Tag: medical devices

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.

demand management

Infiniti’s Demand Management Solution Helped a Medical Devices Manufacturer to Achieve Average Savings of $7.2 Million

The US medical device industry is one of the world’s largest industries and is constantly being driven by the emergence of new technologies and innovative manufacturing methods. Though medical device manufacturing companies have witnessed unprecedented growth in terms of innovations and improved technologies in the last decade, such dramatic advancements have also given way for several challenges that loom over companies operating in the medical device industry. Owing to the increasing challenges in the market, companies in the medical device industry are increasingly leveraging demand management solutions to manage and allocate capacity to meet the markets’ increased demands.

Accurate demand management is critical and can sometimes be tricky. The information gained from a demand management engagement can be used in all aspects of a manufacturer’s business, including manufacturing schedules, inventory management, product positioning, and production planning. Request a FREE brochure to gain more insights into our services portfolio.

Business Challenge

The client is a medical device manufacturer based out of the United States. The company is well-known for manufacturing a wide range of healthcare devices. Inconsistency in the product demand, owing to fluctuations in the market made capacity planning quite challenging for the client. Also, due to their inability to meet the rising market demand, the client was unable to maintain the right balance between supply and demand, which resulted in reduced profit margins for the company. This necessitated the need to capitalize on these market changes through better forecasting and demand planning. To achieve this business goal the client had to enhance their demand management process by considering several factors that affected the demand of their medical devices.

Other challenges faced by the client included:

  • With growing advancements in medical technology, the medical device manufacturer was looking at implementing a robust method that would help them protect margins with products that elude commoditization.
  • The client was facing increasing pressure to adapt to a fast-evolving marketplace by effectively catering the needs of the increasing population.
  • The client faced major challenges in identifying long-term savings opportunities and areas for cost-reduction to facilitate product design and development.
  • By employing an effective demand management process, they needed to effectively manage the supply-demand shortages.

Solutions Offered and Value Delivered 

To help the client tackle all the industry challenges, the experts at Infiniti Research followed a comprehensive four-phased approach. The approach focused on helping the client accurately plan, predict, and meet the demands of the global customer base.

  • The initial phase in demand management approach focused on segmenting the market based on sales and ­­­marketing outcomes to analyze and anticipate different customer needs and long-term market trends. This turned out to be a fundamental factor that helped them align their business model and supply chain functions accordingly.
  • The second step in demand management process involved documenting the process roadmap, which included market gap analysis, a detailed analysis of success factors, and the roadmap for each stage.
  • The third phase of the demand management approach focused on bridging the cross-functional disconnect. The cross-functional disconnects were overcome by establishing KPIs.
  • The final phase in demand management process involved a detailed analysis of factors such as the number of consumers in the target market, demand for medical devices, proportion expected to buy the medical devices, anticipated timing of their purchase, and patterns of repeat purchases.

Insights obtained from Infiniti’s demand management engagement helped the client to formulate effective strategies for making smart decisions about inventory and production levels. This subsequently reduced the risk of stock-outs, resulting in lower holding cost and increased turnover rates. Also, the heightened visibility of their demand chain enabled them to capitalize on new opportunities to enhance the patient outcome and drive revenue.

Moreover, Infiniti’s demand management engagement also delivered tangible outcomes in their supply chain, most notably the cost savings obtained from inventory management and demand planning. Infiniti’s demand management solution further helped the client improve under-forecasting by nearly 3.5%, representing average savings of $7.2 million in a year.

Poor healthcare access and the growing demand for advanced medical devices represent a management dilemma between effectively managing demand and costs. Are you facing the same challenge? If yes, request a FREE proposal to know how our demand management solutions can help.

Why demand management is important?

In today’s competitive world, a number of companies are leveraging demand management solutions to meet the evolving needs of their business at every level. Demand management is a business process that enables organizations to respond to emerging situations in an effective manner by maintaining the right balance between supply and demand.

Engaging in demand management practices helps organizations to avoid gaps in supply and demand and also promote better supplier relationships. Demand management techniques also play a major role in addressing external spending factors, arranging purchase orders, and eradicating waste.

