Start A Medical Implants Business - Business Ideas

Start A Medical Implants Business - Business Ideas
Start A Medical Implants Business

One of the benefits of 3D printing healthcare is helping doctors and researchers reconstruct various human body parts. Thus, additive manufacturing has helped save lives by enabling doctors to achieve successful implants.

For example, additive manufacturing (3D printing) has made jaw reconstruction possible. Also, 3D-printed knee implant companies like Conformis applied 3D printing to create implants, an initiative that has given new hope to patients.

Therefore, if you are in the medical industry, you may consider starting a 3D medical implant printing business.

Starting a medical implants business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell medical implants , or selling medical implants online, you can use this page as a guide for everything you'll need to know.

Key Stats

market size
$147B
starting costs
$30.1K
gross margin
30%
time to build
720 days

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $0 $6,900
Employee & Freelancer Expenses $151 $352
Business Formation Fees $5,600 $20,400
Equipment & Supply Expenses $63 $700
Inventory Expenses $350 $14,750
Vehicle Expenses $2 $10,004
Training & Education Expenses $0 $2,000
Website Costs $13 $215
Food Business Expenses $25 $500
Retail Business Expenses $0 $950
Advertising & Marketing Costs $75 $2,486

Successful Businesses

Business URL Rank
ca.gov ca.gov #251
Free Website Builder For Your Business business.site #885
DotMed dotmed.com #52,734
Alcon alcon.com #156,173
Narang Medical Limited narang.com #312,698
GPC Medical Ltd. gpcmedical.com #585,851
Medical Tourism Corporation medicaltourismco.com #626,136
Globus Medical globusmedical.com #701,507
MIS Dental Implants mis-implants.com #1,189,314
MiRus mirusmed.com #1,226,877
Gesco Healthcare gescoworld.com #1,522,371

Pros & Cons

Pros Description
Rewarding work Starting a medical implants business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
Meaningful business connections You never know who you will meet as a medical implants business. This could be the start of an incredible business opportunity!
High customer retention rates Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.
Pick & choose the clients you work with Medical Implants Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients!
Unlimited income potential With starting a medical implants business there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make.
Cons Description
Crowded Space Competition is high when it comes to your medical implants business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Motivation of employees If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
Longer Sales Process A medical implants business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
Low margins The gross margins for your medical implants business are typically around 30%, which can make it more challenging to incur new expenses and maintain profitability.
High employee turnover In the medical implants business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.
Work can be inconsistent As a medical implants business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Marketing Ideas

  • 1

    Affiliate Program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

  • 2

    Direct Sales

    Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.

    For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.

  • 3

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

Pat Walls,  Founder of Starter Story
Want to start your own business?

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