Over the past few years, the global medical devices market has been facing several revenue and profitability challenges owing to intense competition in the market.
The global medical devices market has witnessed a rollercoaster year with several challenges, transformations, and regulatory changes taking place at a rapid pace. Market players face multiple challenges owing to the recent trends in the industry which includes a shift in demand from rubber gloves to synthetic rubber gloves and an increase in capacity expansions by manufacturers.
Value-based reimbursement models and accountable care are causing a seismic shift in the global medical devices market. Owing to the evolving market landscape, the value of data and device alone will not be sufficient to ramp up sales. Instead, it requires a new take on solutions that bundle data and real-time analytics that healthcare firms, payers, and clinicians will want to buy. However, to improve decision-making, solutions have to provide actionable insights into the existing medical records and real-time data.
The Business Challenge
- The client: A surgical gloves manufacturer
To assess customers’ purchasing behavior, usage, and awareness of their products, the client – a leading player in the medical devices market – approached Infiniti to engage in a market assessment study. The surgical gloves manufacturer wanted to analyze the market attractiveness in the surgical gloves segment to determine the possibility of strategic changes that could be incorporated to increase their competitiveness.
Moreover, with the help of market assessment, the client wanted to assess the viability and future growth potential in the medical devices market. Their primary objective was to conduct an objective and detailed evaluation of the potential of the new product that they wished to introduce. At the same time, the client was looking at increasing their market share by focusing on the needs of the most profitable market segment.
How Our Market Assessment Solutions Help Companies in the Medical Devices Market?
An effective market assessment study requires a comprehensive analysis of the market landscape-market trends, entry barriers, risks, competition, opportunities, and resource constraints. Whether your goal is to launch a new product or venture into the most profitable market segment, conducting a robust market assessment study acts as a vital step in determining the demands of the potential customer base.
Summary of our market assessment engagement
Infiniti’s market assessment engagement helped the medical devices manufacturing firm to increase their market share by about 5%. This was made possible by identifying customer demands and the most profitable market segments. The solutions offered also helped them accomplish three main goals – identify markets that had the highest potential, venture into a new market segment, and increase profit margins.
Furthermore, to help the client assess the market landscape and identify imminent market trends, the medical devices market research experts at Infiniti conducted a market assessment study that helped them cast a critical eye on the overall commercial environment of the medical devices market. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the medical devices market.
Solution Benefits and the Business Impact
Infiniti’s market assessment experts offered end-to-end solutions that helped the surgical gloves manufacturer to identify the best market opportunity that aligned with their business goals. In addition, the solutions assisted the client to adequately assess – market value, customer behavior, global competition, and entry barriers. The client also gained detailed insights into the medical devices market, which enabled them to identify the potential entry points, leading to the development of a sustainable business model.
With several types of disposable surgical gloves available in today’s market, it might be difficult for organizations in this segment to understand and cater to the growing customer needs. To withstand the competitive pressure and gain a stronger foothold, leading market players are increasingly investing in other alternatives such as – capacity expansions, industry collaborations, and mergers and acquisitions.