Medical technology can bridge oceans, simplify communication, enhance productivity and in its most vital and useful application, technology can save lives. Long gone are the days in which the lives of patients solely depended on the steady hands of their surgeon. Nowadays, multi-directional guidance systems help surgeons perform life-saving procedures that seemed impossible 20 years ago.
The majority of medical technology research and development occurs in North America, Japan, Korea, and the European Union. But also Israel is an increasingly important developer of diagnostic instruments and robotically supported surgical devices. While traditional tech-countries still dominate the market, other emerging economies such as China, Brazil, Saudi Arabia and Mexico, are increasingly discovering domestic development and production of medical technology as a means to combat the challenges of rapidly expanding healthcare systems and as a lucrative business. The medical technology sector is undoubtedly one of the most lucrative and flourishing global industries. As these new players are increasingly able to unite inexpensive production cost with innovative patent development, they are able to carve out their own spot in the highly profitable export market for medical devices.
Like few other sectors the business with medical technology is booming. No longer is the industry dominated by a handful big name, do-it all producers. The industry is moving towards a high degree of specialization. 95% of the 25,000 European medical technology companies, for instance, are small enterprises that employ less than 50 people. Those specialist companies do, nonetheless, drive innovation at an astounding rate that would simply unimaginable in a less specialized industry. Of the roughly 10,000 patents submitted in 2012 in the European Union, 7% came from the medical technology industry.
As a result of this incredible rate of development, product cycles are on average only 18 to 24 months, leaving producers with little time to introduce and market their new devices.
Product implementations and marketing campaigns therefore run under extreme time pressure and often parallel in several markets. Dropping the ball in the translation process of your campaigns can be disastrous. So why not work with a language service provider who has more than 20 years of experience with medical and medical technology translations and can service more than 20 languages in-house. Place all of your translation needs into our steady hands.
EVS Translations provides specialist translations of medical technology brochures, marketing materials, CT protocols, research studies and related materials for corporate partners from The U.S., Germany, Israel, France, England, Russia, Korea, and Japan. Contact us today to discuss your projects.