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Future of medical devices

How CEOs Can Navigate Digital Disruption in the Future of Medical Devices

The medical device landscape is fast evolving. Quality remains paramount in the medical devices industry despite external pressures changing market dynamics. Apart from the ease of use, clinical efficacy, and safety of medical devices, healthcare providers are now looking for better outcomes, lower costs, and patient satisfaction. The future of medical devices will largely revolve around strategies to meet these changing demands. Designers and usability experts in the medical device industry are already trying to reduce device complexity and variability to attain improved reliability, better patient outcomes, and enhanced overall performance. Recognizing its importance in order to survive in the long run, CEOs of companies in the healthcare industry have declared innovation as a top priority in the future of medical devices. Based on their expertise in working with medical device companies across geographies, experts at Infiniti Research examine how medical device companies can define a winning strategy and design an at-scale digital transformation.

How can medical device companies get started on building better customer experiences and succeed in the future of medical devices? Request a free proposal from our medical devices industry experts to know how our solutions can help.

medical devices (1)Understand stakeholder actions

CEOs of medical device companies have started acknowledging the power of digital and advanced analytics in revamping the future of the medical devices industry. As a result, they are increasingly investing into related capabilities. However, it is important to note in order to execute big changes and for it to deliver the desired results, it needs to be woven into the DNA of the organization. Digital health companies can help provide consistently delightful experiences to key stakeholders including patients, clinicians, providers, and caregivers. This means that in the future of medical devices, creating intelligent and personalized products can deliver improved clinical value. Furthermore, this can also help to reimagine processes and dramatically reduce costs and accelerate the decision-making process. To achieve this, companies in the sector must continuously evaluate stakeholder actions and across the value chain to define the pace and direction of their responses.

Build customer relationships

Customer experience and satisfaction are now vital for the success of any organization. Hospitals and other healthcare organizations are the key customers of medical device companies. To thrive in the future of medical devices industry, it is important to fine-tune commercial engines and optimize the cost-to-serve and cost-to-market models. Companies in the medical device organization can also optimize their microtargeting to reach the right physicians and providers based on volumes, outcomes, risk profiles, and purchasing behavior.

As global companies seek to make their products stand out in an increasingly crowded marketplace, innovation has earned a place on the CEO agenda. Gain more insights on how you can innovate your existing strategies and process to be in line with the changing market demands.

Create risk-sharing relationships

Risk-sharing is a way for medical device companies to build better relationships with providers. Some companies have already begun to embrace contracting, risk-sharing, and subscription-based solutions for providers. This requires robust approaches to measure, track, and underwrite outcomes in the real world.

Reimagine processes

To achieve success in the future of medical devices industry, companies can reimagine and automate end-to-end processes to unlock new insights and achieve greater efficiency. For instance, resorting to a digital supply chain can optimize supply chain costs and help medical device organizations to enhance customer service.

Learn more about our solutions for the medical devices industry.

medical device industry

Navigating Through the Present and Future of Medical Device Industry: In Conversation with an Infiniti Research Thought Leader

Vivek Sikaria, AVP – Custom Research (Market and Competitive Intelligence) at Infiniti Research has over 10+ years of cumulative experience. He is a thought leader in strategy consulting, market intelligence, and competitive insights. He has extensively worked with Infiniti’s clients in the healthcare and medical devices domain, specifically on topics relating to market entry, market potential, and emerging opportunities assessment. Prior to joining Infiniti, Vivek has worked for McKinsey and Wipro.

The medical device industry is characterized by its heterogeneous, innovative, and dynamic nature. As digital technologies are majorly transforming the healthcare sector, a revolution is underway to disrupt the future of medical device industry. However, introducing a new medical device technology in the market can be highly complex, requiring a clear understanding of premarket preparation and approval to the Food and Drug Administration (FDA). Furthermore, with the advent of various micro and macro medical device industry trends including enhanced buying power of payers or providers, complex regulatory scrutiny, and the introduction of new healthcare delivery models, medical device manufacturers are now struggling to develop effective market entry strategies. The key to dealing with the dynamism of the medical device industry and thrive in the future of medical device industry is to become agile innovators.

