Competitor Analysis for Medical Device Manufacturers
About the Client
The client is a leading player in the US medical device industry. The company is well-known for developing innovative medical devices and drugs.
The Business Challenge
Medical device manufacturing companies are set to witness growth opportunities in emerging markets. Moreover, as new standards and regulations are emerging, and healthcare dynamics are evolving, medical devices companies are facing an increasingly competitive scenario. This challenging environment compels medical devices companies to reduce costs, streamline their operations, and innovate more quickly. Thus, it has become extremely difficult for traditional medical device companies to compete with other firms in their areas of specialization, in terms of cost, quality, and capability.
Companies in the medical device industry are exploring ways to stay competitive in the market by distinguishing market disruptions, analyzing competitive activity, and developing intelligent business strategies.
Business Case: The rising number of medical device manufacturing companies has drastically increased the level of competition in the market, making sustainability a key challenge for companies. Thus, the client wanted to devise a competitor analysis framework to develop robust marketing strategies that would help them gain a competitive advantage over other market players. Additionally, the manufacturer of the medical device wanted to profile major competitors in the industry and understand their current marketing initiatives to make the required changes in their business plan.
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Top Challenges Faced by the Medical Devices Manufacturer
Problem Statement 1
With the recent technological advancements in the medical device industry, the client was facing difficulties to propel their business forward. Hence, the medical devices manufacturer wanted to assess the performance and capabilities of their peer groups to make better business decisions.
Problem Statement 2
The medical devices company faced increasing demand to adapt to a fast-evolving marketplace by efficiently catering to the needs of the growing population.
Problem Statement 3
The medical device manufacturer faced significant challenges in identifying long-term savings opportunities and areas for cost reduction to facilitate product design and development.
Problem Statement 4
They needed to achieve comprehensive insights into their competitors’ strengths and weaknesses to develop effective plans to become market leaders in the US region.
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Solutions Offered and Value Delivered
To address the client’ challenges, our competitive intelligence experts developed a competitor analysis framework to measure competitiveness in the global landscape.
Phase 1: Identifying competitors within the medical devices sector
The initial phase of the competitor analysis solution involved conducting extensive researches to gain an understanding of the key competitors of the client.
Phase 2: Categorizing competitors
The second phase involved categorizing the key competitors of the medical devices firm based on competition –Their competitors were categorized into direct, indirect, and substitute competitors.
Phase 3: Analyzing competitors’ strengths and weaknesses
The next phase included analyzing common marketing patterns and the competitors’ strengths and weaknesses. This helped the medical devices firm to differentiate themselves by offering products and services to fill gaps that their competitors have not addressed.
Phase 4: Devising a competitor analysis framework
By leveraging market information and data obtained from competitors, a competitor analysis framework was devised. This included the detailed company profiles, competitors list, their current activities and future industry developments.
With Infiniti’s competitor analysis, the medical devices firm was able to analyze competitors in terms of market penetration and product developments. This helped them gain a better picture of the current market space and build new business strategies. The medical devices company was also able to identify profitable markets and offer a differentiated set of products. Also, they dynamically fine-tuned their marketing efforts to gain a competitive advantage over their competitors.
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Future of Medical Device Industry
The future of the medical devices industry is largely influenced by technological advancements and opportunities that promise to revolutionize the operations of medical companies. The development of state-of-the-art medical devices and technologies has shown unparalleled growth and advancement in the healthcare industry. Furthermore, the emerging technologies in the industry space have revolutionized the way medical devices are formulated and manufactured to cater to the demands of the healthcare industry. Hence, companies in the medical devices industry are seeking to enhance product prototyping, minimize operation costs, and be responsive to product developments to stay competitive in the market.
Why Partner with Infiniti Research?
With a team of highly skilled market research professionals, we offer customized solutions that will help medical devices companies to magnify their competitive advantage by improving their speed-to-market. Our solutions have been proven to deliver insight-driven outcomes at scale, to help businesses improve their business performance.