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IR23

Competitor Analysis and Market Intelligence in The Medical Device Industry

The medical device industry is undergoing some major transformation with the latest technological advancements and the continuous influx of manufacturers entering the market. One of the biggest industries in healthcare, the medical device industry thrives on innovation and technology but currently witnessesIR_Brochure stark competition in the market. The medical device manufacturers drive growth in the healthcare industry by developing state-of-the-art medical devices and investing all the available resources – time, money, and personnel – in research and development activities. With similar product offerings, competitor analysis is an uphill task for the medical device manufacturers. How can we overcome this challenge, you ask? Scroll down.

Benefits of Competitor Analysis in The Medical Device Industry

With the rapid innovations in the medical device manufacturing industry is the backbone of the healthcare industry across the globe. The medical device manufacturers are widening their horizons by enhancing their product offerings to serve different market segments. However, with the growing competition in the healthcare industry, the surgical equipment manufacturers must opt for competitor analysis and market intelligence studies to benchmark their strengths against the other market players. What are the benefits of market intelligence and competitor analysis for the med-tech industry? is the question that haunts the industry professionals. Here’s what Infiniti’s experts have to say,

  • With the help of market intelligence studies, organizations can keep track of their competition, improve their business model, and predict market demand-supply
  • Moreover, companies in the medical device industry can achieve their business objectives, drive growth, and devise risk mitigation strategies
  • On the other hand, competitor analysis allows organizations to assess their competitors’ product portfolio, pricing strategy, and market outreach activities to develop an effective go-to-market plan

 

For instance, the expert analysts team at Infiniti Research helped a leading manufacturer in the medical devices industry to analyze the medical landscape and offered tailored insights about the various stakeholders in the healthcare industry. The competitor analysis and market intelligence solution helped the client to map potential market segments and make strategic business decisions. Read the full case study here.

The Infiniti Way:

The rule of thumb to survive in the market, create lasting impressions, realize business objectives, and drive profitability is to listen, identify, and analyze customer and market information.

“In this dynamic and competitive market environment, it is essential for organizations to gain an in-depth knowledge of their target customers and leverage these insights to improve their decision-making process.” says a leading market analyst at Infiniti research

With more than 14 years of experience, Infiniti Research has worked with several clients across the globe and provided various business intelligence services that have helped them make strategic business decisions wisely. We have worked with over 120 plus clients, including 55 Fortune 500 companies and helped them build capabilities and drive bottom-line growth by leveraging the constant influx of information and data. With the help of our team of expert analysts and consultants, we strive to complement our client’s business objectives to discover growth opportunities and drive business excellence.

To know more about the impact of competitor analysis and market intelligence in the medical device industry

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market segmentation

Driving Autonomous Vehicle Technology with Open Innovation

The automotive industry has undergone major transformations with the launch of new technologies and increasing investment in research and development activities. One of the emerging trends in the automotive industry is the autonomous vehicle technology, which is commonly known as autonomous or self-drivingIR_Brochure vehicles – one of the most disruptive innovations of this decade. Although autonomous vehicle technology seems futuristic, major automotive companies such as Tesla, Google, Toyota and Ford have been continuously testing ideas and directing efforts towards making driverless vehicles a reality. The autonomous vehicle technology exceeds the ability of human drivers in terms of safety and reliability.

Open Innovation in Automotive Industry – Yes or No?

Open innovation is a popular term that aims at solving tough challenges by soliciting breakthrough ideas from specialists with diverse backgrounds. The background diversity allows creative thinking and brings in different perspectives that offer a longer list of alternative options and possible solutions to the business challenges. Open innovation is essential in the automotive industry as it can help the major players like Fiat and BMW in their self-driving car development program in developing a technology blueprint.  The autonomous vehicle technology requires a high amount of investment in terms of money, resources, and time as well as complex problem-solving capabilities, and expertise. Open innovation allows other automobile and tech companies to pitch their ideas and ensure the success of the autonomous vehicle technology.

