Clearly, with all the changes in recent years in the medical device industry, establishments are trying to stay up to speed with all the new and revised regulations and requirements. Moreover, because of the ever-fluctuating regulations, establishments in the medical device industry feel fairly restricted when it comes to adhering to new compliance terms. Just when we understand and begin to comply with the new “rules”, the rules themselves seem to shift and change.
Additionally, the FDA regulated medical device industry has been facing revenue and profitability challenges. Multiple factors pressuring the medical device industry’s revenues include increased clinical and regulatory standards, increasing overheads and R&D expenses, reductions in reimbursements, increased complexity of medical devices, and more demanding and diverse customer base.
- The client: Cardiac pacemaker manufacturer
The client – a leading manufacturer of cardiac pacemaker based out of Massachusetts, United States – approached Infiniti to conduct a comprehensive market segmentation analysis to target the right customers and develop a new product strategy for the Asian market. The manufacturing company wanted to gauge information on the potential of the Asian market and introduce their offerings in the market space. Furthermore, the client wanted to understand the factors hindering the growth of the market and devise effective strategies to introduce their offerings in the medical device industry.
How Can Market Segmentation Engagement
Market segmentation analysis helps companies in the medical device industry to define markets and effectively allocate resources. Through a robust market segmentation analysis, companies can identify target groups and efficiently market them to a set of targets. Furthermore, conducting an effective market segmentation analysis allows companies to discover niche segments and business opportunities and devise new ways to position their products across the target segments.
Summary of our market segmentation solution
To help the cardiac pacemaker manufacturer plan actionable strategies to develop new products and efficiently reach out to the Asian market target segments, the market segmentation experts at Infiniti carried out a blended approach comprising of interviews and discussions with leading stakeholders across the medical device industry. The experts further collated information from various proprietary sources such as hospitals and healthcare aggregators to identify target groups and aggressively market to these defined segments.
The Solution Benefits and the Business Impact
By understanding the latest developments in the cardiac pacemaker market space, the client was able to position their products across the Asian market. Additionally, the client was able to identify ways to segment and approach the market in an effective manner. Infiniti’s market segmentation engagement further assisted the client to identify the potential competitors and devise effective marketing strategies to target well-known end users of cardiac pacemakers. This further helped the client improve competitiveness and profitability.
In the coming years, cardiac pacemakers are expected to be automatically programmed according to patients’ physiological needs, particularly the magnitude of the current applied to the ventricle and automatic adjustment of stimulation amplitude. Additionally, leadless cardiac pacemakers are in trial implementations, and researchers are learning ways to harvest bodily energy to recharge a pacemaker’s battery.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the cardiac pacemaker market