Analyzing the Market Opportunity for Intensive Care Unit and Operating Rooms through a Market Intelligence Study
With the rising demand for integrated operating systems, medical device manufacturers have started focusing on establishing training facilities and are also promoting the need for advanced operating systems
With the governments of several developing countries around the world primarily focusing on improving their healthcare infrastructure, there will be a significant increase in the need for intensive care unit (ICU) and operating room (OR) equipment, including imaging devices, surgical units, operating room lights, patient monitoring equipment, and OR integrated systems. Additionally, with the rising trend of patients preferring high-quality treatment despite huge expenses, healthcare providers have started procuring high-quality products from the global manufacturers. Additionally, with the private healthcare institutions accounting for the maximum number of ICU and OR units in the developing countries and the increasing number of small private hospitals and healthcare institutions with ICU and OR capabilities, the market for ICU and OR equipment is expected to post a significant growth rate over the next couple of years.
However, with constant product innovations from strong competitors and the presence of cost-conscious consumers, medical equipment manufacturers find it quite difficult to retain their market position or enhance their customer base in new markets. By analyzing technological trends and identifying the products preferred by consumers, Infiniti’s market opportunity assessments will help clients in the industry deduce effective growth strategies while entering new markets. Moreover, by identifying and acquiring information from reliable sources, our market intelligence solutions also offer clients a comprehensive analysis of all the major competitors, their growth strategies, and the products they offer.
The Business Challenge
To identify the future growth opportunities for the ICU and OR market, the client – one of the leading medical technology companies that focuses on the development and production of innovative medical devices – approached Infiniti to engage in a market intelligence study that would help them understand the future growth prospects for the intensive care and OR units across the target region. The scope of this market opportunity assessment was to offer the client strategic insights that would help them gain a comprehensive understanding of the market for medical equipment in intensive care and operating rooms, including the demand for various products such as OR or surgical lights, pendant, and OR integrated systems and their average sales prices.
The primary objective of this market intelligence engagement was to support the client – one of the leading medical equipment manufacturers and marketers – gain insights on the market size and growth opportunities for various product markets including ICU pendants, bed head units, examination lights, OR pendants, and OR integrated systems. Additionally, this market intelligence assessment also helped the client forecast the demand from both the private and government sectors across the target region – India.
To gain a clear understanding of the industry’s growth in the short and long-term, Infiniti’s market opportunity assessment experts have gathered information on the most commonly purchased medical equipment, their key features, and their average sales prices. Moreover, our market intelligence experts also conducted primary interviews and detailed discussions with the major customers and the key experts in the Indian ICU and OR markets to understand their views on the market’s growth potential.
Why Infiniti Research is the preferred partner for more than 55 Fortune 500 Companies
Solution Offered and Business Impact
By deploying a team of market intelligence experts, Infiniti helped the client – one of the global leaders in the healthcare industry that specializes in the development and production of medical devices – obtain a clear understanding of the current scenario of the ICU and OR market in India and its growth prospects over the next few years. Additionally, the solution offered by this market opportunity assessment also helped the client gain insights on the current sales prices of various ICU and OR room equipment including turnkey OR solutions, OR pendants, bedhead units, and surgical lights.
To offer strategic insights that would help the client develop effective growth strategies, our market intelligence experts also acquired information on the total number of hospitals belonging to medical colleges, district hospitals, private tertiary players, and small hospitals or nursing homes and also identified the percentage of ICUs and ORs in each category. In just a few weeks, this market opportunity assessment helped the client obtain a clear understanding of the market across the target region.
In addition to developing an analytical framework for identifying reliable information sources such as key business experts, industry experts and analysts, and key customers, our market intelligence experts also followed a set of secondary and primary research techniques and acquired information from other sources like annual reports, company presentations, and news aggregators. To assess the challenges specific to the healthcare industry, Infiniti’s market intelligence team has developed a comprehensive proprietary database that consists of information on more than two million industry experts, key opinion leaders, major competitors, and end-users.
Benefits of Our Integrated Approach
In just a few weeks, the client – a global medical solutions provider that constantly focuses on the research and development of solutions to enhance healthcare quality and improve the value for healthcare providers – saw numerous benefits in terms of understanding the growth of different product markets and their current prices. Moreover, this market intelligence study also helped the client identify the most commonly purchased ICU and OR equipment and understand factors that have a significant impact on the number of ICU and OR beds in India.
Here are some of the key points appreciated by our clients:
- Dedicated Market Intelligence Portal. 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.
- Database Access. Access to a patient database containing information about 60+ medical diseases and conditions, such as patient undergoing treatment, untreated patients, and patients with chronic conditions.
- Interactive Dashboard. Using our market assessment 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 market opportunity assessment for strategy experts and decision makers looking to develop effective growth strategies for the ICU and OR room market in India.