The product lifecycle has five distinct phases: development, introduction, growth, maturity, and decline. These cycles are generally depicted seeing the sales volume change over time. During development, nothing is being sold. The introduction is the product's first break into the market and is generally characterized as having low sales volume. Growth is when the sales volume increases dramatically. Maturity is where the growth in sales volume starts levelling off, and the end of the maturity phase is the peak sales volume. Decline is characterized by the introduction of a new product that decreases the sales volume and normally renders the product obsolete.
Are there any products that have a unique product lifecycle in the medical device industry and if so, what was the reason for the unique lifecycle? Perhaps a device that can hardly go obsolete because it is unlikely a better device will be able to replace it? Or maybe there are devices that were unable to go beyond the introduction phase?
Products that immediately come to mind include class I devices such as tongue depressors and masks. These have been staples of the medical device industry and are easy to mass produce. Although simple devices, they perform their job adequately and do not seem to need any sort of upgrade or replacement in the foreseeable future. I believe their product lifecycle phase would have a very extended maturity phase, since they are basic products that clinicians will always need more of.
As you mentioned, class I devices such as tongue depressors or masks would have an extended maturity phase due to the consistent demand for these products and the limited room for significant improvement. In addition to many class I devices, basic diagnostic tools such as stethoscopes or thermometers may also have an extended maturity phase as the basic functionality of these devices and the main schematics of these devices would not necessarily change over time. Lastly, standardized lab equipment such as microscopes or centrifuges also fall in the category of unique product lifecycle as they are known for their robustness with a stable functionality that would not significantly change over time. All in all, the devices mentioned here all have unique product lifecycles in that there may be advanced versions of these devices, but their basic functionality is essential and will remain the same for many years to come.
Durable medical equipment (DME) has product lifecycles that are specific to various medical items, such as hospital beds and diagnostic imaging tools like X-ray machines. Durable medical equipment (DME) has a longer development phase due to the crucial role it plays in patient care and the large initial investments necessary, and once installed, there is little room for significant improvements. Diagnostic imaging equipment, which stands out due to its specialized nature and capital-intensive requirements, has a protracted maturity period. This is because developments in this industry are typically modest, ensuring a steady market presence. Due to consistent demand and the crucial roles that these devices play, there is a general trend toward extended maturity stages in the medical device industry. These gadgets, which are thought to be crucial in healthcare, are consistent with this tendency.
This part of lecture was very interesting to me because my current background in the medical devices industry is within the wound closure sector where I have worked with various wound closure devices such as sutures (for stitching), medical staplers, and even medical adhesives. I found that the sutures have been around for decades and most likely will always be around, but there are various reasons for this such as some surgeons preferring to "keep their ways the same" rather than trying something new. Thus, it is totally possible that one day there may be something that removes the needs for sutures but the fact that they have been around for so many decades really made me question the product lifecycle. My point is, I understand that most products will have different phases of the product lifecycle but I believe that there are always going to be exceptions to this because some products are so vital to quality of life that they will almost be on the market "forever".
I would love to hear the thoughts of others on this take and whether they also have worked with devices that have been around in the market for a substantial amount of time!
