Which Medical Products Make the Most Profit Online?
Medical devices and products are a $110B+ industry in the US and are expected to grow 8.1% (CAGR) by 2025. This part of the medical industry is defined by growth and innovation, making it the perfect niche for eCommerce entrepreneurs looking to enter new markets.
Remember: The FDA regulates medical devices in order to ensure that they are safe and effective. In order to sell these devices, you must have a license from the FDA. Always check with your state for licensing requirements.
Now that you understand you must be licensed to sell many medical products, I’ll share some of the most profitable types to sell online.
Get licensed first
There are two types of medical device licenses: General and limited.
General licenses allow you to sell any type of device that falls under your category (for example: All devices that treat heart disease).
Limited licenses allow you to sell only specific types of devices (for example: Only pacemakers).
The first step in applying for a medical device license is determining which type of license would work best for your business model and goals.
You also need to get a license from the FDA. You can apply for a Class I or Class II license, depending on how your device is intended to be used.
Class I: This allows you to market devices that are not invasive, but can be used in conjunction with invasive procedures. Examples include gauze, bandages and other dressings for surgical use.
Class II: This allows you to market devices that are intended to be implanted into the body and remain there permanently. Examples include pacemakers, stents and artificial joints.
eCommerce is the right channel for medical devices
Why?
eCommerce lets you reach a wider audience. Consumers without access to a clinic can easily shop online from their desk or mobile device, eliminating the hassle of driving to the office. They can also read reviews and testimonials from other customers who have tried your products before making a purchase—critical information that may affect whether they buy anything. In addition, because they don't have to wait in line at the clinic, your customer service reps won't be overwhelmed with people wanting help placing an order or picking something up after hours (or even during business hours).
eCommerce lowers costs by reducing overhead expenses such as rent for offices in every location where you want service—no need for any physical locations anymore. Plus, there's no need for employees: To answer phones/emails/chat on social media platforms 24x7x365 days per year.
A guide to the most profitable medical devices to sell online
Mobility aids
If you're considering selling mobility aids online, it's a good idea to know that the market is both large and growing.
The global market for mobility aids was valued at US$10.5 billion in 2018 and is projected to reach US$16.7 billion by 2026 (Statista).
Mobility aids are also durable goods with long shelf lives. So if you're looking for products with room for growth but don't require frequent replenishment, this is one category of medical devices that can be very profitable for your eCommerce shop.
Finally, mobility aid products are often expensive—some even cost thousands of dollars. This means that customers will be more likely than average to want or need their mobility device replaced when they break down or get lost or stolen during shipping (which happens all too often).
If you offer insurance coverage on top of your shipping costs, it's worth doing so.
Hearing aids
Hearing aids are a big market, with about 45 million people in the United States alone suffering from hearing loss.
The average cost for a pair of hearing aids is $3,000-$4,000, and that's just the price tag – it doesn't include additional fees like visits to an audiologist and follow-up care.
Yet, despite these high costs, purchasing one or two pairs of hearing aids is often justifiable when you look at the extended lifetime use and benefits they provide.
The average age at which someone gets their first pair of hearing aids is 60 years old (and remember that people wear them every day).
That means there could be several decades of use out of one product—a significant benefit to anyone who wants to save money over time.
Plus, most insurance plans cover at least part of the cost; if not, many customers have found success using flexible payment plans offered by companies such as Audicus or CareCredit
Diabetic supplies
Diabetic supplies are a rapidly growing market, and they're also a specialized niche. So, if you're interested in selling medical products online, this is an excellent option.
To clarify, diabetic Supplies are explicitly designed for people with Type 1 or Type 2 Diabetes who need assistance monitoring their blood sugar levels throughout the day (or night).
Orthopedic braces
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