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What are the market dynamics affecting the medical devices marketplace?

Vivek: Several market dynamics affect the performance of companies in the medical device industry. Let me list out a few, which according to me, have the biggest impact on companies in the sector. The level of scrutiny in regulations is seen to be increasing with each passing year. This often restricts the full flight of medical device companies. Also, emerging delivery models or business models introduced by competitors make the marketplace even more complex. For companies in the medical device industry, changing patient preferences and the emergence of new markets can undoubtedly create attractive opportunities, but they give birth to new market challenges. The future of companies in the medical device industry will largely depend on their ability to engage in constant innovations.

Although these dynamics often differ from one segment to another, collectively they lay the foundation of every medical device company’s strategy. It’s a no-brainer that every healthcare company needs to be on top of these developments so that they can better participate in this ever-changing market space. However, in my opinion, the biggest challenge is that it is not particularly easy to control or even respond to most of these factors that I have just mentioned. At a macro level, it appears that new product development is the most common response across companies and regions to deal with the market changes. No wonder R&D and new product development are top strategic priorities for most companies. Although innovations have made the medical space interesting, it has also made it extremely crowded. Several technologies are now being touted as the next best thing to hit the market and make it big in the future of medical device industry, but we will have to wait and see which of them will hit the mark.

Medical device companies that adapt to new market innovations will find enormous opportunities to grow and thrive. RFP to know how Infiniti’s solutions can help your business stay updated with the latest market trends and identify market opportunities before it’s too late!

Is it important for medical device manufacturers to track emerging technologies?

Vivek: Absolutely. I think it is vital for forward-thinking medical device companies to keep a keen watch on the developments in the sector. Tracking new or emerging technologies can aid in decision-making relating to organic expansion of existing markets, opening up of new markets, and can even help you identify M&A opportunities. Sometimes, promoters of smaller companies are often looking for cash outs because they lack the setup needed for blockbuster success. On the other hand, sometimes large companies own important innovations but in the areas that are not really important for them. Competitors are often on the hunt to grab such opportunities and the first mover wins. So, it is important to keep track of emerging technologies in the medical devices industry. It is also a fantastic way to identify adjacent categories in the market where you can operate and even supplement the current product lines. Moreover, analyzing emerging technologies can open up a completely new market where you are not present right now.

Many companies in the medical device industry rely heavily on market research reports to study an innovative technology in the market. How reliable is it as a source of data and decision-making?

Vivek: As rightly pointed out, most companies tend to rely on published information, market research reports or internal market intelligence data to gather information on new products or technologies in the medical device industry.

There is nothing wrong in this approach, but mostly, the information attained through these sources can prove to be insufficient and misleading. Often published resources are voiced out to what the technology owner chooses to publish outside mandatory filing. Here, the information is often scattered in bits and pieces and insufficient to deliver a complete picture. Furthermore, this data often fails to provide a country level data distillation. A common misconception is that market research reports cover all the info relating to most of the tech innovations but if u dig slightly deeper, it appears that quality of data is sometimes questionable. As we are part of the market research industry, we are aware that a lot of these reports are an outcome of market models that aim to cover several things at the same time.

Get in touch with our experts to know how we help the C-suite to keep track of emerging opportunities and secure additional revenue growth for their business.

webinar (2)In that case, what is the best way to study the market for a new technology in the medical device industry?

Vivek: When starting the study of the market for an innovative technology that has the potential to disrupt the future of the medical device industry, the very first step should be to understand the lifecycle stage of the technology. It could be a very new technology that has been just been commercialized, or a more mature but recent technology which off late has started seeing some tailwinds. This categorization is important to plan the analysis, methodology, and information sources. It also helps understand the different variables that need to be studied, the kind of questions that need to be answered, and several more other areas. In the case of a new product that has only been partially commercialized, real data that has been reported in public or private domains must be collected. This data can be in the form of patient/disease data from public registries, data from physicians’ practices, or even microdata published by global health ministries. Inputs from MedTech companies can also be collected to get supply-side information.

