In medical device product development, which phase typically consumes the largest portion of the total development budget?

The journey from concept to approved medical device involves rigorous testing, regulatory hurdles, and significant investment. In today's competitive healthcare market, understanding the product development cycle for medical devices is crucial for industry professionals. This trivia question focuses on a key aspect of the medical device development process that often determines market success or failure.

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Initial concept and design phase
Clinical trials and regulatory testing
Manufacturing scale-up and supply chain establishment
Post-market surveillance and ongoing compliance