Business Challenge
The rising number of surgical equipment manufacturing companies have drastically increased the level of competition in the medical devices market, making sustainability a key challenge for companies. Also, with the recent technological advancements, surgical equipment manufacturers are finding it difficult to adapt to the fast-evolving marketplace by effectively catering to the needs of the growing population. Therefore, they are finding it vital to keep track of competitors’ plans and actions to identify the right business strategies and enhance decision-making. Also, several surgical equipment companies are exploring ways to stay competitive in the market by developing intelligent business strategies.
The client, a leading player in the surgical equipment industry, was finding it extremely difficult to compete with other firms in their areas of specialization, in terms of cost, quality, and capability. Also, with the entry of new surgical equipment manufacturing companies in the market, the client witnessed a decline in their sales rate. With this, the client was compelled to reduce cost, which resulted in a decline in their net profit margin by 17%, prompting them to leverage a competitor analysis strategy to understand the competitors’ key strategies and make changes in their business plans.
Solutions Offered and Value Delivered
The experts at Infiniti Research carried out a thorough analysis of the client’s key competitors. The factors such as marketing strategies, strengths, weaknesses, market share, product development strategies, and future business plans were taken into consideration.
This helped the client to understand the common marketing patterns and product development strategies followed by their competitors. Also, the study of competitors’ strengths and weaknesses helped the client to differentiate themselves by offering products and services to fill gaps that their competitors have not addressed. They were able to dynamically fine-tune their marketing efforts to gain a competitive advantage over their competitors.
Also, Infiniti’s competitor analysis strategy helped the surgical equipment client to:
- Keep track of competitors’ plans and actions
- Set competitive prices for their surgical equipment compared with their competitors
- Achieve their net profit target
- Balance the quality of their surgical equipment with that of their competitors
Future of Surgical Equipment Market
The future holds bright for surgical equipment manufacturers. The market is largely influenced by technological advancements and opportunities that promise to revolutionize the operations of healthcare companies. Also, emerging technologies in the global surgical equipment industry space have revolutionized the way surgical equipment is manufactured to cater to the demands of the healthcare industry.