The automotive industry can bring down the costs and time-to-market by leveraging expertise from different fields. Major automotive companies have considered acquisition, mergers, or partnerships with their market counterparts to gain an in-depth understanding of the challenges with the help of market intelligence services and devise effective solutions. However, till today autonomous vehicle technology is a big challenge faced by the automotive industry players, which can maybe be solved with the help of open innovation.

To know more about open innovation in automotive industry

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IR3

Market Access and Reimbursement System in the British NHS

With the growth in daily hospital admissions in England, it has become essential for the healthcare industry players to understand the market access landscape and the reimbursement system in the British National Health Service (NHS) to identify the market opportunities and challenges. The medical device manufacturing industry and the health care service providers must collaborate with NHS to innovate and introduceIR_Brochure new challenges that will transform medical care. In terms of efficiency, cost effectiveness, safety, and patient-centric care, the British NHS is ranked as the best healthcare system across the globe. The British NHS is comparatively less expensive as compared to the other healthcare systems with no compromise over the quality of the medical care service. However, transformation and innovation on a large scale needs commitment, investment, and coordination to impact the economy and support the patients positively.

What is Market Access in the Healthcare Industry?

Market access is a continuous process which ensures that a patient receives rapid and consistent access to medical care at the right price. It often entails value identification, creation, and communication-based on payer-consumer insights and clinical and health economic outcomes. The global market access processes must link its requirements to the local process by conforming to the specific market needs as each healthcare system is unique.  The only challenge that the healthcare market access system faces is to link myriad processes together and create a seamless experience for the payers, for the R&D team, and for the patients to deliver success.

Market Access and Reimbursement System – Current Scenario in the British NHS

The reimbursement system in the British NHS, as compared to the other healthcare markets, has streamlined processes that don’t require the manufacturer to use specific product-related costs, perform separate procedures, and negotiate coverage and reimbursement terms with every health insurance company in the market. The British NHS reimbursement system, formerly known as payment by results, now follows a complex monitor payment system that rewards the activity and not the results or outcome. The hospitals are often paid higher for emergency admissions, specialist service top-ups, day case treatments as compared to longer hospital stays according to the best practice tariffs.

To know more about the market access and reimbursement system in the British NHS

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Application of Media Monitoring Services in the Food Service Industry

Today, every business across the globe have started utilizing social media, a popular cultural phenomenon, and depending on various digital media platforms to understand consumer behavior and gain market insights. Media monitoring services provide a platform to assess consumers’ perception about the organization, brand, and their product or service offerings. Social media monitoring tools allow businesses to IR_Brochureimprove their product offerings by focusing on the challenges of demand and customer’s preferences. Such services are a boon for every industry, especially the food service industry, as digital media allows food service providers to track, monitor, and assess their performance across several channels. The food service industry can leverage the valuable insights gained through market intelligence studies and various social media listening tools to devise effective strategies that drive organizational profitability.

Media Monitoring Services in A Nutshell

Media monitoring services help businesses optimize their strategies and improve the organization’s online presence; thereby, enhancing consumer loyalty and brand sentiment. As organizations move from a transaction-based approach to a more personal, customer-centric approach, social media monitoring services enable a seamless and smooth transition. With the help of social media listening tools and the advent of big data, businesses can combine internal and external data across different channels and make use of the insights to streamline and optimize their business operations.

Media Monitoring and the Food Service Industry – What’s Cooking?

In the food service industry, customers are an integral part of the entire value chain process, which makes it all the more important for the industry players to monitor their online presence, analyze consumer sentiment towards their brands as well as competitors’ offerings, and build positive customer engagement around the brand. It is also important for the businesses in the food service industry to understand the dynamic market landscape and gain in-depth knowledge of the various stakeholders who have an impact on the business operations and profitability. How can media monitoring services benefit the players in the food service industry, you ask? Here’s how.

  • Media monitoring services enables the food service providers to analyze brand performance by targeting a specific customer segment, relate to them, and address their concerns
  • Optimize the online presence of a brand across various market segments and streamline processes by driving customer engagement on digital platforms
  • Track, monitor, and assess social media activities to gain real-time insights on the latest market trends and gain a foothold in the social space

For instance, Infiniti recently helped a leading food service provider to rebuild their brand message with its media monitoring services. The study helped the food retailer in creating personalized marketing collaterals that would resonate with the consumer’s expectations and boost the overall product sales. Read the full case study here.