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Future of healthcare

How Medical Device Manufacturers Can Improve Product Quality

The medical device industry continues to innovate aggressively and record stronger growth with each passing year. The key growth enablers for medical device manufacturers include the underlying demographics and the innovation and expansion in clinical applications of medical devices. Against this backdrop, it has become more important than ever before for medical device manufacturers to ensure improved quality in the design, manufacture, and distribution of devices. Furthermore, the rising regulatory compliance requirements imposed by FDA is further putting pressure of companies in the medical device market to prevent themselves from the risks of non-compliance.

Why quality compliance is paramount for medical device manufacturers

As a single error caused by a medical device can have severe consequences not only for the patient but also for stakeholders of the medical device company. One major quality related issue can significantly reduce the share price of medical device manufacturers. As most medical device manufacturers are aware of this risk, they give increased emphasis on quality.

medical device manufacturers

Improving quality can bring costs down significantly for medical device manufacturers. Request a free proposal to know how Infiniti’s experts in the medical device industry can help you identify and curtail both direct and indirect cost that you may incur.

How to ensure medical device quality

Some recent high-profile device failures have led to major product recalls that are costly and impact significantly patient care. To avoid such mishaps medical device manufacturers can undertake some of the following strategies to ensure and maintain medical device quality:

Quality assurance through regulations

Since there is increasing focus being given to value-based patient care, regulatory bodies have tightened the compliance requirements to increase transparency and ensure medical device quality and efficacy. There is also intensified compliance requirements for post-market surveillance, device submissions, quality systems, cyber security directives. With such stricter norms and greater emphasis being given to patient safety, medical device manufacturers must establish processes to achieve compliance through device identification, clinical data collation, and labeling improvements. Using a unique device identification (UDI) system backed by a centralized database will promote the traceability of each device and in turn maintain quality standards.

Maintaining quality is not the only challenge faced by medical device manufacturers. Get in touch with our experts to gain an overview of how our solutions can help you identify challenges that are most likely to affect your organization and strategize an action plan to overcome them.

Creating culture of quality in the organization

Quality begins with every employee in a medical device company and includes every process and procedure ranging from development to delivery. This involves implementing robust quality standard processes across the business. By Improving quality across operations and establishing a comprehensive control mechanism, encompassing people, process, product, and assets, medical device manufacturers can cultivate a culture of quality.

Embracing quality management best practices

The need to curtail losses due to device failure and to comply with government mandates, medical device manufacturers must give more focus on quality management. The help of innovative technologies can be used to develop high-quality products. This includes additive manufacturing for producing customized implants, lasers to facilitate precision manufacturing, micro molding of silicone to manufacture accurate minimally-invasive surgical devices, and low-friction fluoropolymer coatings to efficiently lubricate the guide wire that is used in cardio-vascular surgeries. Furthermore, a risk-based approach would be more effective in ensuring design and manufacturing accuracy for life-critical machines. For instance, in blood line tubing, higher control over cooling water temperatures after extrusion is required compared to PVC tubing to reduced low microscopic defects.

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medical device packaging

Trend Watch: What’s New in Medical Device Packaging?

Medical device packaging is certainly not easy. Poor medical device packaging can result in a host of problems for both customers as well as medical device companies. It must be ensured that every package that holds a sterile medical device not only arrives at the hospital or clinic free of wear and tear or broken seals, the packaging must also ensure a longer shelf-life, possibly for years, without breaking down. Furthermore, following the packaging guidelines and strict regulatory standards of the FDA is another hurdle faced by companies in the medical device market.

Learn more about the opportunities, trends, and challenges in the medical device packaging market.

As a result of such increasing complexities, players in the medical device packaging market are looking at the latest innovations and trends that meet their requirements while adhering to the FDA regulations. Our experts in the medical device packaging industry have listed some of the top trends that are shaping the future of medical device packaging.

