A Medical Equipment Manufacturing Firm Reduced Product Recalls by 23% Using Product Research
Medical Equipment Manufacturing Market Overview According to Infiniti Research, the medical equipment manufacturing industry is projected to exhibit substantial growth through 2023 owing to advancements in science and technology. However, uncertainty lies ahead as well. Quality control issues, stricter compliance, data security issues, localization hurdles, and rising prices are increasing challenges for companies operating in […]
Medical Equipment Manufacturing Market Overview
According to Infiniti Research, the medical equipment manufacturing industry is projected to exhibit substantial growth through 2023 owing to advancements in science and technology. However, uncertainty lies ahead as well. Quality control issues, stricter compliance, data security issues, localization hurdles, and rising prices are increasing challenges for companies operating in the medical equipment manufacturing market. This challenging market environment pressurizes medical equipment manufacturing companies to streamline operation and reduce manufacturing costs while maintaining profitability.
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Business Challenges Faced
The client, one of the largest firms in the medical equipment manufacturing market, based out of Italy, faced significant losses due to a sudden drop in the product demand. Also, the ongoing cost pressure due to intensifying competition made it difficult for the medical equipment manufacturing firm to compete with low-cost manufacturers. To cover up for the losses, they wanted to prevent product recalls and drive sales. However, this required investing into strict quality control, complying with strict regulations relating to product safety, investing heavily into various security protocols, and setting the right price for medical equipment. Also, it required gathering comprehensive insights into market transformations and revamping business models accordingly. The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering product research.
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Our Integrated Approach
To cater to the specific needs of the medical equipment manufacturing firm, we used a combination of various research approaches and advanced tools to provides end-to-end research-driven solutions. Our experts also provided actionable and timely insights based on qualitative and quantitative market research. Our ability to perform consumer research helped the client to understand their customers’ requirements regarding medical equipment and offer customized products that resonate well with their target audience.
Industry growth mapping also involved an analysis of ongoing cost-pressure in the market, competitors’ strategies, and changing pricing structures. The experts also helped the client to understand industry regulations and policies. This helped the medical equipment manufacturing market client to comply with stricter regulations in the market. Besides, the experts helped the client to identify the right partners to support them in setting up security protocols.
Infiniti’s industry growth mapping solution helped the client to prevent quality control issues and subsequently reduce product recalls. By understanding the regulatory challenges, the client was able to ensure adherence to product safety standards and regulatory compliance. As recommended by the experts at Infiniti Research, the client invested heavily into various security protocols, including installing antivirus and antimalware software to storing sensitive client data over a cloud-based storage system. This helped the client to collect, secure, and manage vast amounts of sensitive data and prevent data theft and breaches. This also helped the company to achieve performance improvement and enhance operational efficiency. By focusing on cost-effective technologies, they were able to achieve cost reduction in manufacturing processes.
Within one year of leveraging our industry growth mapping solution, the client was able to achieve performance improvements in production, asset management, and inventory operations. This further helped the client to reduce product recalls by 23%.
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