A key strategy to stay ahead of the curve in today’s dynamic medical device market is to become “agile innovators.” Medical device companies that adapt to these trends will find enormous opportunities to grow and thrive.
The process of introducing medical devices to markets across the globe can be complex, requiring an understanding of premarket preparation, and approval to the Food and Drug Administration (FDA). Furthermore, with the advent of various micro and macro trends such as enhanced buying power of payers or providers, complex regulatory scrutiny, and the introduction of new healthcare delivery models, medical device manufacturers have been struggling to develop effective market entry strategies. Recently, for instance, the industry’s key influencers have sounded upbeat about the Republican Congress and the new Trump administration during recent interactions with analysts. And while there are many open questions, top executives insist that the potential repeal and replacement of the Affordable Care Act may not have a massive impact on the sales volumes of medical devices across certain regions.
Our medical device industry experts feel that a key to dealing with the dynamism of the medical devices industry is “becoming agile innovators.” With payers’ increasing focus on value-based reimbursement and health systems’ continuing interest in outpatient services and home care services, the landscape for the healthcare industry will likely through a massive change. “Medical device companies that adapt to these trends will find enormous opportunities to grow and thrive,” says Vivek Sikaria, AVP: Market Intelligence and Advisory at Infiniti Research.
In our webinar, which was held on the 22nd and 23rd of February, the speakers focused on how the lower probability of earning premium margins by merely selling standard clinical features and new devices into existing market spaces would create significant pressure for strategy experts to identify new markets to sell their solutions. The identification of such segments or open markets where they can sell their end-to-end solutions, helped key decision makers secure additional revenue and maintain market shares.
Here’s an insight into the top four questions addressed by our speakers:
- What parameters should you consider while assessing demand across new markets?
- How to accurately predict demand for your new medical device product or technology?
- Traditional models of market estimation V/s the best practices. Which is better?
- How to track the market performance of emerging medical devices or technologies?