Medical device packaging trends 2019

Green designs

Involving a medical device packaging partner at the earlier stages of product development allows to create a packaging that is innovative, serves the purpose, and is highly sustainable. Designers of medical device packaging are formulating new ways to reduce the material and energy required. In addition, they are aiming to reduce the number of components required in the overall package. The advent of tools such as design and package integrity simulation allows medical device packaging providers to make a well-informed prediction at the concept stage about how design choices such as downgauging materials or reducing the overall footprint will have an impact on the performance of the package. This gives higher confidence and ensures greater efficiency before moving into the prototyping and manufacturing stages.

Is your business equipped to meet the dynamic market trends and challenges? We have helped several healthcare and pharma companies around the world to stay abreast of the changes in their market and formulate strategies to adapt. Submit an RFP o know how our tailor-made solutions can help your business.

Recycling programs

There is a growing awareness around the recovery and reuse of materials. Several medical device packaging companies and OEMs are working with healthcare providers and recyclers to recover and use existing plastics. Once the most sustainable materials are chosen, the end-users are informed on how to reuse and later recycle the packaging. Furthermore, research and evaluations are being continuously conducted around new medical device packaging innovation that can offer better sustainability benefits.

Efficient and cost-saving transportation

Companies can perfect their transportation strategies via simulation tools in order to lower energy and cost. Several players take advantages of software that helps to optimize planning, maximize load, and minimize costs. This allows manufacturers to prevent obstacles by learning the outcomes and solutions ahead of time. Companies commonly focus on sustainability through bulk freight shipments that reduce packaging, impact on the environment, and transport/inventory expenses. Moreover, medical device manufacturers are working with CMOs (contract manufacturing organizations) that provide end-to-end services. Choosing a medical devices packaging partner that can perform everything from design and development, to prototyping, to tool building to manufacturing under one roof means components don’t need to be transported between various phases of the process.

Learn more about Infiniti’s portfolio of services and know how our business intelligence solutions can help your business.

Market Intelligence

Medical Devices Competitor Analysis: An Infiniti Research Success Story

Competitor Analysis for Medical Device Manufacturers 

About the Client 

The client is a leading player in the US medical device industry. The company is well-known for developing innovative medical devices and drugs.

The Business Challenge                                         

Medical devices manufacturing companies are set to witness growth opportunities in emerging markets. Moreover, as the new standards and regulations are emerging, and healthcare dynamics are evolving, the medical devices companies are facing an increasingly competitive scenario. This challenging environment compels medical devices companies to reduce costs, streamline their operations, and innovate more quickly. Thus, it has become extremely difficult for traditional medical device companies to compete with other firms in their areas of specialization, in terms of cost, quality and capability.

Companies in the medical device industry are exploring ways to stay competitive in the market by distinguishing market disruptions, analyzing competitive activity, and developing intelligent business strategies.

Business Case: The rising number of medical devices manufacturing companies have drastically increased the level of competition in the market, making sustainability a key challenge for companies. Thus, the client wanted to devise a competitor analysis framework to develop robust marketing strategies that would help them gain a competitive advantage over other market players. Additionally, the medical devices manufacturer wanted to profile major competitors in the industry and understand their current marketing initiatives to make the required changes in their business plan.

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Top Challenges Faced by the Medical Devices Manufacturer 

Problem Statement 1

With the recent technological advancements in the medical device industry, the client was facing difficulties to propel their business forward. Hence, the medical devices manufacturer wanted to assess the performance and capabilities of their peer groups to make better business decisions.

Problem Statement 2

The medical devices company faced increasing demand to adapt to a fast-evolving marketplace by efficiently catering to the needs of the growing population.

Problem Statement 3

Medical devices manufacturer faced significant challenges in identifying long-term savings opportunities and areas for cost reduction to facilitate product design and development.

Problem Statement 4

They needed to achieve comprehensive insights into their competitors’ strengths and weaknesses to develop effective plans to become market leaders in the US region.

Mastering these challenges are easier than you think with Infiniti’s customized competitor analysis solutions. Want to know how? Request for more info!

Solutions Offered and Value Delivered 

To address the client’ challenges, our competitive intelligence experts developed a competitor analysis framework to measure competitiveness in the global landscape.

