The rising development of medical devices with millions of product variations presents a major challenge for anesthesia machine manufacturers.
Despite recent developments, manufacturers of medical devices face several challenges pertaining to regulatory compliance, product quality, and data security among several others. To succeed in an expanding global market space, manufacturers of medical devices must overcome various challenges.
Despite the recent developments, medical devices manufacturers face several challenges pertaining to regulatory compliance, product quality, and data security among several others. They are constantly challenged along the way in terms of design, research, corroboration, and in bringing their devices to a competitive market in a cost-effective manner.
The Business Challenge
- The client: An anesthesia machine manufacturing company
With an objective to drive strategic growth through systematic expansion into complementary product categories in the medical devices category, the client – a leading anesthesia machine manufacturer – approached Infiniti to engage in a market analysis study. Since the client was one of the new players in the medical devices market, they were facing difficulties in understanding the dynamics of the market. The primary objective of this engagement was to assess the attractiveness of the newer market segments as a potential source of future business growth.
How Can Market Analysis Help Companies in the Medical Devices Sector?
In today’s competitive business scenario, medical devices manufacturers are constantly pressurized to innovate and enhance their offerings. Many companies that could potentially benefit from a market analysis study aren’t familiar with the benefits it offers. It acts as the key to identifying new market opportunities. Investing in a market analysis study also helps to identify the tweaks that may be required to enhance your product or service offerings. Hence, it can be said that it is an invaluable tool that is worth the investment for long-term planning.
Summary of our market analysis engagement
Client Journey
To help the client gauge numerous factors influencing their decision-making process in the medical devices industry and to identify the emerging trends, the market analysis experts at Infiniti followed a strategic research approach. The approach included primary and secondary research methodologies, which utilized primary data from approximately 300 channel customer interviews and secondary data gathered from multiple sources.
Our team assessed the size and growth rate of the market, evaluated the competitive landscape, analyzed the value chain economics, and determined customer needs. The market analysis experts also reached out to various stakeholders in the medical devices industry to understand the factors that are influencing the market.
Solution Benefits and the Business Impact
With the aid of Infiniti’s market analysis engagement, the anesthesia machine manufacturing firm gained comprehensive insights into the opportunities present in the medical devices market. Also, the client was able to develop a brand concept with the help of expert recommendations offered by our market analysis experts. Our solutions also allowed the client to devise a go-to-market strategy, commercialize the delivery system, and efficaciously pilot test the concept. As a result, the medical devices was able to successfully roll out their products both domestically and internationally.
The Future
Rapid technological developments are impacting the medical devices industry. Owing to regulatory compliance concerns, medical device manufacturers haven’t yet fully utilized machine learning and AI. Though it still may be some time before industry-wide adoption, eventually patient care systems will take maximum advantage of what these technologies have to offer. With trends such as this influencing other markets, it’s safe to say that medical devices sector will follow suit.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the medical devices industry.
