Medical Devices Market Overview
The medical devices market has grown promisingly over the last five years and our experts predict that it will continue to move forward at a substantial pace in the years to come. Growing prevalence of chronic diseases, rising geriatric population, and growing surgical procedures are driving the medical devices market growth. Besides, technological advancements and growing demand for innovative therapies are other factors propelling the growth of the medical devices market. However, the rising costs of medical devices and evolving healthcare regulations are expected to restrain the medical devices industry growth. To counter these rising challenges, major medical device market players are in the need to reduce costs and enhance quality, while maintaining profitability.
Performing a competitive intelligence study is crucial for companies in the medical devices market to gain a competitive advantage. Request a FREE proposal here.
Business Challenges
The client, a medical device services provider in Canada, that offered advanced CT scanners and diagnostic ECG machinery faced growing threats from competitors in both product development and go-to-market activities. Also, the medical devices market client faced difficulties in anticipating competitors’ activities, understanding past market disruptions, and planning for future market opportunities and disruptions. Besides, the medical devices market client was unable to assess the effectiveness of competitors market positioning.
Moreover, rapid technological advancements and low barriers to entry made it easier for new medical devices companies to enter the Canadian market. As a result, the client witnessed a huge decline in its revenue. The medical devices market client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering competitive intelligence solution.
For over 15 years, we have specialized in offering actionable market insights backed by reliable data to help companies gain a competitive advantage in the market. Contact us to leverage our competitive intelligence solution.
Our Integrated Approach
With competitive intelligence study, the experts at Infiniti Research were able to uncover the key strategies of relevant competitors, pricing tactics, relevant strategic partnerships, product sales strategy, and product development challenges.
Besides, a company profiling and analysis was conducted to gather comprehensive insights into the top medical equipment companies in Canada. Factors such as competitors’ investments, business models, end-customers, and strengths and weaknesses were taken into consideration.
Also, by conducting customer intelligence study, we provided actionable insights to the client relating to the key criteria that drove medical devices vendor selection, how customers viewed various vendors and, other components of their purchase decisions.
Results Obtained
With Infiniti’s competitive intelligence solution, the medical devices market client acquired a baseline understanding of the competitive landscape and established an ongoing intelligence operation affording greater strategic agility in the face of rapid innovation.
Also, they were able to identify technologies and processes leveraged by their competitors to tackle security and operational risks in the industry. Our experts also helped the client to identify the top medical devices outsourcing companies to help them at the time of immediate requirements. The medical devices company was able to meet their immediate priorities and attain faster time to market. This helped them to reduce operational cost by 23%.
Besides, the medical devices market client was able to understand their competitors’ investment into R&D and new technologies. By gathering comprehensive insights into the market and their competitors’ strategies, they were able to revamp their processes and efficiently tackle the industry challenges. Competitive intelligence, combined with our industry insights, positioned the medical devices market client to make more fully informed investment and commercial decisions in a fast-moving market.
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