Phase 1: Identifying competitors within the medical devices sector

The initial phase of the competitor analysis solution involved conducting extensive researches to gain an understanding of the key competitors of the client.

Phase 2: Categorizing competitors

The second phase involved categorizing the key competitors of the medical devices firm based on competition –Their competitors were categorized into direct, indirect, and substitute competitors.

Phase 3: Analyzing competitors’ strengths and weaknesses

The next phase included analyzing common marketing patterns and the competitors’ strengths and weaknesses. This helped the medical devices firm to differentiate themselves by offering products and services to fill gaps that their competitors have not addressed.

Phase 4: Devising a competitor analysis framework

By leveraging market information and data obtained from competitors, a competitor analysis framework was devised. This included the detailed company profiles, competitors list, their current activities and future industry developments.

With Infiniti’s competitor analysis, the medical devices firm was able to analyze competitors in terms of market penetration and product developments. This helped them gain a better picture of the current market space and build new business strategies. The medical devices company was also able to identify profitable markets and offer a differentiated set of products. Also, they dynamically fine-tuned their marketing efforts to gain a competitive advantage over their competitors.

Researching a new medical devices market segment? Our experts can help you understand the competitors' and market landscape. Request a FREE proposal!

 

Future of Medical Device Industry

The future of medical devices industry is largely influenced by technological advancements and opportunities that promise to revolutionize the operations of medical companies. The development of state-of-the-art medical devices and technologies has shown unparalleled growth and advancement in the healthcare industry. Furthermore, the emerging technologies in the industry space have revolutionized the way medical devices are formulated and manufactured to cater to the demands of the healthcare industry. Hence, companies in the medical devices industry are seeking to enhance product prototyping, minimize operation costs, and be responsive to product developments to stay competitive in the market.

Why Partner with Infiniti Research? 

With a team of highly skilled market research professionals, we offer customized solutions that will help medical devices companies to magnify their competitive advantage by improving their speed-to-market. Our solutions have been proven to deliver insight-driven outcomes at scale, to help businesses improve their business performance.

CONTACT US to know more about our services!

IR18

3 Key Medical Device Reimbursement Challenges Manufacturers face Globally

Medical device reimbursement is the payment made by a third party private or public insurer to a health care provider in exchange for the costs or payments incurred by the provider for performing the required procedure or using a medical device. There are three goals for any medical device reimbursement strategy, universal coverage from all insurers in all patient care settings, adequate physician and institutional reimbursement, and unambiguous coding. Reimbursement is the primary issue on every investor’s mind, and it is one of the first things healthcare companies think about when developing new products or medical devices. If the coverage under medical device reimbursement has no certainties, it becomes very difficult for companies to analyze the return on investment. This obstructs venture funding and also limits innovation. Consequently, it pulls back the patients from leveraging the benefits of advanced and new technologies. Thus, medical device reimbursement and coverage of payers play a very important role in making or breaking a medical device. There are several challenges associated with medical device reimbursement for manufacturers, which varies from countries to countries. In this article, we hGet More Infoave listed down some of the most common challenges that every manufacturer faces in medical device reimbursement. Also, we have suggested a few solutions to deal with those challenges.

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Market Research

Top 3 Medical Reimbursement Challenges for Medical Device Manufacturers and Their Impact

With respect to medical devices, reimbursement can be defined as the payment paid by a third-party public or private insurer to a health care provider in return for the payments or costs incurred by the provider for using a medical device or for performing the required procedure. If the coverage under reimbursement has no certainties, it becomes difficult to analyze return on investment. This creates obstacles in securing venture funding and also limits innovation. This, in turn, pulls back the patients from getting the advantage of new technologies. Thus, reimbursement and coverage of payers have a crucial role to play in making or breaking a device. There are many challenges associated with medical reimbursement for medical device manufacturers, which varies greatly from country to country. But there are a few common challenges that are shared by many countries. Here are the top three.Contact US

