Medical Laser Systems Market Overview
The global market for the medical laser system is projected to experience positive growth through 2025, driven by the increasing prevalence of eye diseases and a surge in the number of cosmetic surgeries. Besides, the rising number of patients using advanced laser-based treatments and the increasing importance of aesthetics laser procedures are accelerating the growth of the medical laser systems market. However, stringent safety regulations, a high rate of failure of laser-based surgical procedures, and technological constraints are expected to restrain the medical laser systems market growth. To address these pressing challenges, companies in the medical laser systems market are focusing on reducing time to market while coping with rising healthcare costs. Also, medical laser systems manufacturers are in the need to identify ways to capture a larger share of the existing market.
Top Markets: The United States holds the largest share in the global medical laser systems market, followed by Europe. The experts at Infiniti Research predict that Asia-Pacific regions, including China, Austria, and South Korea will witness steady growth over the next two years.
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Business Challenges Faced by The Medical Laser Systems Manufacturer
Our client, a medical laser systems manufacturer, based out of Norway, faced challenges in managing in-time supply deliveries and predicting warehouse needs, all while maintaining a specified level of quality. Also, the company faced difficulties in adhering to a host of industry regulations, including FDA Title 21 Code of Federal Regulations and Annex 11. In addition, owing to supply chain pressures, the medical laser systems manufacturer was in the need to maximize efficiency across supply chain networks while reducing costs and enhancing responsiveness. The client, therefore, wanted to take strategic approaches to address these challenges and enhance its market share. They chose to partner with Infiniti Research to leverage their expertise in offering a market penetration strategy.
By leveraging Infiniti’s market penetration strategy, the medical laser systems market client also wanted to tackle challenges such as:
Supply chain quality – The medical laser systems manufacturer wanted to ensure that their quality standards-aligned tightly with their supplier’s quality capabilities.
Inventory shortages – The client wanted to align the production cycle with the patterns of patient demand and increase the frequency of the manufacturing process accordingly.
Management of medical laser systems reverse logistics – To effectively manage recalls and manage the reverse supply chain, the client wanted to identify an experienced third-party provider.
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Our Integrated Approach and Solutions Offered
Infiniti proposed a market penetration strategy engagement to help the client tackle the market challenges. As a part of the market penetration strategy engagement, the experts at Infiniti Research conducted a unique blend of rigorous secondary research and in-depth semi-structured interviews and discussion with market research experts in the laser systems market.
The experts also conducted exhaustive secondary research from proprietary and open source information sources to develop insights and hypotheses specific to the target countries. Based on the insights derived through secondary and primary research, the experts provided recommendations to the client on the emerging market trends and opportunities.
The experts also developed key performance indicators (KPIs) to enable understanding of the focus areas. All the obtained information was evaluated on the KPIs, to generate recommendations for the client to re-align its business strategies for competitive advantage.
As a part of the market penetration strategy engagement, the experts also conducted a demand management study, where they analyzed supply chain complexities in the medical laser systems market. Also, the experts recommended the client strategic initiatives to efficiently manage inventory operations and reverse logistics processes.
Results Obtained
With Infiniti’s market penetration strategy engagement, the client was able to analyze factors such as industry development, investment environment, market size, and market opportunities. By understanding the policies and regulations in the medical laser systems market, the client was able to clear the product testing procedures faster and reduce time to market. Besides, by identifying the supply chain risks in the market, they focused on designing products that are robust to withstand shipping through all types of climates and a variety of physical hazards.
Insights obtained from Infiniti’s market penetration strategy helped the client to formulate effective strategies for making smart decisions about inventory and production levels. This subsequently reduced the risk of stock-outs, resulting in lower holding costs and increased turnover rates.
Besides, Infiniti’s market penetration strategy engagement also delivered tangible outcomes in their supply chain, most notably the cost savings obtained from inventory management and demand planning.
Also, the client was able to:
- Efficiently forecast warehouse needs, manage inventory, and ensure timely deliveries
- Comply with evolving regulations in the medical laser systems market
- Reduce expenses associated with inventory management
- Ensure that their products meet quality standards
- Identify third-party logistics providers to help them with reverse logistics processes
- Enhance market share by 37% in just one year
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