Tag: healthcare market research

US healthcare industry

Infiniti’s Healthcare Market Research Engagement to Support Expansion Strategy

“Disputes over the US healthcare reform and the future of the Affordable Care Act dominated headlines in 2018, but that could take a backseat this year, as challenges such as digital therapeutics and tax reforms have started coming to the forefront,” says a healthcare market research expert from Infiniti Research.

The US healthcare industry is witnessing a phase of tremendous disruption, triggered by the advent of digital therapeutics, rising need for upskilled health workers, and emerging trade pressures. This pace of change has not only brought about new opportunities for companies in the US healthcare industry but has also compelled companies to restructure their businesses to efficiently tackle the rising challenges. Consequently, many healthcare companies, especially companies who are new to the US healthcare industry are now partnering with market research firms like Infiniti Research to explore new avenues and markets for growth.

Major companies in the healthcare sector have already started using data and research to increase their marketing visibility and sales opportunities. Don’t get left behind. Request for a FREE proposal today!

Business Challenge

The client is a healthcare company based out of Canada. The client was looking to expand their business operations to the United States. As the US healthcare industry is highly saturated, the client wanted to gain detailed insights into the market before making huge investments.

They also wanted to understand how the advent of digital therapeutics is reshaping the landscape for new medicines, product reimbursement, and regulatory oversight. Moreover, the client wanted to evaluate capital requirements for increasing their workforce’s efficiency and productivity and ensure they get the most out of new and impending investments into technologies such as AI and robotic process automation (RPA).

Furthermore, the client wanted to identify the tax reforms and restructure their business strategies to accommodate new rules and healthcare policies in the US healthcare industry. To do so, the client approached the healthcare market research experts at Infiniti Research.

Top challenges faced by the US healthcare company were:

Advent of digital therapeutics – As companies in the US healthcare industry are highly investing in digital therapeutics and connected devices, the client wanted to understand how these digital health technologies will reshape the landscape for new healthcare companies.

Tax reformsTax reforms posed a serious threat to companies in the US healthcare industry. Therefore, the client wanted to understand the evolving healthcare policies and restructure their business to accommodate new rules and regulations. They also wanted to restructure their supply chains to accommodate a new territorial tax system.

Need for skilled workers – With artificial intelligence and robotic process automation becoming mainstream in the US healthcare industry, the lack of skilled workers to support the new processes can turn out to be costly for the company. Therefore, by conducting a thorough US healthcare industry analysis, the client wanted to evaluate the budget they would need to recruit skilled workers or train them.

Entering a new market without a thorough understanding of the competitive landscape and industry challenges can prove to be costly for any company. CONTACT US to know how our healthcare market research solutions can help your company to engage more efficiently with today’s healthcare consumers.

Solutions Offered

With over 15 years of experience in serving various healthcare companies across the globe, the experts at Infiniti Research helped the client to devise an efficient market expansion plan to enter the US healthcare industry.

  • By leveraging Infiniti’s expertise in offering market entry advisory solutions, the experts helped the client to review macro and micro-economic environment, identify potential barriers to market entry, and identify the best route to enter the US healthcare industry.
  • By conducting a detailed market opportunity analysis engagement, the experts at Infiniti Research helped the client to assess markets’ readiness for new offerings including digital health technologies. With our help, the client was able to understand how digital health technologies will transform the US healthcare industry landscape in the years to come and identify competitors who were leveraging similar technologies.
  • By leveraging our expertise in offering market scanning solution, the market research experts at Infiniti Research helped the client to understand the evolving healthcare policies and tax reforms and track regional developments.
  • The experts also helped the client to evaluate the capital requirements for entering the US healthcare industry and also analyze the capital investment for recruiting skilled workers to support business operations.

Results Obtained

Based on our insights, the client gained detailed insights on the market demographics and competitive scenario. They also developed a detailed understanding of the attractiveness of market opportunities for their product and service offerings. The healthcare company was also able to devise a market expansion plan to establish a foothold in the US healthcare industry. Also, they were able to better understand the current and future market potential, capital investment, and market opportunities in the US healthcare industry. Furthermore, within two years of entering the US healthcare industry, the client was able to achieve profitable growth and establish themselves as one of the top 20 companies in the US healthcare industry.

