Surgical Consumables Market Overview
Increasing sophistication in medical procedures and improved success rate, owing to the rising use of advanced consumables and services provided in hospitals are projected to drive the global surgical consumables market. In addition, the presence of advanced healthcare infrastructure is playing a pivotal role in the growth of the surgical consumables market. Moreover, the increase in robot-assisted surgeries are expected to create numerous opportunities for companies in the surgical consumables market. However, the rising concerns regarding hospital-acquired infections (HAIs) are impelling governments to encourage the use of disposable hospital consumables in the US. As such, companies in the surgical consumable market will need to focus on developing reusable or disposable surgical consumables.
Top Markets: North America holds the largest share in the surgical consumables market and is expected to retain its dominance for the next five years. The experts at Infiniti Research predict that Europe, Asia-Pacific, and LAMEA will witness steady growth over the next two years.
Top Segments: Diagnostic supplies, dialysis consumables, radiology consumables, infusion products, intubation & ventilation supplies, hypodermic products, sterilization consumables, nonwoven medical supplies, and wound care consumables.
Key Surgical Consumables Market Challenges Faced by the Client
Our client, a surgical consumables manufacturing firm based out of the United States, wanted to expand their business operations across 5 countries in the EMEA region. Before investing a huge sum into their new expansion project, they wanted to thoroughly analyze the current market scenario and growth opportunities for surgical consumables manufacturers across the 5 target countries in the EMEA region. The sought to partner with Infiniti Research to leverage their expertise in offering market opportunity analysis.
Other major challenges faced by the surgical consumables market client included:
Challenge #1: The client was facing difficulties due to lack of up-to-date data about risk factors involved in the manufacturing of surgical consumables
Challenge #2: To support the manufacturing strategy upgradation plan, the client needed robust insights about competitors and their in-house vs outsourcing vs hybrid models
Challenge #3: Lack of insights into profitable market opportunities and industry developments was a major challenge for the client as this data was vital to stay up-to-date with the latest technologies and processes.
Challenge #4: Understanding the exact opportunity in the market was a challenge considering limited data around Reimbursement/payment structure and current offers provided by competitors.
Our Integrated Approach
The experts at Infiniti Research carried out exhaustive secondary research from proprietary and open source information sources to develop insights and hypothesis specific to the target countries.
As a part of the market opportunity analysis engagement, the experts also provided the client with:
- Recommendations on the emerging market trends and opportunities in the surgical consumables market
- Key performance indicators (KPIs) to enable understanding of the focus areas. All the obtained information was evaluated on the KPIs, to generate recommendations for the client to re-align its business strategies for competitive advantage.
- Market forecast and opportunity model to recommend critical success factors for business expansion
Besides, Infiniti’s market opportunity analysis also involved:
- Detailed analysis of profiles and pipeline of major players in the surgical consumables market
- Analysis of unmet needs for a profound understanding on potential opportunities
- Validation of gathered data through an additional set of open-ended discussions with industry experts to ensure accuracy
- Complete algorithm and setup for Reimbursement and Pricing Approval Process across 5 countries in the EMEA region
By leveraging Infiniti’s market opportunity analysis engagement, the surgical consumables market client was able to:
- Easily adopt new/innovative manufacturing processes
- Identify and shortlist most relevant stakeholders in each country, responsible for pricing, coverage, and reimbursement decisions
- Assess and evaluate the most compelling attributes in each country that impact HTA and Reimbursement Decisions
- Assess competitors’ offerings, new business strategies and market position
- Understand their customers, their sources of the market access strategy, and Concerns for healthcare providers
- Identify the total addressable market and make a robust sales strategy
- Develop actionable strategies for targeted advertising
- Enhanced product efficiency and quality
- Realized profits of over 23% by successfully establishing operations across the target regions