The medical devices landscape is on the verge of rapid expansion with numerous manufacturers trying to enter new markets. With relentless growth in technology, the medical device landscape is witnessing stark competition with manufacturers investing heavily in research and development. Furthermore, with rapid innovations in the medical device landscape, manufacturers are not confined to a particular boundary and are ready to enhance their offerings across different market segments. To benchmark their strengths and penetrate across different market segments, manufacturers are opting for effective market intelligence study. Market intelligence study helps organizations to effectively keep track of their competition; thereby, improving business model and projections. Also, robust market intelligence helps the company gauge information about customers, market share, and competitive intelligence. Additionally, market intelligence also helps the client meet business goals and collect relevant data, and identify growth opportunities, reduce risk, and devise an effective strategy.
Infiniti’s market intelligence solution helps clients gather, analyze, and disseminate information relevant to the medical landscape. Our solutions also offer tailored insights into the key customer requirements and allocate adequate resources to meet those requirements.
The Business Challenge
Though medical device manufacturers have been witnessing a surge in the adoption of surgical instrument; a leading surgical instruments manufacturer was facing several challenges. With the presence of numerous competitors offering identical surgical products, the client was facing challenges analyzing their competitors and their product portfolios. The client wanted to assess the competitors surgical product portfolio and their market reach to further devise a robust market-driven strategy. The client further wanted to make effective business decisions to map potential market segments.
The surgical instruments manufacturer wanted to gauge insights on competitors’ capabilities, their strategies, and product quality. To benchmark their strength across different markets, the client wanted to invest heavily in R&D and focus on offering high-quality products.
Our Approach
To derive actionable market intelligence insights, the surgical products manufacturer approached Infiniti’s team of market intelligence experts. The market intelligence experts carried out a blended approach comprising of interviews and discussions with leading stakeholders in the surgical instruments market landscape. To analyze competitors and their offerings, Infiniti’s pharmaceutical experts further collated information from various proprietary resources such as industry forums, news aggregators, device manufacturers, and magazines. Also, the client wanted to devise a robust go-to-market strategy to further reach out to their customers.
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Market Intelligence Solutions Benefits
- Gain accurate and relevant information on the company’s markets, competitors, and customers
- Devise strategies to enter new markets, or expand presence in the present market
- Minimize the risk of an investment decision
- Establish and maintain a distinctive corporate identity
- Customize products and marketing effort around customer needs
Benefits of Our Integrated Approach
In a span of four weeks, Infiniti’s market intelligence study assisted the surgical instruments client gauge the competitors’ strategy, intentions, performance, and characteristics. In terms of the competitive landscape, the engagement delivered a deep-dive approach to the client in terms of their strengths and weaknesses. Furthermore, the client was able to create a broad picture of the company’s existing market, customers, problems, competition, and growth potential.