By offering actionable market intelligence solutions, we help our clients meet their business goals and objectives to gain a leading edge in the market. Request for more information to learn more about our services and their benefits for your business.

US Healthcare Industry: Major Challenges

US Healthcare Industry Analysis

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US Healthcare Industry

US Healthcare Industry Analysis: A Weekly-Round-up of Popular Articles on the US Healthcare Market

LONDON: Infiniti Research, a leading market intelligence solutions provider, has announced the release of their new storyboard series on the US healthcare industry. The article provides curated content on the US healthcare market and also highlights key healthcare industry trends, challenges, and digital disruptions.

The US healthcare industry is a dynamic industry with significant opportunities for business growth. But, with rising uncertainties, cost concerns, and complexities, it becomes imperative for healthcare service providers to constantly watch the market and incorporate effective strategies to achieve business growth. By leveraging strategic business solutions, healthcare companies can stay updated with the latest trends and tackle challenges coming their way. Today, as the US healthcare industry is at a tipping point, leading healthcare giants are partnering with companies like Infiniti Research to explore new avenues and achieve business growth. Below we’ve curated some of our latest articles on the US healthcare industry and have also highlighted how we helped some of our healthcare clients achieve business success.

Emerging healthcare industry trends and transformations will bring about significant challenges in the US healthcare industry. Request a FREE brochure to learn more about our services and on how we can help you tackle new healthcare industry challenges.

#1: US healthcare outlook for 2019

With healthcare companies moving from volume-based to value-based model, care delivery and patient centricity are becoming mainstream in the US healthcare industry.  Also, in the US healthcare industry, relentless focus in being given to offering quality services and ensuring patient-care. With this, companies that have not yet adapted to value-based models are finding it quite difficult to engage in better decision making. Various other digital and technological transformations are also being witnessed in the industry. To gain more insights into the US healthcare industry and key trends, read the complete article here.

The US Healthcare Industry Analysis 2019

#2: Infiniti’s competitive benchmarking analysis for a US healthcare industry client

With the entry of new players and rising competition in the US healthcare industry, competitive benchmarking analysis has become necessary, especially when it comes to strategy and planning. One of our clients, a well-known healthcare company wanted to leverage competitive benchmarking analysis to analyze their competitors’ key strategies and outweigh peers. By following a comprehensive approach to competitive benchmarking, our experts helped the client to drill down their performance gaps and identify areas of improvement. To know the other benefits of leveraging our solution, read the complete story here.

Fostering a Competitive Culture Using Competitive Benchmarking Analysis – A Case Study on the US Healthcare Industry

#3: Why is market research a must for the healthcare industry?

Market research helps companies in the healthcare industry to stay abreast of market changes by identifying profitable opportunities and performance gaps. Furthermore, by leveraging market research solutions, healthcare companies can gain a better understanding of the healthcare policies and regulations in other countries while making market expansions. To learn more about why market research is important for healthcare companies, read the complete article here.

Why Market Research is Instrumental in the Healthcare Industry

#4: How to improve patient care in the US healthcare industry?

Delivering quality care has become a common norm in the US healthcare industry. Quality care involves delivering convenient care, quality service, and improved patient experience. Moreover, as major healthcare companies in the US healthcare industry have started embracing patient-care strategies, it becomes imperative for other healthcare companies to focus on improving the customer experience. Learn 5 ways to improve patient care in the healthcare industry. To gain more insights, read the complete article.

8 Easy Ways to Improve Patient Care in the Healthcare Industry

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#5: Infiniti’s marketing strategy helped a US healthcare industry client to improve ROI

The US healthcare industry is constantly evolving. Also, companies in the healthcare industry are facing stiff competition. With this, if healthcare companies need to reach and engage more patients, it becomes vital for them to ensure their brand visibility. Also, constantly refining marketing strategies can help. One of our healthcare clients was also facing similar predicaments. They approached us to leverage our marketing strategy solution. The solutions helped them develop robust marketing campaigns that resonated with their target audiences. This helped the company gain a leading spot in the US healthcare market and improve ROI. To know more, read the complete success story.

