Tag: surgical instruments

surgical equipment

Competitor Analysis for a Surgical Equipment Company – An Infiniti Research Success Story

Business Challenge 

The rising number of surgical equipment manufacturing companies have drastically increased the level of competition in the medical devices market, making sustainability a key challenge for companies. Also, with the recent technological advancements, surgical equipment manufacturers are finding it difficult to adapt to the fast-evolving marketplace by effectively catering to the needs of the growing population. Therefore, they are finding it vital to keep track of competitors’ plans and actions to identify the right business strategies and enhance decision-making. Also, several surgical equipment companies are exploring ways to stay competitive in the market by developing intelligent business strategies.

The client, a leading player in the surgical equipment industry, was finding it extremely difficult to compete with other firms in their areas of specialization, in terms of cost, quality, and capability. Also, with the entry of new surgical equipment manufacturing companies in the market, the client witnessed a decline in their sales rate. With this, the client was compelled to reduce cost, which resulted in a decline in their net profit margin by 17%, prompting them to leverage a competitor analysis strategy to understand the competitors’ key strategies and make changes in their business plans.

Our competitor analysis solution has helped various organizations to spot instances where they are struggling and implement effective strategies to overcome their challenges. Request a FREE brochure to learn more about our services.

Solutions Offered and Value Delivered

The experts at Infiniti Research carried out a thorough analysis of the client’s key competitors. The factors such as marketing strategies, strengths, weaknesses, market share, product development strategies, and future business plans were taken into consideration.

This helped the client to understand the common marketing patterns and product development strategies followed by their competitors. Also, the study of competitors’ strengths and weaknesses helped the client to differentiate themselves by offering products and services to fill gaps that their competitors have not addressed. They were able to dynamically fine-tune their marketing efforts to gain a competitive advantage over their competitors.

Also, Infiniti’s competitor analysis strategy helped the surgical equipment client to:

  • Keep track of competitors’ plans and actions
  • Set competitive prices for their surgical equipment compared with their competitors
  • Achieve their net profit target
  • Balance the quality of their surgical equipment with that of their competitors

Keeping track of the competitors help businesses differentiate themselves and stay ahead of the market competition. Request a free proposal and know how solutions can help your business.

Future of Surgical Equipment Market

The future holds bright for surgical equipment manufacturers. The market is largely influenced by technological advancements and opportunities that promise to revolutionize the operations of healthcare companies. Also, emerging technologies in the global surgical equipment industry space have revolutionized the way surgical equipment is manufactured to cater to the demands of the healthcare industry.

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Market Segmentation Study Assists a Surgical Instruments Manufacturer to Improve Profitability and Competitiveness

Lately, the surgical instruments industry landscape has been rapidly expanding with several manufacturers trying to enter the market. Additionally, the surgical instruments industry is witnessing increasing competition with manufacturers investing heavily in research and development due to the relentless growth in technology. Furthermore, the surgical instruments manufacturers are ready to enhance their offerings across different market segments and gain a superior competitive advantage. To achieve a stronger foothold in this market space and be more competitive, manufacturers in this market space have started adopting effective market segmentation studies. Market segmentation studies also help firms in this industry to tap potential market segments and reduce healthcare expenses. Market segmentation studies also assist firms in the surgical instruments industry to renovate their existing business models and create a superior value proposition for customers.IR_Brochure

Moreover, Infiniti’s market segmentation solutions help clients segment products based on consumer needs and preferences. Additionally, with our help, the client can identify the potential trends and opportunities in the surgical instruments industry and optimize current offerings to improve their profitability.

The Business Challenge

A global surgical instruments industry client with offices spread across various geographies was facing predicaments in improving their profitability and competitiveness for their product offerings across the target region. As a result, the client wanted to devise robust strategies to identify ways to speed up the development of products without comprising on the quality of the product. Moreover, the client wanted to maximize their ROI.

The primary objective of this market segmentation engagement was to enhance the existing business model and benchmark their product portfolio against those of their competitors.

Our Approach

To cut down the overall cost and remain competitive, the surgical instruments client contacted Infiniti Research to devise robust strategies to enhance operational costs while maintaining profitability. Moreover, Infiniti’s market segmentation specialists carried out a blended approach, which included discussions with leading stakeholders in the surgical instruments space. Additionally, to analyze the competition in the market space, the specialists also gathered information from various exclusive resources such as healthcare platforms, hospitals, newsletters, and publications in the surgical instruments industry.

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Market Segmentation Study Solution Benefits:

  • Identify potential niche markets segments and gain insights into the ways of approaching the market
  • Identify target segments and accordingly allocate resources
  • Segment potential customers into sub-segments based on their preferences
  • Tap different groups and segment them accordingly to develop targeted marketing programs
  • Develop services, products, and marketing strategies to cater to the specific needs of customers

Benefits of Our Integrated Approach:

In ten weeks, the client gained insights into the target groups and subsequently benchmarked their product offerings with their competitors. Additionally, the client identified new potential markets within the surgical instruments industry and devised a robust marketing plan to improve their profitability.

