Orthopedic devices continue to be a key point of innovation in the healthcare industry, both supporting and driving additional demand.
In recent years, spending on healthcare is slowly outpacing all other expenses as people are becoming more concerned about their health and wellness. The rising incidences of orthopedic-related and work-related musculoskeletal disorders, increasing geriatric population, greater demand for healthcare services, technological advancements, and new product development are some of the long-term trends that have positively impacted the orthopedic devices market over the last decade.
Although the orthopedics devices market is witnessing fast-paced growth, the market is prone to several challenges – the high cost of sophisticated manufacturing equipment, stringent FDA regulations, and biocompatibility issues are few factors hindering the growth of the market. Infiniti’s market intelligence experts have an in-depth understanding of the healthcare industry, which helped them provide strategic insights to clients in terms of market analysis and competitive landscape.
The Business Challenge
A US-based company wanted an understanding of the market landscape for orthopedic devices including market dynamics, current sales trends, growth drivers, key challenges and opportunities, technological advancements, and competition. Without a clear visibility of the market size and potential, the client was unable to develop an effective growth strategy and take necessary actions. As a part of the competitive intelligence study, the client wanted to identify and analyze the key competitors, product portfolio analysis, and track the recent developments in the market.
Our Research Methodology
Our competitive intelligence experts carried out a detailed study to ensure the accuracy in the information obtained. An initial hypothesis was developed around the target segments, and the potential respondents were identified through robust secondary research. Furthermore, we collated information from external sources including company publications, case studies, journals/magazines, news aggregators, and industry forums.
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Our Solutions Helped the Client:
- Obtain an in-depth understanding of the market potential
- Understand the competitive landscape and benchmarking, assess and enter new markets, and assess customer needs and satisfaction levels
- Identify competitors’ market position and market share
Benefits of Our Integrated Approach
Infiniti’s competitive intelligence team identified the key competitors, their products, regulatory timelines, and technologies employed, which helped the client make strategic business decisions. The client saw clear benefits from our relationship, not only in terms of the revenue impact or analytics turnaround time but also in terms of the experience we were staging for them by exposing them to a new way of problem-solving.
Some of the key points appreciated by our clients
- Dedicated Market Assessment. A centralized platform for the collection, storing, processing, reporting, and dissemination of information with the specific purpose of assisting the decision-making process and developing actionable insights. This portal includes comprehensive information on quantitative and qualitative aspects on target markets, competitors and end-users.
- Collaborative Learning. We leveraged the experience of our healthcare team and our technical capabilities to enable report-sharing and other collaborative features appreciated by client teams.
- Interactive Dashboard. Using our portal-based solution for healthcare professionals, we took a design-first approach to problem-solving and helped break through previously held assertions.
- Value for Money. Infiniti’s dedicated client management team customizes reports to suit business requirements and offers the best insights for every dollar spent.
A must-read case study for strategy experts and decision-makers looking for effective market opportunity assessment and competitive benchmarking services.