Customer demands are extremely dynamic and unless organizations correctly chart out the demand pattern and ascertain the amount of goods to be produced, the chances of overstocking or understocking of goods are likely to happen. Using demand management solutions, companies can understand customers’ requirements and improvise on products that are not coping well in the market.

Why partner with Infiniti Research?

In today’s increasingly competitive business world, there is an ongoing need to leverage demand management solutions across all aspects of your business processes. To survive in the long-run, companies have to possess the capability to react quickly to the ever-changing supplier and market dynamics. This is where the Infiniti’s expertise as a market intelligence solutions provider comes into play. Market intelligence solutions enable organizations to gain a holistic view of the market from various perspectives. The insights offered by our experts help businesses to develop customized products/services and marketing communication strategies that help customers distinguish the brand from their peers.

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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!

Answers to the questions

The US Medical Device Industry: How to devise a Market Entry Strategy

With an enormous market size of $156 billion, the medical device industry in the United States remains the largest in the world. Companies in the medical device industry consist of articles, instruments, apparatuses, or machines that are used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for some health-related purpose. Although patients are the end-users of medical devices, manufacturers ideally focus their efforts towards selling their products to healthcare providers who in turn use them to serve the needs of patients.

Majority of the companies in the US medical device industry are concentrated in regions known for other high-technology industries, such as microelectronics and biotechnology. The states with the highest number of companies in the medical device industry include New York, California, Florida, Michigan, Pennsylvania, Massachusetts, Minnesota, Illinois, and Georgia. Compared to several other industries including telecommunications, automotive, and defense, the medical device industry invests a higher percentage of their yearly revenues into product innovation, reflecting the competitive nature of the industry and constant innovation and improvement requirements of existing technologies.

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IR26

The Medical Device Industry is Revamping Itself: Here’s Why!

The medical device industry is embarking on a new phase of change. In this blog, our industry experts discuss some of the key factors influencing transition in this sector.

The expectations of stakeholders in the medical device industry are changing over time. Patients expect superior service and care models, physicians require data from multiple sources to be brought together in one place, and payors seek lighter financial burdens and better real-world outcomes. Such mounting pressure is urging companies in the medical device industry to revamp their offerings and stand out in today’s increasingly crowded market.

The rapid technological growth rate in the medical device industry is undoubtedly the backbone of this sector. But not long ago, the industry was wrestling several challenges and struggling to implement and adopt advanced technologies. Some of the impediments leading up to this included the paucity of talent, incomprehensible technical complexities, constantly changing regulations, and limited leadership mind-share. In fact, just a decade ago, the integration of new and advanced technologies in the medical device industry was far behind when compared to other industries such as Telecom, Retail, and Automotive. The reality still remains that companies in the medical device industry still lag in tapping into customer and business model-led opportunities and adopting advanced technologies such as IoT, big data, artificial intelligence, augmented reality, and robotics. With only a handful of key players in this sector building sizeable businesses by leveraging the available opportunities and the upsurging competition from non-traditional players such as start-ups, players in the medical device industry are in the dire need to revamp their strategies.

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Change in customer expectations

Earlier, the delivery of digital healthcare had limited reach, was of low quality, and highly expensive. However, modern healthcare consumers are tech-savvy and expect the digital intervention to transform their healthcare experience. This shift in consumer behavior has elevated the focus on patient-centric health care and has become a major driver for the adoption of advanced technologies among OEMs. Players in the medical device industry are focusing on personalized healthcare solutions and devices to gain a bigger slice of the market.Get More Info

Shift in business models

The modern day medical device industry is going through a tectonic shift in business models. The increased connectivity between devices, physicians, and consumers are inflating the demand for high quality, personalized, and patient-centric care. Today, the volume-based fee-for-service models in the medical device industry are shifting to new incentive models that focus on value-based metrics. Though traditionally the OEMs have been able to compete with conventional business models without much differentiation, a long-term strategy would necessitate OEMs to create innovative and sustainable business models that will result in efficient healthcare delivery, reduced costs, and improved medical outcomes.