The Infiniti Way

The rule of thumb to survive in the market, create lasting impressions, realize business objectives, and drive profitability is to listen, identify, and analyze customer and market information.

“In this dynamic and competitive market environment, it is essential for organizations to gain an in-depth knowledge of their target customers and leverage these insights to improve their decision-making process.” says a leading market analyst at Infiniti research

With more than 14 years of experience, Infiniti Research has worked with several clients across the globe and provided various business intelligence services that has helped them make strategic business decisions wisely. We have worked with over 120 plus clients, including 55 Fortune 500 companies and helped them build capabilities and drive bottom-line growth by leveraging the constant influx of information and data. With the help of our team of expert analysts and consultants, we strive to complement our client’s business objectives to discover growth opportunities and drive business excellence.

To know more about the media monitoring services in the food service industry

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Pharmaceutical packaging

How to Create High-impact Market Research Outputs – Converting Data to Stories

Market research analysts go through an onerous task of collecting a plethora of data and information on the research topic. However, consolidated data and statistics is not something a client is looking for from a market research company. The market research report needs to convey a story to the client and provide actionable insights, which canIR_Brochure help them solve problems. A highly dense text-based report fails to grab readers’ attention and interest and defeats the sole purpose of the research. Here are some tips to follow if you want to create an impactful market research output:

Maintain Brand Consistency

Most brand managers are very particular when it comes to brand consistency and are immersed in brand elements such as brand colors, fonts, and templates. Aligning the research report with brand elements creates a visual consistency; thereby, making it easier to convey and identify key messages.

Use Images

Honestly, people are quite bored with texts. They lose interest when they have to skim through a mountain of content. The use of images can help clearly communicate the subject matter and maintain a lasting impression on the readers. However, it is advisable to avoid using clip arts and free icons as they simply don’t fit the bill.

Keep it Simple and Fun

Readers always look for clear and concise presentation. Too much text or image can impede a reader’s comprehension of the subject matter. The best way to refrain from overcomplicating things is by using simple animations, data visualization, and bullet pointers. When in doubt, always follow the rule stating less is more.

Tell a Story with Data

One way a market research agency can make a positive impression is by simplifying the complexity. The presentation should be able to create a mental image in the clients’ mind, as a story exponentially increases their ability to comprehend. Also, connecting with the audience emotionally works more effectively than just dumping a pile of data on them.

To know more about the data visualization and creating impactful market research outputs

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What’s the Future Like for Wearable Fitness Trackers?

Even a decade back, it would be impossible for people to comprehend that a computer worn on the wrist could track your steps, heartbeat, body temperature, calorie burn, and sleep; and yet, here we are. The fitness enthusiasts and early adopters were skeptical on the accuracy, form, and function of a wearable fitness tracker; but at present, the IR_Brochureusage of such devices is trending across the general population as well. Numerous successful Kickstarter campaigns have justified the promising future for wearable fitness trackers with innovations regarding form and function. So, what does the future for a fitness tracker look like? Let’s explore the future trends:

Advancements in Sensor Technology

What started as a basic step counter, has now evolved into a device that can monitor heartbeat, sleep patterns, calories, and body temperature. The wearables of the future promises much more by providing advanced health statistics and measure sophisticated health indicators. Apart from the usual advancement in the battery life, form, and function, researchers are working on devices that can track biometrics data that includes monitoring hydration, blood sugar, and other health indicators.

Widespread Use in Sports Analytics

Sports coaches around the world are relying on wearable fitness trackers to provide extensive player-related data. Analyzing data such as distance covered, speed, acceleration, form, movement, and limb coordination can differentiate your best players from the average ones. In addition to that, the data can also be used to make necessary changes to the training regime to optimize performance.

