The process of developing new products (NPD) can be a crucial part of an organization's efforts to increase revenue and profit. Researchers have written several articles on how to create successful new products, yet many items fall short of meeting customer expectations due to concerns like reliability and delivery delays, which cost companies money and devalue their brands. According to published research, 40% of NPD programmes for a variety of reasons fall short of improving competitive advantages. While there are numerous approaches to guarantee NPD success, according to studies, it is still important to comprehend why so many initiatives fall short of their objectives. The current study's objective is to pinpoint the crucial success factors (CSFs) for medical imaging devices (MIDs) to comprehend how product differentiation affects competitive advantages. A quantitative study was done to confirm the CSFs discovered through research into generic MID goods in Asian nations. The independent variables are the organisation, market orientation, execution excellence, market regulation, cost excellence and product strategy. The statistical model assesses the impact of each of the five independent variables on the competitive edge of MID development. This study looks at customer happiness, profit, and time to market to assess the competitive advantages. The empirical study based on 333 responses from Europe, North America and Asia found that product strategy and regulation affected MID development's competitive advantages. Market orientation, cost excellence, execution excellence and organisational variables had a little direct impact on competitive advantages, but they had a big impact when they were mediated by regulation and strategy. A "diamond of MID success" with additional best practices for usage in business and academia has been proposed based on the research findings.