There is a colossal amount of patient and healthcare data being generated each day. This spawns fundamental questions about patient privacy and safety. Albeit the incrementally, regulatory authorities are still evaluating out the implications of new technologies on patient security and care. In reality, apart from becoming heavy on the pockets for healthcare companies, data breaches also give rise to serious concerns regarding patient safety. Therefore, the need to strike a balance between advancements and protecting patient security and safety is, therefore, paramount.


Know more about Infiniti’s market intelligence solutions for the medical device industry and how our solutions can help businesses in proactive decision-making.

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IPTV Service

Competitor Mapping Engagement: How a Leading Dental Implants Manufacturer Devised Cost-Effective Product Offerings

With the rising cost of healthcare services and shortage of healthcare facilities and labor, cost-effective home care medical devices will be even more in demand in the coming future.

Despite innovation and changes in the medical devices industry, the future will not be without challenges and concerns. Small and start-up companies are particularly vulnerable to the problem of increasingly diminishing venture capital availability, which can cause crippling delays to new product launches. Indeed, this lack of funding can adversely affect the broader industry by limiting growth and innovation. Above all, it will no longer be enough for medical devices manufacturers to simply offer the best quality dental implants or most clinically successful instrumentation. Instead, companies will need to re-assess their product offerings and include a range of tools that are tailored towards hospital groups and physicians, such as applications and services that help physicians monitor patient outcomes, guide hospitals towards cost savings, and assist in enhancing clinical outcomes.

Business Issues

  • The client: Dental implants manufacturer

The client – a leading manufacturer of dental implants based out of Canada – approached Infiniti to conduct a competitor mapping engagement. The dental implants manufacturer with numerous manufacturing units spread across geographies was facing predicaments in profiling their competitors and eliminating potential service bottlenecks. As a result, the client wanted to better position their product and service offerings, profile potential buyers, offer customized services, and improve their business performance. Furthermore, the manufacturer of the dental implants wanted to leverage technologies to improve their prevailing offerings in the medical devices space.

How Can Competitor Mapping Engagement Help Dental Implants Manufacturers?

Competitor mapping engagement gives a holistic view of the competitive landscape and how the competitors have positioned their product and service offerings. With the help of competitor mapping, leading manufacturers of dental implants can profile the potential competitors, their value proposition, price level, and approximate market shares. Furthermore, competitor mapping helps firms gain an in-depth understanding of the organization’s weakness and shortcomings as compared to the other competitors.

Summary of our competitor mapping solution

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Client Journey

Infiniti’s competitor mapping experts carried out a qualitative and quantitative research comprising interviews and discussions with leading stakeholders in the medical devices space to help the manufacturer of dental implants gauge the strategic plans of the competitors and stay ahead of the competition. The experts also collated information from a wide array of exclusive sources such as company presentations, paid industry databases, and industry forums.

The Solution Benefits and the Business Impact

With the help of Infiniti’s competitor mapping engagement, the manufacturer of the dental implants conducted a comprehensive SWOT analysis, which helped them limit the bottlenecks and improve the overall efficiency of their products and services. Additionally, the client identified costs associated with their product offerings and was able to compare that to the competitors. This subsequently helped them to devise cost-effective products and services to the customers and gain a competitive advantage.

The Future

In the coming years, companies will no longer be able to earn top margins by just selling medical devices and clinical features to established market spaces. Companies should rather look at new segments, particularly new end-to-end resolutions to earn additional revenue and maintain substantial margins. Moreover, the commercial model of medical devices is expected to change, as call points and agreement decisions become centralized, purchasers are increasingly establishing comparative value and evidence of efficacy. 


A must-read case study for strategy specialists and decision makers looking to develop an understanding of the medical devices market

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IR4

Market Opportunity Assessment for a Medical Devices Startup

Despite the recent technical developments in the medical device industry, leading manufacturers of medical devices face challenges pertaining to regulatory compliance, product quality, and market expansion.