Medical Reimbursement Challenges

The gap between the value of a technology and reimbursement levels

In many countries, rates of medical reimbursement are not based on value, rather it is cost-based. The rates of reimbursement are fixed by the government body in most of the countries. This body mainly comprises of government officials or clinicians and they decide on what the rates of reimbursement should be for specific medical devices and procedures. Such decisions are not based on the technology of the manufacturer or the feature of the device but are driven by standing formulas. This means that such a medical reimbursement is a reflection of the cost to use a certain device or procedure and does not reflect the technology used in it. But here is the challenge to match reimbursement levels with the kind of technology used in the medical device because this balance is very essential to get a positive outcome and ensuring the availability of advanced medical technologies to the patients in the future.Request Proposal

Cuts in government medical reimbursement spending

The government in countries like E.U, U.S, China, and Japan are looking for various ways to cut down on their expenditure to prevent the costs of healthcare crossing their limits. This also includes cutting down on medical reimbursement amounts. Several governments have already initiated the process to reduce their spending on the reimbursement of medical devices and this has reduced the total healthcare spending.

Opacity and complexity of reimbursement process

Medical reimbursement process is considered to be the most opaque and complex process that stops medical devices from getting exposed to advanced technologies. In many countries, there are even many stakeholders involved in the reimbursement process who interact with the companies. Many times, medical reimbursement decisions can be lengthy, uncertain, opaque and even unpredictable. Therefore, for companies to invest in new technology without knowing the amount of reimbursement becomes very difficult.Get More Info

Impact of Medical Reimbursement Challenges  

#1. Difficult to get good ROI

The gap between reimbursement rates and technology makes the investment risky for the manufacturer. The risk of ROI makes them apprehensive towards experimenting and working on innovations in medical devices.

#2 Providing quality

The opaque and lengthy system of the medical reimbursement process makes it quite difficult for the manufacturer to produce quality medical devices and provide valuable services.

#3 Difficult early diagnosis and preventive care

The government’s decision to cut down on healthcare expenditure, especially when it comes to medical reimbursement for devices and procedures, leads to difficulty in diagnosis at the early stage of disease like breast cancer, which needs a screening.

Therefore, to avoid such instances manufacturers need to take steps for their participation in the formulation of medical reimbursement rules. This will further help in advancing the innovation process in medical devices and attaining financial goals.


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Business Forecasting

3D printing Technology – The Next Big Thing in Manufacturing Industry

Looking at the present scenario, 3D printing technology comes off as a technology reserved for tech geeks and is considered a luxury item. For a long time, commercial application of 3D printing technology has been widely limited to prototype developments. But now, things are starting to change as 3D printing technology is going mainstream, leading to a revolution in the manufacturing industry. As the cost continues to plummet with significant improvements in technology and quality, 3D printing technology becomes feasible to the majority of the organization for mass production. Here are some of the application areas of 3D printing that can change the landscape of industrial manufacturing:

3D Printing Technology in the Manufacturing Industry

True Rapid Prototyping
Although 3D printing technology has recently received a lot of attention from the press for product prototyping, it has been around for a long time. But the process of rapid prototyping has been anything but rapid, as it takes a lot of time and resources to create even a single piece. With breakthroughs in automation and advancements in technology including CNC machines, silicone casting, SLA, and FDM printing techniques, the product developmenGet More Infot cycle has reduced significantly.

Mass Customization
Companies often opt for mass production to gain economies of scale and keep the product cost low. Product customization is expensive and usually reserved for customers with an ability to pay a premium. The advent of 3D printing technology aims to remove this barrier with mass customization at a reasonable cost. For instance, 3D printers can be used to design a perfect replica of the actual knee and print it for use in knee replacement surgeries.

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Low Volume Production
The concept of minimum order quantity (MOQ) arose due to minimum order stipulations placed by suppliers manufacturing in large volume. For instance, creating a mold might cost $10,000 with a $1 price for each incremental part, making the total price for the first part as $10,001. If the requirement is only for a few parts, then it wouldn’t make economic sense to manufacture it for such low volumes. Today, companies opt for 3D printing technology for manufacturing parts and products at low volume.


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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.

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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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