With the rising cost of healthcare services and shortage of healthcare facilities and labor, cost-effective home care medical devices will be even more in demand in the coming future.
Despite innovation and changes in the medical devices industry, the future will not be without challenges and concerns. Small and start-up companies are particularly vulnerable to the problem of increasingly diminishing venture capital availability, which can cause crippling delays to new product launches. Indeed, this lack of funding can adversely affect the broader industry by limiting growth and innovation. Above all, it will no longer be enough for medical devices manufacturers to simply offer the best quality dental implants or most clinically successful instrumentation. Instead, companies will need to re-assess their product offerings and include a range of tools that are tailored towards hospital groups and physicians, such as applications and services that help physicians monitor patient outcomes, guide hospitals towards cost savings, and assist in enhancing clinical outcomes.
Business Issues[spacer height=”10px”]
- The client: Dental implants manufacturer
The client – a leading manufacturer of dental implants based out of Canada – approached Infiniti to conduct a competitor mapping engagement. The dental implants manufacturer with numerous manufacturing units spread across geographies was facing predicaments in profiling their competitors and eliminating potential service bottlenecks. As a result, the client wanted to better position their product and service offerings, profile potential buyers, offer customized services, and improve their business performance. Furthermore, the manufacturer of the dental implants wanted to leverage technologies to improve their prevailing offerings in the medical devices space.
How Can Competitor Mapping Engagement Help Dental Implants Manufacturers?
Competitor mapping engagement gives a holistic view of the competitive landscape and how the competitors have positioned their product and service offerings. With the help of competitor mapping, leading manufacturers of dental implants can profile the potential competitors, their value proposition, price level, and approximate market shares. Furthermore, competitor mapping helps firms gain an in-depth understanding of the organization’s weakness and shortcomings as compared to the other competitors.
Summary of our competitor mapping solution
Client Journey[spacer height=”10px”]
Infiniti’s competitor mapping experts carried out a qualitative and quantitative research comprising interviews and discussions with leading stakeholders in the medical devices space to help the manufacturer of dental implants gauge the strategic plans of the competitors and stay ahead of the competition. The experts also collated information from a wide array of exclusive sources such as company presentations, paid industry databases, and industry forums.
The Solution Benefits and the Business Impact[spacer height=”10px”]
With the help of Infiniti’s competitor mapping engagement, the manufacturer of the dental implants conducted a comprehensive SWOT analysis, which helped them limit the bottlenecks and improve the overall efficiency of their products and services. Additionally, the client identified costs associated with their product offerings and was able to compare that to the competitors. This subsequently helped them to devise cost-effective products and services to the customers and gain a competitive advantage.
The Future[spacer height=”10px”]
In the coming years, companies will no longer be able to earn top margins by just selling medical devices and clinical features to established market spaces. Companies should rather look at new segments, particularly new end-to-end resolutions to earn additional revenue and maintain substantial margins. Moreover, the commercial model of medical devices is expected to change, as call points and agreement decisions become centralized, purchasers are increasingly establishing comparative value and evidence of efficacy.