The 21st century has ushered in an era of business which plausibly is the most challenging in history. Since the market for medical devices has weakened globally, several players looking to enter newer markets face several challenges including – international competition, financial crisis, and changing government policies. However, medical devices manufacturing firms should cope with these challenges to withstand the growing competitive pressure.

However, for a startup that is relatively new in a particular market, it is best recommended to invest in a detailed market opportunity assessment to gain comprehensive insights into the market conditions prior to expansion.

The Business Challenge

  • The Client: A medical devices startup

To understand the market expansion opportunities in the Asia Pacific region, the client – a medical devices startup – approached Infiniti to engage in a market opportunity assessment. The client wanted to gain detailed insights into the market landscape of the target region. Their primary objective was to evaluate the viability of market expansion based on the competitive environment and regional players.

Also, with the help of the market opportunity assessment, the medical devices client wanted to gauge various factors affecting market expansion in the specific region.

How Can Market Opportunity Assessment Help Players in the Medical Devices Market?

Market opportunity assessments offer detailed insights into the market landscape, which help businesses to identify the market opportunities and risks prior to expanding their business offerings.

In today’s business scenario, medical devices manufacturers are under inexorable pressure to stay relevant in a rapidly evolving marketplace. Infiniti’s market opportunity assessment enables medical device companies to gain a detailed understanding of the industry barriers, challenges, and opportunities to devise precise business expansion plans.


Summary of Our Market Opportunity Assessment Engagement

Medical Devices

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Client Journey

With the help of Infiniti’s market assessment, the medical devices client was able to expand their business by gauging the growth projections in the Asia Pacific region. The solutions offered also helped the client to identify relevant data and use it to establish a competitive position within the geographical segment.

Furthermore, to help the client identify the market dynamism and future potential in the Asia Pacific region, the market opportunity assessment experts at Infiniti conducted a detailed market survey to help them gain a better understanding of the medical device industry. 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 opportunity assessment experts offered detailed market insights that helped the medical devices firm to identify barriers to entry and market requirements and gain a stronger foothold in the new geographical segment. Also, with the help of our solutions, the client was able to understand the market for the particular product group and devise effective strategies for long-term success.

The Future

The medical devices industry has witnessed a rollercoaster of changes, new challenges, and impressive growth. Owing to the rapid medical advances, the medical devices sector is set to experience massive growth in the coming years. While the wearable medical devices segment is still in its relative infancy, leading medical devices manufacturing companies are already focusing on delivering new and innovative solutions in an attempt to improve business growth.


A must-read case study for strategy specialists and decision makers looking to develop an understanding of the medical device industry.

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IR6

Industry Analysis for a Leading Anesthetic Machine Manufacturer

The rising development of medical devices with millions of product variations presents a major challenge for anesthesia machine manufacturers.

Despite recent developments, manufacturers of medical devices face several challenges pertaining to regulatory compliance, product quality, and data security among several others. To succeed in an expanding global market space, manufacturers of medical devices must overcome various challenges.

Despite the recent developments, medical devices manufacturers face several challenges pertaining to regulatory compliance, product quality, and data security among several others. They are constantly challenged along the way in terms of design, research, corroboration, and in bringing their devices to a competitive market in a cost-effective manner.

The Business Challenge

  • The client: An anesthesia machine manufacturing company

With an objective to drive strategic growth through systematic expansion into complementary product categories in the medical devices category, the client – a leading anesthesia machine manufacturer – approached Infiniti to engage in a market analysis study. Since the client was one of the new players in the medical devices market, they were facing difficulties in understanding the dynamics of the market. The primary objective of this engagement was to assess the attractiveness of the newer market segments as a potential source of future business growth.

How Can Market Analysis Help Companies in the Medical Devices Sector?

In today’s competitive business scenario, medical devices manufacturers are constantly pressurized to innovate and enhance their offerings. Many companies that could potentially benefit from a market analysis study aren’t familiar with the benefits it offers. It acts as the key to identifying new market opportunities. Investing in a market analysis study also helps to identify the tweaks that may be required to enhance your product or service offerings. Hence, it can be said that it is an invaluable tool that is worth the investment for long-term planning.

