Medical devices are critical for improving quality of life for people of all ages and are used in a variety of environments, including hospitals, clinics and at home. As a result, the industry has been the focus of consistent innovation and is not projected to slow down any time soon. According to Lucintel, “The global medical device market is expected to reach an estimated $343 billion by 2021, and it is forecast to grow a CAGR of 4.6% from 2016 to 2021. The major drivers of growth for this market are the growth in healthcare expenditure, increasing health awareness, and aging population.” Thus, companies that develop medical devices will continue to compete with one another to secure more of the market share.

Why Patenting Medical Devices is Important

Medical devices have a serious impact on the health of the population, and therefore present the opportunity to generate major revenue. In an industry like this, where major impact and revenue potential exist, companies are wise to protect their inventions. This level of opportunity breeds competition, but the FDA strictly regulates medical devices, putting them through rigorous testing and scrutiny before they are approved. Throughout this process, it is an industry standard that the technology being tested is, at the minimum, patent pending. Obtaining the “patent pending” status validates that the device in question offers something new and useful to the market, and provides protection for the company that created it.

Why TurboPatent is the Best Choice for Medical Device Patents

As a company built upon technology, TurboPatent grasps the ins and outs of high-tech systems, such as medical devices. And since technology is key to our business, we operate more similarly to a technology company than we do to a law firm, which means we work like you do ‒ with an engineer’s mindset.
The market for medical devices is rapidly evolving and we have kept pace, with several domain experts who can assist in the drafting of patent applications for this highly-competitive industry where early filing dates are vital. Medical device companies have chosen us to protect their technology and have received high-quality patent applications faster and for about half the price of a traditional law firm. 

*Content Provided by FSP LLC, a patent law firm.