Marketing Strategy Helps a Healthcare Industry Client Improve Their Marketing Campaigns

#6: Quick steps to improving staffing in the healthcare industry

Although ensuring patient satisfaction and care are the main agendas for healthcare firms, achieving this will become difficult without having sufficient workforce. Employees play a major role in the overall growth of a healthcare company. Also, with US healthcare industry facing widespread talent gaps and shortages, it makes it even more difficult for healthcare organizations to retain their top talent. To help you out, we’ve curated 4 powerful tips to improve healthcare staffing. By integrating these tips into your recruiting strategy, you can lower workforce turnover rates. To gain more insights, read the article here.

4 Quick Tips to Staffing Just Right in the Healthcare Industry

#7: Technology trends in the healthcare industry

The healthcare industry remains largely unpredictable. The technology trends and transformations have uplifted the traditional care delivery models. According to recent studies, the next decade will be focussed on preventive care. And here the new technology trends come into play. Wearable tracking devices, cloud-based electronic health records, and telehealth are some of the technology trends to be expected in the US healthcare industry for the coming years. To know more about these trends and on how they will impact the US healthcare industry, read the complete article here.

Top 3 Technology Trends in the Healthcare Industry

#8: Top US healthcare industry challenges for 2019

The US healthcare industry is poised to experience major disruptions in the future. Although fast-paced technological innovations and developments open up new opportunities for healthcare companies, it even brings about major threats. For healthcare companies to sustain their market share, it becomes important to analyze challenges associated with the sector and tackle them effectively. To know some of the key challenges facing the US healthcare industry, read the complete article here.

Treating Challenges in the Healthcare Industry

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A Weekly Round-Up of Popular Articles on the Healthcare Market

LONDON: Infiniti Research, a leading market research services provider, has recently announced the release of their FREE downloadable series of resources based on the global healthcare market. These FREE supplements provide comprehensive insights into key healthcare industry trends, healthcare market research, and digital disruptions in the healthcare market.

With digital transformation, financial sustainability, care delivery, patient centricity, and regulatory compliance at the top of the agenda, the future looks sharp for companies in the healthcare sector. This growing healthcare market offers several new opportunities but also poses some critical risks for companies in this sector. Moreover, the healthcare market is at a tipping point which demands the need to constantly watch the market and implement effective strategies to build revenues in real time. Infiniti has helped companies in the healthcare sector including medical devices, pharma, diagnostics, and home healthcare providers to gain actionable insights into patient care, mitigate risks, and improve payment accuracy. We’ve collated some FREE downloadable resources which will give you more insights into the global healthcare market.

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#1: Why is ‘healthcare market research’ the new norm for providers? As tech giants make healthcare market entrances, traditional healthcare companies face increasing pressure to remain competitive. Healthcare providers need to prioritize on keeping pace with innovation and constantly update their systems to avoid being left behind. Therefore, healthcare companies are partnering with market research companies to gain comprehensive insights into technologies and marketing strategies adopted by their rivals. Market research helps healthcare firms to remain innovative and updated on the most profitable ways to enhance their product/service offerings. This FREE supplement from Infiniti Research highlights some of the best practices for healthcare providers to improve healthcare market research and create better patient outcomes.

Healthcare market

#2: What are the latest healthcare industry trends? The health care industry is evolving more rapidly than ever before. Policy changes, industry innovation, and the evolution of information are ushering providers in a new era of healthcare. Today, in this era of technology, the use of business intelligence in healthcare has become a prime necessity not only for the better utilization of patient data but also for offering the best healthcare services.

Another crucial element involved in effective healthcare management is to keep up with the changing healthcare industry trends. This can not only help healthcare industry companies to be in line with the advancement in the field of medicine, but also improve their operational and service efficiency to provide better treatment and patient care. This FREE resource provides more insights into the top 5 healthcare industry trends to expect in future.

Healthcare market

If you are still not convinced why your organization must invest in healthcare market research, request a FREE proposal to understand how we can help your organization engage in data-based decision-making.

#3: What are the best healthcare market research strategies? With personalized healthcare plans becoming common, market research has become important for healthcare providers to become successful in today’s evolving environment. The more healthcare providers know about their target audiences, higher are their chances to create platforms and communication avenues for their products and services. Effective market research helps organizations in the healthcare market to suitably adapt to the evolving market. This FREE supplement from Infiniti Research will give you more insights on why market research is important for healthcare providers and some of the best healthcare market research strategies.

