them,” explains Le Dong. “It’s a balancing act between innovation and respect for established practices.”
Building trust in sensitive markets
Building trust is key in the medtech industry, especially when entering new markets. A study by Clarivate emphasizes the importance of epidemiological intelligence – understanding the disease landscape and the size of global markets – in developing effective sales strategies.
Le Dong Communications recommends a multi-stage approach to building trust:
- Local partnerships: Collaboration with reputable local healthcare institutions and opinion leaders.
- Transparent communication: disclosure of study results and clear presentation of the advantages and disadvantages of the technology.
- Culturally appropriate training: Provide training materials and programs that incorporate local health practices.
“Trust is not built overnight,” emphasizes Le Dong. “It requires a long-term commitment and a willingness to really listen and learn.”
Adaptation of marketing messages
Adapting marketing messages to local cultures and healthcare systems is crucial. In Europe, for example, healthcare systems often place great emphasis on cost efficiency and evidence-based medicine. Here it is important to emphasize economic benefits and clinical evidence.
In Asia, on the other hand, the focus may be more on technological innovation and improving the quality of life. A study by Roland Berger shows that demand for state-of-the-art medical devices is growing particularly strongly in Asian markets.
“The art of cross-cultural marketing lies in communicating the universal benefits of a technology in such a way that they resonate in every cultural context,” says Le Dong.
Digital strategies for global reach
In an increasingly digitalized world, online marketing strategies play an important role in global market entry. According to a survey by MCI, 78% of medical technology companies use digital channels to build trust and credibility.
Le Dong Communications recommends a multi-channel approach that combines social media, content marketing and virtual events. “Digital platforms allow us to send tailored messages to specific target groups in different regions,” explains Le Dong. “At the same time, we need to ensure that our digital presence complies with local data protection regulations and ethical standards.”
Conclusion and outlook
Cross-cultural marketing in the medical technology industry requires a deep understanding of local cultures, healthcare systems and regulatory environments. Companies that want to successfully tap into global markets must be prepared to continuously adapt their marketing strategies and integrate local expertise.
“The future belongs to companies that can combine global innovation with local understanding,” summarizes Le Dong. “It’s about building a bridge between state-of-the-art technology and the specific needs and values of different cultures.”
For marketers and executives in the medical technology industry, cross-cultural marketing offers both challenges and tremendous opportunities. By carefully adapting their strategies and communicating authentically, they can not only tap into new markets, but also make a significant contribution to improving global healthcare.
Sources:
- Statista, “Medical Technology – Worldwide | Statista Market Forecast”, 2024
- McKinsey & Company, “What to expect from medtech in 2024”, 2024
- Clarivate, “Tailoring medtech sales strategies for the ASC market using a data-driven approach”, 2024
- Roland Berger, “Future of MedTech 2024”, 2024
- MCI, “MedTech marketing: how do you build trust and credibility in 2024?”, 2024
