In the medical device industry, the number of consumers is very obviously large and varied due to the presence of numerous product offerings in the market space. Like all other organizations in the medical devices industry, a leading company offering neuromonitoring devices wanted to leverage market segmentation strategies to develop new products in the market space. The client further wanted to gauge information on the potential of different markets and introduce their offerings in the market space. The client wanted to understand the factors hindering the growth of the market and devise effective strategies to introduce their offerings in the medical devices industry. The primary objective of the engagement was to identify the customer’s preferences and accordingly target the right customers and allocate resources to meet the customer requirements.
To target the right customers and develop a new product strategy, the neuromonitoring device manufacturer approached Infiniti Research to plan actionable strategies to develop new products and reach out to the niche target segments. Infiniti’s market segmentation analysis helps the client define markets and allocate resources appropriately. Infiniti’s team of experts also carried out a blended approach comprising of interviews and discussions with leading stakeholders across the neuromonitoring landscape. The experts further collated information from various proprietary sources such as hospitals and healthcare aggregators to identify target groups and aggressively market to these defined segments.
By understanding the latest developments in the neuromonitoring devices market space, the client was able to position their products across different niche market segments. The client was able to identify ways to segment and approach the market in an effective manner. The engagement further assisted the client to identify the potential competitors and devise effective marketing strategies. With the help of Infiniti’s detailed market segmentation analysis, the client was able to seamlessly develop products and services.
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Importance of Market Segmentation Analysis for Medical Industry
In recent years, the relentless growth of technology has compelled the medical devices manufacturers to devise inclusive innovation models to pursue greater integration with suppliers, development partners, and healthcare providers. To stay on par with the competitors, key players in the medical device industry have started leveraging the use of market segmentation analysis to develop new products and services. Market segmentation analysis helps industries in the medical devices space to define markets and effectively allocate resources. Through a robust market segmentation analysis, companies in the medical device industry can identify target groups and efficiently market them to a set of targets. Conducting an effective market segmentation analysis allows companies to discover niche segments and business opportunities and devise new ways to position their products across the target segments. In the neuromonitoring devices space, companies can tailor the resources to meet the specific needs of the customers; thereby, maximizing profitability. Market segmentation analysis helps medical devices industry:
- Identify the potential market segments and evaluate the needs and wants of different market segments
- Discover new segments, market niches, and business opportunities
- Devise new ways of positioning the products across different target audiences
- Tailor the marketing needs to specific customer
- Improve competitiveness and profitability, in turn, multiply their marketing and service efficiency
Market segmentation helps business develop a good understanding of the current or potential market base. Want to explore your market space? Get in touch today!