Healthcare market

#4: What are the digital disruptions in the healthcare sector? Digitalization has opened new opportunities and challenges for companies in the healthcare sector. In this digital era, companies that fail to introduce digital innovation in the healthcare sector would fail in their attempt to enhance patient care and experience. So, it has become crucial for healthcare providers to examine new pathways for innovation. To help you out, we’ve collated a few technology trends that would disrupt the healthcare sector in the near future.

Healthcare market

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Infiniti’s Market Research Services Helped a Healthcare Firm Gain a Top Spot in the European Healthcare Market

Business Challenge 

As the global healthcare industry growth continues to be strong, several key issues in the industry are restraining the further development of this sector. According to the latest survey report, rising drug cost, healthcare consumerism, industry risks, and uncertainty are some of the key challenges in the healthcare sector. With all these challenges, healthcare companies who are closely associated with a specific area of expertise are finding it challenging to expand their business in other service areas. Therefore, it has become imperative for healthcare companies to unfold the real power and importance of healthcare market research to boost profitability and make the most of existing market opportunities.

The client, a leading healthcare company wanted to gain comprehensive insights into the European healthcare market. The recent shift from a volume-based to a value-based environment increased pressure on the company to deploy advanced healthcare delivery models. Moreover, as the healthcare industry is witnessing major industrial transformations and changes in regulations owing to the rise in the global competitive pressure, the client approached Infiniti to conduct healthcare market research to gain detailed insights into the healthcare market. With Infiniti’s healthcare market research, the client wanted to:

  • Gain a better perspective and understanding of the healthcare market
  • Minimize any investment risks
  • Identify potential threats and opportunities in the healthcare market

Today being a consumer-driven market, companies require information to deal with the complex and dynamic world of choices. This makes it vital for companies to conduct market research. Request a FREE brochure to gain more insights into the benefits of leveraging Infiniti's market research services.

Solutions Offered and Value Delivered 

The experts at Infiniti Research conducted a thorough healthcare market research. The factors such as patients’ needs, key competitors, current trends, and major investment risks in the European healthcare market were taken into consideration during the healthcare market research process.

4 STEPS OF MARKET RESEARCH PROCESS

The data obtained from Infiniti’s healthcare market research helped the client to gain a better perspective and understanding of the European healthcare market. Also, by gaining detailed insights about their key competitors, the client was able to understand how they were perceived in comparison to their competitors. Healthcare market research services also helped the client identify potential threats in the market. Furthermore, healthcare market research helped the client to:

  • Understand uncertainties in the healthcare market
  • Identify regulatory changes in the European healthcare market
  • Identify lucrative opportunities and potential threats

In a short span of 1 year, the client was able to transform their operating model into a value-based one. This helped them to lower their healthcare costs while increasing the quality of care. Moreover, with Infiniti’s healthcare market solutions, the client was able to gain a top spot in the European healthcare market.

Infiniti offers personalized market research services to solve your research needs and meet your strategic operational challenges. Request a FREE proposal to know how.

Importance of Healthcare Market Research 

healthcare market research

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Why is Healthcare Market Research the ‘New Normal’ For Providers?

In the US healthcare sector, there is relentless focus being given to understanding patients and determining ways to improve patient care. For an extremely complex and sensitive industry like healthcare, market research is vital to identify the actual needs in advance and undertake evidence-based decision-making rather than being reactive to a perceived need. Healthcare market research is all about analyzing and interpreting data to obtain information that can be used to predict future events, actions, or patient behavior. Furthermore, the escalating cost, intense competition, a larger number of choices, and growing dissatisfaction among patients are some of the key factors making healthcare market research vital for survival.

Request a free brochure to gain more insights into our healthcare market research services and understand how we can help your organization engage in data-based decision-making.

Benefits of healthcare market research

If you are still not convinced why your organization must invest in healthcare market research, here are some key factors to consider:

Fill service delivery gaps

Healthcare solutions are overly complex and sophisticated in nature. Using healthcare market research services, providers can assess and identify gaps in their service delivery model and thereby generate stronger patient relationships and outcomes. For instance, with the help of healthcare market research, providers can assess if the staff is struggling to manage data capturing processes and identify ways to solve this issue to ensure that the engagement remains strong in the future.

