Latest trends and stringent regulations in the healthcare industry are compelling market-leading companies to adopt new and advanced packaging solutions.
Healthcare is one of the top priorities for everyone, all around the world. It is also a buoyant packaging market whose needs and requirements are tied to crucial requirements for safe and effective medical packaging. An in-depth market entry analysis of the industry shows that recent healthcare improvements are dramatically increasing the life expectancy, and new treatments are increasing the quality of life. However, this progress is has created daunting economic challenges for companies looking to enter this dynamic market space.
For market-leading companies looking to establish themselves in this market space, it becomes imperative to meet the vital requirements for safe and effective medical packaging. They must also challenge themselves to sharpen their competitive edge and associate with experts who have years of experience in offering solutions for the packaging of medical and dental products. With the growth of the healthcare industry across the globe, the demand for packaging solutions will subsequently increase. However, eminent factors such as healthcare cost reduction in the major markets coupled with cost sensitiveness due to rising completion in the market space may hamper the companies’ growth prospects.
At Infiniti, our “market entry strategy support” team understands that most companies looking to access this market lack insights on the crucial requirements for safe and effective medical packaging. With years of experience in offering effective market entry solutions for the healthcare sector, we understand that medical packaging requires attention to detail for everything ranging from temperature control to cost effectiveness. We also work closely with device engineers and medical manufacturers to understand the specific needs of their products. Our market entry strategy team also tracks recent developments and innovations in the market through secondary journals and reach out to relevant stakeholders to understand their views on the current and future market scenario.
The Business Challenge
With an aim to explore future growth opportunities and understand the market size for medical packaging films, the client – a global manufacturer of plastic packaging and protection products for healthcare, household, food, and industrial applications – was looking to devise an effective market entry strategy for its medical packaging products. To help the client understand the potential for its medical products, an overview of the market, including an analysis of the key competitors, was offered. Furthermore, the market entry experts also analyzed end-user application segments such as forming films for syringes, feeding tubes, catheters, gauze, top webs (paper and film), pouches, header bags, films used in the surgical suite for back table covers, drapes and gowns, and IV pouches and over-wrap films trays for kits and suites.
The primary objective of this market opportunity study was to offer the client market potential assessment by sub-segments by analyzing the current size, CAGR, and market share assessment. Additionally, we also analyzed current gaps in the market and segments that are not served by existing vendors i.e. “market gap analysis.”
Infiniti’s market entry strategy support team also spoke to key stakeholders responsible for the sales and distribution of medical packaging films to understand how the market would grow in short and long term and also to validate the industry’s size and market opportunity study developed for this segment.
Why Infiniti Research is the preferred partner for more than 55 Fortune 500 Companies
Solution offered and Business Impact
By assessing a wide array of published literature to develop an initial hypothesis, this market opportunity study offered the global manufacturer a market size assessment and share assessment by percentage and revenues for each competitor. Additionally, it also helped the business understand the market’s structure, price caps, regulatory compliances and their impact on product prices, and reimbursement figures for medical products across target regions.
In just five weeks, our market opportunity study helped the global manufacturer of plastic packaging and protection products understand the scope for their product’s marketability across regions such as the Americas, Europe, and Asia.
To assess the challenges specific to the medical packaging sector, Infiniti’s healthcare analysts have developed a comprehensive proprietary database consisting of information on more than two million industry experts, physicians, doctors, key opinion leaders, payers, medical technicians, end-users, and patients.
What do the Clients Appreciate About our Approach?
In a relatively short period of time, just five weeks, the client – a global manufacturer of plastic packaging and protection products for healthcare, household, food, and industrial applications – saw numerous benefits from our relationship. The benefit was not only in terms of understanding their products’ marketability across target regions but was also in terms of the experience we were staging for decision makers by exposing them to a new way of problem-solving.
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 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 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 study for strategy experts and decision makers looking for effective market entry strategy support for medical packaging films.