Today, the medical instruments landscape is facing relentless pressure to offer immediate medical assistance to customers at affordable costs. Also, with the ever-changing demand for surgeries, the medical device space is witnessing the entry of a considerable number of players. To stay relevant in this competitive environment and meet the rising needs of healthcare, leading organizations in the surgical instruments space are advocating the need for robust market opportunity assessment. Market opportunity assessment helps leading brands effectively connect products and services with the customers. Through a robust market opportunity engagement, organizations can understand the potential challenges and barriers for their entry across niche market segments.
For the sustenance of every organization, it is indispensable to understand the competitive landscape and market attractiveness. With years of expertise in offering a plethora of services, Infiniti’s market opportunity solutions helped the client understand the current market landscape in terms of the market requirements and SWOT analysis. Moreover, our solutions helped the client gain accurate and actionable data on the surgical instruments manufacturing space and devise an effective go-to-market strategy.
The Business Challenge
Today, several organizations in the medical industry are highly relying on market opportunity assessments to identify potential risks to penetrate across niche and targeted market segments. Like similar other organizations in the medical device space, a renowned surgical instruments manufacturer was facing a predicament understanding the pain points and unmet needs in the market and the potential market opportunities.
The client wanted to assess the market landscape in terms of the competitors, their current offerings, and devise an effective go-to-market approach to effectively reach out to the target segments. Furthermore, the client wanted to bridge the barriers for the entry or market growth and implement robust business plans to retain their current foothold in the surgical instruments manufacturing space.
To understand the behavior and preferences of the customers, the client approached Infiniti’s market opportunity assessment experts. Infiniti’s analysts carried out a blended approach comprising of interviews and discussions with leading stakeholders in the surgical instruments manufacturing space. In addition, the experts further crafted a dashboard collating information across various proprietary databases such as paid industry databases, company presentations, magazines, and newsletters in the medical device manufacturing space.
Market Opportunity Assessment Solution Benefits
- Identified the market landscape in terms of the key competitors, the trends, and market drivers
- Validated the potential market opportunities and gained insights on market size estimates
- Identified the market requirements and the barriers to entry
- Gained actionable insights on the existing pain points and unmet needs prevailing in the market
- Understood the relative strengths and weaknesses of competitors
- Gained information on the purchase cycles, purchase history, and the willingness to invest
Benefits of Our Integrated Approach
In a span of eight weeks, the client was able to segment the market based on customer preferences and develop a go-to-market strategy. Also, the client was able to focus their efforts on core business competencies and ensure adequate market segmentation and forecasting for the specific products and offerings.