Finding it difficult to identify service delivery gaps in your organization? Request a free proposal to know how we can help!

Gain product and service development insights

With the rising competition in the healthcare sector, customer acquisition and retention cannot rest on the organization’s past success alone. It is essential to be constantly updated on the changing customer needs and identify new market innovations. Healthcare market research helps organizations in the healthcare sector to remain innovative and updated on the most practical and profitable ways to enhance their product/service offerings. This is highly useful in not only increasing the customer retention rate but also in increasing new customer acquisition.

Stay ahead of market competition

Earlier, only a few major organizations supported by numerous smaller and niche providers dominated the healthcare market. This is not the case today. Owing to the rise in disruptive technology and the influx of venture capital from investors who are keen on high-risk, high-reward models, the healthcare market is now experiencing higher convergence and competition. Although for consumers of healthcare solutions this is a positive development as it leads to more choice and better prices, for businesses in the healthcare sector it means that they are at risk of finding themselves competing with a larger number of players for the same market share. Healthcare market research is a smart, strategic and proven hedge against this risk as it helps healthcare providers stand out in the market through a clear, and actionable understanding of who they need to reach, why and how.

What are some of the key best practices for successful healthcare market research? Download this free resource to find out:

 

Healthcare Market Research Blog COVER

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ACA vs. AHCA and its Impact on the Medical Device Industry

Thanks to the ongoing healthcare bill debate between the Affordable Care Act (ACA) and the American Health Care Act (AHCA), the market space for health care in the US has been the center of attention across the globe. In the year 2010, a new healthcare bill named the affordable care act, more commonly known as the Obamacare, was brought into effect by the president of the US. The affordable care act was introduced with the objective to improve health care in the US by making health insurance coverage accessible and affordable to all. Through the affordable care act, the United States was one of the few developed countries to offer universal health care to its residents.

However, when the political reign shifted to president Trump’s administration, the Republican party introduced a legislation to repeal the affordable care act and replace it with the American health care act, with certain reforms. While the AHCA plan looms under the clouds of uncertainty, groups of doctors, nurses, hospitals, and patients have contested against the GOP’s health care plan to repeal Obamacare with the AHCA. One group missing from the opposition against the new health care bill are the medical device manufacturers organization.

What is the difference between the Affordable Care Act and the American Health Care Act

The American health care act, the GOP alternative health care bill that aims to repeal Obamacare (ACA), has been introduced with certain amendments to the latter. There are certain similarities and differences between the affordable care act and the AHCA; let’s have brief look at each. The similarities between the ACA and the AHCA are as follows,

  • The pre-existing medical conditions such as pregnancy or cancer will still be covered under the new coverage options, and insurancea2 companies cannot refuse the coverage for the same
  • Both the legislative pieces, the affordable care act and the American health care act, offer coverage to young Americans under their parent’s insurance till the age of 26
  • The affordable care act and the AHCA still prohibit the insurance plans from setting a lifetime limit and also offer tax credits to the citizens who buy insurance coverage

 

While a few aspects have been retained, there are few amendments made by the Republican party in their quest to repeal Obamacare through the GOP health care bill, replacing it with president Trump’s proposed health care reforms. The differences between the two are as follows,

  • AHCA eliminates the individual and employer mandate and the resulting penalties by making health insurance coverage optional for both the parties
  • Under the GOP alternative, Medicaid expansion is brought to a halt and restricts federal funding to facilities that offer abortions and planned parenthood
  • The proposed bill intends to repeal the taxes on health care and related services such as the over-the-counter medications, prescription drugs, health insurance and the medical device manufacturing industry, which was used by the affordable care act to pay for their plans

AHCA and Its Impact on Medical Device Manufacturers

Under the AHCA, the medical device manufacturers are set to witness sustainable growth that was capped by the excise tax of up to 2.3 per cent on the annual sales to help fund Obamacare. Under the affordable care act, this tax amount would be used to extend coverage to millions of American citizens without a health insurance coverage. The medical device manufacturing industry in the US develops, produces, and sells medical devices and surgical equipment such as high tech devices such as pacemakers and hearing aids across the globe. However, with the introduction of the affordable care act, the medical device manufacturing industry saw a significant loss of American jobs within a span of two years and scaled back their investment in research and development, and other related capital spends.