Summary of our market analysis engagement

medical devices

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Client Journey

To help the client gauge numerous factors influencing their decision-making process in the medical devices industry and to identify the emerging trends, the market analysis experts at Infiniti followed a strategic research approach. The approach included primary and secondary research methodologies, which utilized primary data from approximately 300 channel customer interviews and secondary data gathered from multiple sources.

Our team assessed the size and growth rate of the market, evaluated the competitive landscape, analyzed the value chain economics, and determined customer needs. The market analysis experts also reached out to various stakeholders in the medical devices industry to understand the factors that are influencing the market.

Solution Benefits and the Business Impact

With the aid of Infiniti’s market analysis engagement, the anesthesia machine manufacturing firm gained comprehensive insights into the opportunities present in the medical devices market. Also, the client was able to develop a brand concept with the help of expert recommendations offered by our market analysis experts. Our solutions also allowed the client to devise a go-to-market strategy, commercialize the delivery system, and efficaciously pilot test the concept. As a result, the medical devices was able to successfully roll out their products both domestically and internationally.

The Future

Rapid technological developments are impacting the medical devices industry. Owing to regulatory compliance concerns, medical device manufacturers haven’t yet fully utilized machine learning and AI. Though it still may be some time before industry-wide adoption, eventually patient care systems will take maximum advantage of what these technologies have to offer. With trends such as this influencing other markets, it’s safe to say that medical devices sector will follow suit.


A must-read case study for strategy specialists and decision makers looking to develop an understanding of the medical devices industry.

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5 Challenges Faced by Medical Device Companies in 2018

Over the past couple of years, FDA-regulated industries such as the medical devices industry have witnessed a myriad of changes. The advent of value-based reimbursement models and accountable care has resulted in a seismic shift in the way top medical device companies operate. In the wake of this new era, focusing on data and the value of medical devices will notAsk An Analyst be enough to boost ROI. This has forced medical device companies to look for new avenues to boost revenues and profitability.  Today, buyers expect medical device companies to offer solutions that bundle device, data, and analytics for improved decision making. And with the shift towards value-based care, medical device companies must offer solutions that can deliver actionable insights for use in existing electronic medical record systems. Our analysis of the global market landscape shows that the medical device companies are facing challenges in terms of:

  1. Adapting to the shift towards value-based models
  2. Maintaining profit margins with products that elude commoditization

Meeting such challenges can be made simple if medical companies leverage an interoperability platform to devise solutions with excellent data integration and aggregation capabilities. Apart from the challenges mentioned above, here are some of the other challenges faced by top medical device companies.

  • Increasing standards and overheads

Recently, there has been a drastic increase in the number of medical devices that are being manufactured and sent for approvals to the FDA. Studies indicate that the time taken for processing has increased by more than 55% in a span of five years. This poses a major challenge for medical device companies who are looking to outperform their competitors by launching more innovative products in the market.

  • Complexity of new medical devices

To stay on top of the competition, top medical device companies have started manufacturing products that are more complex and integrated when compared to their predecessors. This increase in the complexity results in a rise in the cost of field service and repair processes. Another point to note here is the fact that due to the increasing complexity of devices, the cost of training field service specialists and engineers has doubled.Ask An Analyst

  • Meeting customers’ expectations

Today, people all around the globe have access to the Internet and smartphones. Customers, therefore, have numerous choices and demand more from medical device companies, especially in terms of implementing more aggressive SLAs. The end-users of medical devices are also demanding more from their reduced capital and are now asking for better incentives.

  • Shift towards home-based care

With the growing popularity of home health care services and POC tests, medical device companies have had to migrate towards the production of home-based health kits. This threatens to reduce the spend on capital programs for developing new lab equipment.

  • Reimbursement reductions and rising competition

The implementation of new schemes to reduce reimbursements for medical assays by insurers is reducing manufacturers’ ability to fund capital for their new devices. In addition, high competition from emerging companies, such as start-ups, will reduce the profit margins of top medical device companies and erode customer loyalty.


To know more about the major challenges faced by top medical device companies: