The development of a new product is a complicated multi-stakeholder process with a significant risk of failure. This is particularly true in the medical device sector, where there are strict therapeutic, psychological, and normative constraints. This article presents a multi-criteria decision making process called “Define, Prioritize, Measure, and Aggregate” (DPMA). DPMA is designed to help engineering managers in decision making during the development process of new medical devices. The model is based on two sets of criteria linked to business and customer satisfaction. These criteria are weighted using the analytic hierarchy process (AHP) and group decision making (GDM) process. The performance of a medical device is measured according to each criterion. Furthermore, the final score of GO/NO GO alternatives are calculated with the simple additive weighting (SAW) method. A case study for the development of a new kind of femoral implant is presented to demonstrate the implementation of the DPMA process. This study shows that the application of the DPMA process during the design of a 3D printed femoral prosthesis provided engineering managers the key elements and green light to go ahead with the development of this medical device.