As the demand for quality and affordable healthcare increases, governments across the globe are ramping up their efforts to meet the needs of the aging population. With the constant innovation in design and technology, prominent healthcare equipment providers are planning to increase efficiency in their product offerings while meeting the quality requirements. Moreover, the cost-effectiveness and convenience associated with these products are responsible for the adoption of these services. The prominent areas of development such as robotics and minimally invasive surgery technologies can further contribute to the growth of the healthcare equipment space.
Here are some of the factors that may influence the growth of the industry over the years:
- Retaining product quality: In healthcare, maintaining product quality becomes a major concern for the organizations. Healthcare equipment manufacturers should warrant top-notch quality in their products to avoid product recalls. Assuring safety and security becomes a challenge for the organizations as frequent product recalls can affect their brand reputation.
- Cost of product development: As the prices of raw materials keep fluctuating, it becomes necessary for businesses to maintain consistency in their product offerings. Leading organizations should rely on innovations to meet the demands of the target segments. Besides technology, it becomes a mandate for the organizations to meet the compliance requirements while maintaining efficiency in the products.
To address these specific challenges and compare the products with that of the competitors, leading organizations are augmenting the need for a competitive intelligence study. A detailed competitive intelligence solution focuses on collecting data about the environment to make the most informed business decision. Moreover, competitive intelligence solution can be utilized to study the experiences of the competitor, how their audiences respond and create an effective marketing strategy.
The Business Challenge
- Client– A renowned healthcare equipment supplier
The client, a renowned healthcare equipment supplier, wanted to anticipate challenges and identify the industry cost curves in the healthcare equipment space. With the help of a competitive intelligence solution, the client also wanted to evaluate the market size and learn about new products that the competitors are offering. Furthermore, the client wanted to understand the supply-demand relationship for the products. The primary objective of the client was to identify the potential competitive gaps and develop a robust marketing strategy to enhance their business performance.
To evaluate the current environment, the competitive intelligence experts at Infiniti carried out extensive research comprising interviews and discussions with prominent stakeholders in the healthcare equipment space. To gain an edge over the competitors, the experts also compiled information across reliable sources such as paid industry databases, company presentations, and industry forums in the healthcare equipment space.
The Solution Benefits and the Business Impact
The solution offered by Infiniti helped the healthcare equipment supplier understand the target market in terms of shifts in competitors’ strategy, product pricing, and its benefits. The solution helped the client identify the potential business risk and opportunities and enable faster business decisions. The healthcare equipment supplier was able to anticipate competitive activity and develop a business strategy to enhance their process efficiency. Furthermore, the client was further able to identify the key performance indicators and streamline their marketing efforts to enhance their ROI.
The future of healthcare equipment space will be influenced by ever-changing market dynamics such as innovations in the form of augmented reality to analyze the functioning of human body. Moreover, advances in medical technologies such as implanted devices, medical 3D printing, and real-time diagnostics will further contribute to the growth of the healthcare equipment space over the next five years.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the healthcare industry