Product Market Research: Infiniti’s Success in Helping a Client Accelerate Medical Product Development
From concept to design and development, manufacturing medical devices is a complex process. Having worked on different types of product market research projects, ranging from innovative medical devices to advanced lab equipment and other sampling and assay technologies, Infiniti has a proven track record of helping medical device companies accelerate medical product development. We can help […]
From concept to design and development, manufacturing medical devices is a complex process. Having worked on different types of product market research projects, ranging from innovative medical devices to advanced lab equipment and other sampling and assay technologies, Infiniti has a proven track record of helping medical device companies accelerate medical product development.
We can help you address your product development challenges with accurate product market research insights or offer additional data-backed services to gauge product success. Either way, our market research experts will work together with your team to ensure an optimal outcome within the set timeframes. Our international research team ensures clients gain access to the insights they need to make product development decisions on the go. What sets us apart is the fact that our services extended well beyond the final phase as we also assist our clients with the communication and application of results.
This success story sheds light on one of our many successes in helping medical device development companies tackle their product development challenges with accurate product market research insights.
The acceleration of innovation across the medical devices and med-tech markets is redefining healthcare. Contact us to learn how product market research can help you cut through complexity and improve your success rates.
How do you conduct product market research?
Staying afloat in the medical product development market space requires businesses to understand the market by conducting in-depth product market research. Here’s how.
1. Understand the purpose of your study
2. Analyze the needs of your customers
3. Gather accurate market information
4. Analyze your findings
5. Turn market insights into actions
A Fortune 500 medical product development company based out of the UK required assistance with conducting a complex research project to reduce its new product development costs. The client was looking to develop a robust strategy to reduce new product development time and achieve a faster go-to-market time.
Having analyzed the potential of wound care technologies, the client set out to develop synthetic skin substitutes to treat wounds. During the initial phase of product development, the client identified many challenges and wanted to ensure that their product remained competitive by conducting in-depth product market research. Apart from analyzing the product landscape, they also wanted to keep abreast of competitors’ activities, identify disruptive products on the horizon, and assess their competitor’s M&A activities. Our product market research team undertook a rapid scan of the product market landscape to provide a holistic view of its current position and factors impacting growth.
Request a free proposal to learn more about product market research and its benefits from a business perspective.
We began the research process by conducting in-depth market research backed with semi-structured interviews and detailed segment-wise studies to help the client. Initially, 35 stakeholders within the medical devices industry were interviewed to understand the market. However, the focus was on the six core competitors with similar product offerings.
Our three-phased product market research study provided critical insights regarding the development of the product. The research was designed to examine the circumstances in which physicians would opt to use the client’s product over a similar product and uncover additional market data needed to increase acceptance of a new device. The product market research solution enabled the client to gain an overview of the medical product development market in the UK, including competitors’ strategies, product offerings, M&As, and more.
Request more info to learn how you can make strategic business decisions by leveraging structured, in-depth product market research insights.
The insights gained from the product market research allowed the client to refine the product concepts, target the right end-user groups, understand best practices, and answer critical medical product development questions. The primary interviews also provided actionable insights for evaluating the concepts on dimensions such as appeal, clarity, and product uniqueness. This helped the client to focus their efforts and target investments in segments with high potential.
The product market research study also helped the client to:
- Increase product launch and success rate by over 25%
- Improve market reach
- Identify and target high potential market segments
- Improve R&D and build innovative products