Truly remarkable things are happening in the medical device field today that incorporate tremendous leaps forward in advanced technology. Bring up any number of serious health challenges stemming from the effects of aging, chronic disease, injury or accident, and chances are there’s a medical device or wireless wearable sensor—on the market or at least on the R&D horizon—that holds real promise in helping patients more easily and accurately self-manage their healthcare needs and improve their quality of life.
It’s critical to have an indication of the likelihood for medical devices to succeed — both to improve the lives and health of patients as well as to prove promise to investors looking for a good return on their investments. In this endeavor, the need for medical device manufacturers to better understand their respective markets has never been more important.
Medical Device Competitive Intelligence
If you’re a medical device manufacturer competing in this breakneck-speed environment, it may be time to get a check-up on your own organization’s competitive health. AI, Big Data, 3D digital prototyping, and IoT technology are all doing their parts to help medical device manufacturers design and develop high-quality products while minimizing design costs and time-to-market.
While these technological developments represent a huge leap forward for medical devices, what about the competitive side of that equation? How well does your business plan for and alleviate competitive risk, or even serve as a disruptor in its own market? Where does your organization land on the competitive spectrum of attracting investors, or developing a reliable sales pipeline?
Naturally, these are important questions for the manufacturers of any types of products to consider, but they’re even more crucial for medical device manufacturers given the nature of the sector. Note that most medical device manufacturers in the U.S. are small- to medium-sized enterprises — and approximately 80 percent of these companies employ fewer than 50 employees.
In a sector largely populated by innovative startups, every bit of competitive intelligence — or CI — a company has at its disposal can be a major factor in the successful development and marketing of its devices.
Medical Device Competitive Intelligence Consulting
Proactive Worldwide’s HCLS Competitive Intelligence services are here to help you find out, with game-changing, doctorate-level research, analysis, and expert guidance to help your business craft a market strategy built for today’s realities with a supporting competitive intelligence program specifically focused on the strategic insights that will help your enterprise minimize risk and maximize opportunity.
Unlike most CI consultants, PWW’s HCLS practice is led by a cadre of prominent Ph.D.-level analysts who supplement their work with primary research and best-practice methodologies that deliver unpublished, impactful insights and implications for your business. Working in collaboration with your own leadership team, CI Manager, Brand Manager, and Market Researcher, PWW’s CI and competitive monitoring services offer the following benefits:
- We assess both your on-market and pipeline devices, including salesforce structure and sizing, messaging, and competitive strategy;
- We incorporate competitive monitoring and primary research into the products that have an impact on your product line (needles, syringes, IV sets and solutions, flow cytometers, insulin pens, remote diagnostic equipment, wearable sensors, etc.);
- We focus on real-time data collection, integrative analytics and Bayesian inference modeling to yield exceptionally accurate approval and launch predictions on new devices.
Medical Device Market Research
Clearly, since more advanced medical device companies want to ensure a good ROI on the lifecycle of their products, the days of simply building a good product and paying a sales team to go sell it are over. The type of high-quality CI provided by our team of experts at Proactive Worldwide is helping everyone from C-suite leaders to major investors make better, more informed decisions that generate more promising outcomes.
In addition to the clinical data needed for research, development and approvals, CI provides the additional market insights that can tell a manufacturer a great deal about the demands that will be placed on that product once it goes to market. In today’s competitive landscape, everything from the timing of a product’s release to its pricing is of critical importance to optimizing every step of its development and subsequent lifecycle.
Both executive leaders and investors often want to see interviews conducted with prospective customers for their devices. In some cases, these interviews number in the hundreds, and for our team at Proactive Worldwide, that’s simply another facet of our services that we’re accustomed to providing for our clients with cost-effective results.
Our medical device market research can provide you with added professional and customer insights into the following areas:
- Size of market: Consider which factors are affecting the size of your intended market, including determining the costs associated with adoption of and access to your device.
- Prioritize messaging: Create well-defined messaging that clearly sets out the competitive position of the device and your company.
- Determine pricing: Define pricing that allows for optimal access and contracting benefits.
- Stakeholder feedback: Help develop the most beneficial analysis and communication to stakeholders so that stronger relationships result.
Why Primary Research Makes All the Difference
For medical device manufacturers, it’s crucial to understand that actionable intelligence oftentimes comes with a short shelf-life. That’s why, at Proactive Worldwide, our Ph.D.-level researchers know precisely how to conduct primary research that yields the types of unique, timely insights able to put your company ahead of its competitors — especially in highly volatile business landscapes.
While others make decisions based on secondary, recycled research that’s publicly accessible, we know from experience that only non-public, unpublished information can guide your business’s strategy to successfully defend your market presence and outmaneuver your competitors. That’s why we conduct everything from interviews and surveys to questionnaires and site visits to gather the type and amount of information that leads to primary, actionable intelligence.
It’s a testament to our proven primary research methods that we’re currently engaged in research activities in more than 47 countries across all major business sectors. For industry-leading research gleaned from internal and external sources, our team can be your number one resource for medical device primary information that’s specific to your business objectives.
Proactive Worldwide — Providing Superior Medical Device Competitive Intelligence Consulting
At Proactive Worldwide, we combine Ph.D. level clinical experts with MBA level business analysts to deliver customized medical device competitive intelligence. The results of our work, therefore, can positively support your executive leaders’ decision-making processes and strategic plans.
To learn more about our medical device competitive intelligence services, contact us today