The drug, biotech, and medical device makers are set to benefit under the new reformed health care bill proposed by President Trump’s administration as it eliminates taxes worth billions of dollars on the industry. The medical device manufacturers have deemed the health care bill by the Republican party as a positive step towards eliminating medical device tax completely.

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Top 5 Challenges for Medical Device Manufacturers in Emerging Markets

medical devicesAs we look to the future, medical device manufacturers face a new world that’s full of opportunities. However, uncertainty lies ahead as well. New standards and regulations are emerging, reimbursement rules are becoming more complex, healthcare dynamics are evolving, and companies are facing an increasingly competitive scenario. This challenging environment requires that medical devices companies reduce costs, streamline their operations, and innovate more quickly. Additionally, medical device manufacturers are set to witness growth opportunities in emerging markets with the increasing importance of medical devices and surgical equipment in modern healthcare.Get More Info

Medical devices industry overview

 

Globally, the medical device manufacturers are shifting from a transaction-based approach to an approach that involves focusing on creating value for providers, practitioners, payers, and patients by providing surgical instruments and medical tools that are highly cost-efficient, innovative, and speak volumes about the product quality. The medical device manufacturing industry is expected to grow by leaps and bounds owing to the rising aging population, increasing health concerns, and sky-rocketing health care costs. As a result, medical device manufacturers are undertaking new product development projects at breakneck speed, especially in the emerging markets such as China and India. However, a key point to remember here is that the medical equipment manufacturing companies would require a proper execution strategy to address the needs and concerns of the key stakeholders in the market.

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In the emerging markets, medical devices and surgical equipment are often looked down as cost drivers for limited budget hospitals, although they offer long-term cost saving opportunities, create effective healthcare practices and offer improved patient outcomes. Despite the trends and developments, medical device companies must take the necessary steps to overcome the challenges pertaining to product quality, regulatory compliance, and data security among several others. Let’s look at the top 5 challenges faced by medical device manufacturers in the emerging markets: 

#1 Ensuring Product Quality

Medical device manufacturers must warrant top-notch product quality to avoid product recalls. For a medical equipment manufacturer, product recall negatively impacts its brand reputation and the company’s bottom line. Thus, ensuring adequate product safety, security andGet More Info reliability are extremely crucial to survive the competition in the emerging markets.

#2 Regulatory Compliance and Government Support

Medical device manufacturers must ensure adherence to product safety standards and regulatory compliance. Medical devices include every equipment right from thermometers to magnetic resonance imaging machines. Medical equipment manufacturing companies must pay attention to compliance and regulatory standards that differ from country to country. Besides this, garnering government support in the form of subsidized research and development, expediting approvals, tax and financial support, and offering favorable tax reimbursements are some of the major challenges for medical device manufacturers.cta ir

 

#3 Localization of Medical Devices 

In the emerging markets, local medical device manufacturers are more successful as compared to their multinational counterparts. This is possible because the local players offer tailor-made products aimed at resolving local needs and constraints. The local medical equipment manufacturers often indulge in market research and leverage the benefits of local operations and a domestic sales force to bridge the gaps in the market.Get more info

#4 I-o-T Integration and Data Security

Internet-of-Things (IoT) enabled medical devices and surgical instruments that are high on innovation pose as a technical challenge for medical devices companies. The growing concern of medical equipment manufacturing companies is to collect, secure, and manage vast amounts of sensitive data that is stored in a cloud-based infrastructure to prevent data theft and breaches.

#5 Cost of Product Development

The major challenge for medical device manufacturers is to overcome the burgeoning cost of product development as a result of the challenges mentioned above. Besides technology and government regulations, medical service providers evaluate new products based on its price as against factors like patient experience.


To know more about the healthcare industry and the challenges faced by medical device manufacturers:

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Read Infiniti’s blog on how medical device manufacturers can improve quality : 

How Medical Device Manufacturers Can Improve Product Quality