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. Heres 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
Business Challenge
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.
Our Approach
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.
Outcome
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
We help our clients make smarter decisions to achieve rapid business growth
Our strength lies in the unrivaled diversity of our international market research teams, innovative research methodologies, and unique viewpoints that merge seamlessly to offer customized solutions for your every business requirement.
Get in Touch
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