Market Share Analysis Helps a Leading Medical Supplies Provider to Capture Additional Shares in the Market
The global medical supplies market is projected to reach USD 136.63 billion by 2021 Typically, medical supplies companies manufacture and distribute a broad range of items, starting from surgical and dental instruments to elective laser surgery equipment to orthopedic products. The major factors driving the growth of the medical supplies market are the increasing incidence […]READ MORE >>
The global medical supplies market is projected to reach USD 136.63 billion by 2021
Typically, medical supplies companies manufacture and distribute a broad range of items, starting from surgical and dental instruments to elective laser surgery equipment to orthopedic products. The major factors driving the growth of the medical supplies market are the increasing incidence of various diseases, rising geriatric population, and rising number of surgeries. Additionally, the high growth of this segment can be attributed to the increasing investment in healthcare systems and growing prevalence of HAIs. Some of the trends in the global medical supplies market are the introduction of new value-added safety products and the adoption of home healthcare products.
However, our analysis of the latest healthcare trends shows that medical supplies providers across the globe are facing challenges in terms of:
- Product quality: Medical supplies providers must assure top notch product quality to avoid product recalls. For a supplies provider, product recall negatively impacts its brand reputation and the company’s bottom line. Therefore, ensuring adequate security, product safety, and reliability are extremely crucial to survive the competition in the global market.
- Cost of product: One of the major challenges for medical supplies companies is to overcome the increased cost of product development. Moreover, besides government regulations and technology, these companies must look to evaluate new products based on its price to reduce the overheads.
Many such challenges are forcing medical supplies providers to leverage the use of robust market share analysis solutions. Through an effective market share analysis, organizations can comprehend the amount of share that they hold in the market and accordingly allocate their resources. These solutions also help firms gain a holistic view of the latest healthcare industry trends and identify opportunities to capture additional shares in the market.
The Business Challenge
- The client: A leading medical supplies provider
A leading medical supplies provider with distribution centers spread across the globe wanted to identify the potential opportunities across the healthcare industry space to capture the additional market shares. Additionally, the client wanted to identify the barriers to entry and scale their operations to improve profitability. As a result, the client wanted to profile the competitors and their market shares to effectively streamline their resources.
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To help the client identify the market entry barriers and expand their shares in the medical supplies market, Infiniti’s market share analysis experts carried out extensive research comprising interviews and discussions with leading stakeholders in the medical supplies market. The experts also compiled information from a wide array of sources such as paid industry databases, company presentations, and industry forums to help the client gain insights into the latest healthcare industry trends.
The Solution and the Business Impact
With the help of Infiniti’s market share analysis solution, the medical supplies provider assessed the relative competitiveness of their products and services with that of the competitors. The client also measured the market demand for medical supplies and evaluated the product penetration rates across the healthcare industry. This further helped the client estimate the size of the market both in terms of value and volume.
Today, technological advancements are helping connecting doctors and patients in new ways, transmitting vital data in real time, identifying life-threatening events, and treating them faster than ever before. For instance, the marriage of IoT (Internet of Things) and medicine generated IoMT (Internet of Medical Things). IoMT is expected to change the way the healthcare companies deliver medical supplies. IoMT devices link to cloud platforms, where the captured data can be stored and analyzed.