A must-read case study for strategy experts and decision makers looking to develop an understanding of the surgical instruments industry.

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Customer Engagement

Assessing Potential Market Opportunities in the Medical Device Industry

The medical device industry is under pressure to offer healthcare and medical assistance to patients at affordable prices, thanks to the growing competition and technological advancements in the market. One of the factors that has increased the level of market competition is the ever-changing consumer needs and expectations from the healthcare industry players and the entry of new medical device manufacturers in theIR_Brochure surgical instruments landscape. The only way to stay abreast of the latest trends and developments in the medical device industry and tap the hidden growth potential in the market is to undertake market opportunity assessments. But what are the benefits of the market opportunity assessment for the surgical instrument manufacturers in the medical device industry, you ask? Here’s what.

Market Opportunity Assessment Benefits the Medical Device Industry

A thorough market opportunity assessment can help organizations in the surgical instruments landscape to gain a strong foothold in the competitive market environment and meet the growing needs of the healthcare industry. The medical device industry can effectively develop products and services that resonate with their target customers as it’ll help drive business sales. The surgical instruments manufacturers can make use of business intelligence and market intelligence tools to identify the potential market risks and new market entry barriers to devise effective risk mitigation strategies. It is extremely essential for the surgical instrument manufacturers to gain in-depth knowledge about the industry’s competitive landscape and assess the market attractiveness. Apart from this, a market opportunity assessment helps surgical instruments manufacturers to devise fool-proof go-to-market strategies and retain their market shares in the medical device industry.

Recently, Infiniti Research helped a leading company in the medical device industry to assess the market and competitive landscape, current product offerings, and build robust market entry strategies for the medical device manufacturing space. Read the complete 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 senior 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 has 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.

 

To know more about market opportunity assessment in the medical device industry

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Market Intelligence

Market Intelligence Assists a Surgical Instruments Manufacturer to Analyze Competitors’ Capabilities

The medical devices landscape is on the verge of rapid expansion with numerous manufacturers trying to enter new markets. With relentless growth in technology, the medical device landscape is witnessing stark competition with manufacturers investing heavily in research and development. Furthermore, with rapid innovations in the medical device landscape, manufacturers are not confined to a particular boundary and are ready to enhance their offerings across different market segments. To benchmark their strengths and penetrate across different market segments, manufacturers are opting for effective market intelligence study. Market intelligence study helps organizations to effectively keep track of their competition; thereby, improving business model and projections. Also, robust market intelligence helps the company gauge information about customers, market share, and competitive intelligence. Additionally, market intelligence also helps the client meet business goals and collect relevant data, and identify growth opportunities, reduce risk, and devise an effective strategy.

Infiniti’s market intelligence solution helps clients gather, analyze, and disseminate information relevant to the medical landscape. Our solutions also offer tailored insights into the key customer requirements and allocate adequate resources to meet those requirements.

The Business ChallengeIR_Brochure

Though medical device manufacturers have been witnessing a surge in the adoption of surgical instrument; a leading surgical instruments manufacturer was facing several challenges. With the presence of numerous competitors offering identical surgical products, the client was facing challenges analyzing their competitors and their product portfolios. The client wanted to assess the competitors surgical product portfolio and their market reach to further devise a robust market-driven strategy. The client further wanted to make effective business decisions to map potential market segments.

The surgical instruments manufacturer wanted to gauge insights on competitors’ capabilities, their strategies, and product quality. To benchmark their strength across different markets, the client wanted to invest heavily in R&D and focus on offering high-quality products.

Our Approach

To derive actionable market intelligence insights, the surgical products manufacturer approached Infiniti’s team of market intelligence experts. The market intelligence experts carried out a blended approach comprising of interviews and discussions with leading stakeholders in the surgical instruments market landscape. To analyze competitors and their offerings, Infiniti’s pharmaceutical experts further collated information from various proprietary resources such as industry forums, news aggregators, device manufacturers, and magazines. Also, the client wanted to devise a robust go-to-market strategy to further reach out to their customers.

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Want more information about our market intelligence study?
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Market Intelligence Solutions Benefits:

  • Gain accurate and relevant information on the company’s markets, competitors, and customers
  • Devise strategies to enter new markets, or expand presence in the present market
  • Minimize the risk of an investment decision
  • Establish and maintain a distinctive corporate identity
  • Customize products and marketing effort around customer needs

Benefits of Our Integrated Approach:

In a span of four weeks, Infiniti’s market intelligence study assisted the surgical instruments client gauge the competitors’ strategy, intentions, performance, and characteristics. In terms of the competitive landscape, the engagement delivered a deep-dive approach to the client in terms of their strengths and weaknesses. Furthermore, the client was able to create a broad picture of the company’s existing market, customers, problems, competition, and growth potential.

A must-read case study for strategy experts and decision makers looking to develop an understanding of the healthcare landscape.
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