Market needs based segmentation aids portfolio management for a protein therapeutics manufacturer
What is needs based segmentation in market research?
Needs based segmentation is based on the concept that every market can be divided into homogenous segments based oncustomer needs. This type of analysis is used to develop products with a high market demand rather than selling products without understanding the market potential and customer needs.
Infiniti Research focuses on helping clients tackle market risks like cross cannibalization and overlapping drug development expenses. To learn more about how we can help you
Conducting a market needs based segmentation involves three phases, and every phase must be complimented with accurate research insights. Phase 1: Leveraging market
insights to determine customer needs and requirements Phase 2: Identifying and grouping
customers into segments based on needs Phase 3: Aligning offerings with customer
groups While both phases focus on
analyzing customer needs, it requires businesses to study markets using advanced
research methodologies. Once the data is collected, data mapping and analysis
must be employed to discover and classify consumers based on their conditions. Increasingly tech-savvy consumers, growing needs, aging populations, and the rise of hyper-personalization are not just any pharma trends that come and go. These trends are here to stay and are expected to increase the demand for personalized treatments and therapies. Add to this dramatically increased competition in the protein therapeutics markets, which has created a need for market needs based segmentation before drug development. A leading UK-based protein
therapeutics manufacturer with five compounds under development in a particular
therapy area approached us with a similar research requirement. The client
wanted to conduct an in-depth market needs based segmentation to identify,
segment, and align customer needs with their pharmaceutical portfolio. Weve worked with pharma players from across geographies and understand the market well. If youre looking for help in conducting needs based market segmentation, request a free proposal, and our experts will get in touch. To help the client, we adopted a
comprehensive needs based segmentation approach. The critical step was to align
the pharma portfolio with consumer groups in an effort to meet consumers’ needs
and demands. Market segmentation studies in pharma are generally quantitative and look at identifying health condition-based segments. The market needs based segmentation research discussed here is segment-based market research that offers a more targeted solution. It provides a holistic market understanding based on which drug development decisions can be made. This needs based segmentation approach focused on identifying patients needs across different regions. Identifying and categorizing customers into needs-based segments empowered the client with a detailed understanding of what product portfolio opportunities exist in the market and helped them analyze the suitable methods to conduct drug trials. Our needs based segmentation approach also helped build an understanding of different customers based on several demographic and psychographic factors. This shed light on the need for early intervention in the drug development process and helped understand how it facilitates buy-in across drug development teams. Make strategic decisions about drug development and portfolio alignments by leveraging structured, in-depth market research insights with a core focus on needs based segmentation. Request more info for comprehensive solution insights. The needs-based segmentation approach enabled the client to uncover market positioning and pharma portfolio alignment possibilities relating to customer needs that had not been previously considered relevant to the therapy area. The market segmentation insights also helped them focus on high potential areas determined by factors uncovered in the research process, such as unmet customer needs, dissatisfaction with existing treatments, and assessment of competitors offerings in each therapy area. The market research insights also uncovered new opportunities in new areas previously overlooked by the protein therapeutics manufacturer, enabling them to: Market needs based segmentation
is becoming a crucial aspect of market research in the pharmaceutical industry.
Drug developers, manufacturers, CMDOs, and other pharma players acknowledge the
value of market needs based segmentation for decision-making concerning new drug
development, drug launch, the inclusion of best-practices, and pricing. As a
result, protein therapeutics manufacturers now prefer conducting a needs based segmentation
at an earlier stage of market segmentation to enhance market understanding and build
a robust foundation for effective decision-making and drug development. Our strength lies in the unrivaled diversity of our international market research teams, innovative research methodologies, and unique viewpoints that merge seamlessly to offer customized solutions for your every business requirement. Introduction to PFAS Per- and polyfluorinated alkyl substances (PFAS) are a large family of over 9,000 human-made chemicals found in everyday items such as non-stick pans, grease-resistant pizza boxes, and waterproof clothing. These chemicals first appeared in the 1950s and are known for their persistence in the environment and in the human body, earning them […] Introduction Gene editing, an advanced technique in molecular biology, allows scientists to modify, eliminate, or replace mutated genes at the DNA level. This field has experienced remarkable progress due to precision tools like CRISPR and TALENs, which act as molecular scalpels to perform targeted genetic modifications. Precision Tools and Technologies CRISPR-Cas9 is a standout among […] What is the report about? Liquid filters are essential equipment used to separate suspended solids from a fluid stream, typically through a physical barrier called the filter medium. This process is crucial in various industries, particularly in the production of goods intended for human consumption such as beverages and drinking water. Market Segmentation The global […] Nonwoven fabrics, traditionally used in wipes and medical textiles, now span a broader range of industries, including automotive, geotextiles, and architecture. Their adaptability makes them essential in air and liquid filtration, agriculture, and beyond. Sustainability and Eco-Friendliness Growing environmental consciousness drives the future of nonwoven fabrics. Sustainable innovations in sourcing and manufacturing integrate biodegradable and […] Generative AI leverages algorithms to create content, ideas, and solutions traditionally reliant on human creativity. It trains models to learn patterns and generate new content, benefiting industries like banking, retail, and healthcare. Generative AI enhances creativity by crafting art, composing music, and writing stories, while AI tools assist content creators by automating tasks, suggesting ideas, […] Written By: Vishesh Kumar Where has the pricing strategy model gone wrong and how to fix it? How much to charge for my product or service? What is going to be my strategy of pricing? Those are key questions staring at senior executives responsible for making decisions around the pricing model at any enterprise. In […]Business Challenge
Our Approach to Needs Based Market Segmentation
Outcome
We help our clients make smarter decisions to achieve rapid business growth
Insights
Whitepaper on Green Chemicals Expansion Possibilities: Infiniti Research
Navigating Gene Editing and Its Regulatory Landscape
Infiniti Research Whitepaper on Global Filtration Equipment Market
Future Of Nonwoven Fabrics: Trends and Opportunities
Infiniti Research: Generative AI Expanding Possibilities
Why the Pricing Strategy Model Needs a Makeover in Dynamic Markets?