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
- Revenue: ~$5 billion
- Area of Engagement: Market opportunity assessment
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
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 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.