A New Promotional Medium

The number of people spending time on traditional media such as TV, print, and radio is dwindling. The continuous trend of people spending time on mobile mediums gives an opportunity for brands to push their marketing message through wearable devices. It would be hard to ignore promotions that are broadcasted on a device that is visible from an arm’s length.

Early Detection

A futuristic wearable fitness tracker equipped with machine learning abilities would be able to assess user health data and identify anomalies to detect certain medical emergencies. For instance, the iBeat fitness tracker can detect irregularities in heartbeats to identify signals of an heart attack and connect to emergency contacts. Also, with innovations in technologies, a fitness tracker will also be able to detect signs of fever, changes in blood pressure, and blood chemistry.

A fitness tracker can aid users in many ways. Get more insights here:

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IR22

What Are the Reimbursement Challenges Faced by Medical Device Companies?

The medical device manufacturing industry is witnessing growth due to the rise in aging population, growing health concerns, and burgeoning health care costs. However, medical device companies face several medical device reimbursement challenges such as payer coverage related issues and reimbursement setbacks. IR_BrochureMedical device companies are now willing to create value for various stakeholders in the healthcare industry such as providers, payers, patients, and practitioners by offering surgical devices and medical tools that are cost effective and score high on innovation and quality. With the presence of a saturated medical device landscape in developed countries, medical device companies have started devising effective market entry strategies to tap the growth opportunities in emerging markets.

Medical Device Reimbursement Challenges in The Healthcare Industry

Medical device companies require a proper go-to-market and execution strategy to address the stakeholder’s demands. But before devising these market entry strategies, the medical device companies must identify the reimbursement challenges related to the medical device manufacturing industry by leveraging effective market assessment services. While designing products, the device manufacturers usually make efforts to retrofit the technology to suit the medical need. Moreover, healthcare industry players are constantly on the lookout for cost effective treatments or diagnostic methods and their real life applications, which result in numerous medical device reimbursement challenges for the manufacturers as they struggle to get a proper coverage for their medical devices. Another reimbursement challenge for the medical device companies is that they invest a lot in product development and clinical trials. How to solve medical device reimbursement challenges, you ask? Here’s how.

  • Medical device manufacturers must identify the medical problem first, leverage insights from reimbursement assessment, and then design products accordingly
  • Leverage cost effectiveness and market assessment studies to analyze the economic advantage of the new medical devices and their market viability
  • Understand the perspective of the healthcare payers, identify the healthcare delivery related issues, and devise marketing strategies to attract coverage for the medical tools and surgical devices

 

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Pharmaceutical packaging

Trends That Will Revolutionize the Transportation Industry by 2050

Thanks to technological advancements and innovations, the transportation industry has drastically evolved in the recent years. The modified forms of transportation have made life easy, streamlined supply chain and logistics networks, and ironed out the global trade issues. The transportation industry, one of the important industries across the globe, is the backbone of global trade and logistics, which entails a wide range ofIR_Brochure activities right from transport, packaging, logistics, and warehousing among others.  The transportation industry is growing as manufacturers in the automotive industry are investing in innovations in automobile engineering and related research and development efforts. Emerging transportation industry trends such as connected cars, self-driving vehicles, and electric vehicles are also driving sales and profitability.

Emerging Transportation Industry Trends

The rise in digital proliferation has coerced the companies in the transport industry to analyze the market opportunities and study the competitive landscape to identify potential growth opportunities. Additionally, the increasing application of internet of things (IoT) within the transportation industry has also transformed the way people commute from one destination to the other. The latest trends and developments in the transport industry have transformed the transportation and automotive industry, driving efficiency and increasing connectivity. Self-driving vehicles, real time location tracking, and analytics are passé, let’s have a look at the emerging transportation trends that will revamp the transportation landscape,

  • Transport options like Hyperloop, a futuristic tubular system that shoots pod-like capsules from one point to the other at the blink of an eye will soon be a reality
  • Move over self-driving and autonomous vehicles, self-flying cars will soon exist in the near future. This means flying cars or vehicles will hover above the ground level at a specified altitude
  • Keeping up with the trend of self-driven and autonomous vehicles, driverless vehicles will be ubiquitous and the automotive industry will soon launch driverless pods that can be controlled with the help of personal smartphone or mobile device

