In recent years, the spending on healthcare has outpaced all other expenses with people investing heavily in health care to remain vibrant and healthy. A recent survey states that the US spends almost 16.6% of its national income on health, the UK invests 9.9%, New Zealand (9.4%), Norway (9.3%), and Australia (9%). Since the cost associated with healthcare is nearing its saturation, the government is taking robust initiatives to promote healthcare in a cost-effective manner. The initiatives have, in turn, affected the medical devices landscape with numerous competitors offering a distinguished set of medical devices. To remain competitive and retain the foothold in the medical device industry, organizations have started adopting robust strategic analysis solutions. Strategic analysis helps organizations understand the market landscape in terms of the competitors, their offerings, and product positioning. The strategic analysis solutions also helps organizations understand the strengths, weaknesses, opportunities, and threats and act in accordance to make informed business decisions. In addition, strategic analysis helps companies understand their customers and preferences.
Infiniti’s strategic analysis solution assists the client to assess the economic, social, and political changes prevailing in the disposable syringes supplier landscape. The client can further identify the technologies prevailing in the market and revamp their current technologies to penetrate across different niche markets.
The Business Challenge
The medical device industry is nearly reaching its saturation with competitors increasing their offerings. With the growing competition in the market, a leading syringes supplier was facing predicaments in assessing the growth potential of key competitors in the medical device industry. The client wanted to understand the competitors, their offerings, and leverage strategic analysis to penetrate and enter different market segments. The client further wanted to assess the competitors’ offerings and devise strategic ways to enhance their product portfolio.
The primary objective of this engagement was to understand the product portfolios of the competitors and the strategies to implement and sustain their product offerings in the medical device industry.
Our Approach
To gauge the suppliers’ landscape, the client approached Infiniti’s team of strategic analysts. With years of experience in assisting clients to benchmark their strengths, the strategic analysis team at Infiniti carried out a blended approach comprising of interviews and discussions with leading stakeholders in the medical device industry. In addition, to address the challenges, the experts also compiled information from various proprietary sources such as hospitals, healthcare advisors, and healthcare newsletters to gain a holistic view of the current competitors, their offerings, and prevailing technologies in the market space.
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Strategic Analysis Solution Benefits
- Devise robust SWOT analysis to gain an understanding of the current position in the market
- Understand the compliance issues prevailing in the market space
- Assess the economic growth, interest rates, exchange rates, and the inflation rate for disposable syringes
- Identify the target segments in terms of the age distribution and safety issues
- Analyze the prevailing technologies and the future technologies expected to drive the growth of disposable syringes
- Assess the value chain of the customers
Benefits of Our Integrated Approach
In just twelve weeks, the client was able to perform a situation analysis, self-evaluation, and competitor analysis of disposable syringes in the medical device industry. The engagement further helped the client allocate and manage resources to enhance their product offerings in the disposable syringes supplier space. The client was further able to measure the effectiveness of the organizational strategy and conduct a SWOT analysis to assess the growth patterns of disposable syringes.