 

To know more about the emerging transportation industry trends

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IR3

Top 3 Emerging Healthcare Industry Trends

The recent ACA Vs. AHCA debate, reimbursement issues, and the growth of the medical device manufacturing industry have given rise to the emerging healthcare industry trends that are set to revolutionize the global market space. The upward swing in the global healthcare industry makes it essential for the IR_Brochurehealthcare service providers, payers, and patients to stay abreast of the latest healthcare industry trends. The recent transformation of the healthcare industry is the result of the technological and medical advances, new payment models and structures, and the presence of a dynamic regulatory landscape. What are the emerging healthcare industry trends, you ask? Scroll down.

Healthcare Industry Trends: Rise of Patient Centric Care

With integrated healthcare service delivery models, the industry is moving towards patient centric health care systems. Globally, the heightened consumer awareness level as a result of the growing internet penetration and access to information has paved the way for emerging patient centric health care models and systems. The patients are also demanding quality services at affordable prices and have accepted greater accountability for their health-related issues. As a result, this trend has democratized and decentralized the global healthcare sector across the world with new products and delivery systems.

Healthcare Industry Trends: Adoption of Advanced Analytics

In their quest to optimize their human resources, the players in the healthcare sector are adopting advanced analytics and technological solutions to minimize costs and enhance quality. By leveraging advanced analytics, the healthcare service providers can gain actionable insights into the patient’s journey and medical flows, which allow for better patient care. As a result, the health systems achieve greater value and improved outcome of the clinical health services with the help of advanced analytics, strategic analysis, and predictive analytics.

Healthcare Industry Trends: Public-Private Sector Partnerships

The change in the customer demographic has led to a collaboration between the public and private healthcare sector, which, in turn, is transforming the healthcare finance and service delivery landscape. Organizations in the healthcare industry are developing new market entry strategies and collaborating with other industries such as telecom and retail to reshape the global market space. The rising middle-class population and technological advancements across the globe have fueled the demand for more healthcare services and products.

 

To know more about the emerging healthcare industry trends

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Top Four Advantages of Media Monitoring Services

Media monitoring services are an easy and effortless way to study and analyze the trends from social media. In simple words, it helps companies gain an in-depth understanding of the changing customer preferences and improves the overall media return on investment (ROI). Media monitoring services enables IR_Brochureorganizations to gain a comprehensive picture of the impact of their marketing and communications outreach, which subsequently helps in media audit and performance measurement. By leveraging social media monitoring services, businesses can make informed business decisions based on the insights and develop business solutions and strategies to understand the competitive landscape, drive social media effectiveness, and measure brand performance.

Benefit 1 – Media Monitoring and Crisis Event Reporting

Media monitoring services help gauge consumer perception about the brand and the products or services. It also facilitates reputation management and crisis event reporting by closely monitoring news, especially the negative discussions about the brand, its products, and the organization on social media. Media monitoring services allow companies to react to the negative news before they impact the brand image in an unfavorable way and assists in developing PR and communication strategies to get the right media coverage.

Benefit 2 – Identifying Trends and Understanding Customers

Through media monitoring tools and services, marketers can leverage social listening tools that help the brand to listen to their customers to understand the prevailing trends to assess their behavior and patterns that enhance targeted marketing and helps in business and product development. Social media listening tools help marketers to read between the lines and gauge the customer sentiment towards the brand.

Benefit 3 – Monitor Industry Trends and Competitive Landscape

Organizations can monitor their competitor’s activities and study their communications outreach strategies to develop and enhance the changes and trends in the industry. Media monitoring services enable better strategy development by studying the competitive landscape and marketing tactics that drive operational efficiency.

Benefit 4 – Measuring Marketing and Communications Effectiveness

Social listening tools and media monitoring services aid in measuring the effectiveness of marketing activities and communication materials. This helps in assessing the tone of media discussion around the brand and their products regularly. Media monitoring services help in developing customized communication messages that drive media coverage and operational effectiveness.

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