Sun. May 26th, 2024
Competitive Market Analysis in the Medical Device’s Business

Up to date information on the medical device, industry is required prior to making an investment. Advancements in medical devices occur so rapidly it requires that strategic analysis of business concepts are updated frequently.  This can most effectively be accomplished by medical device consulting professionals. Their deep insight into specific business models ensures the most accurate market forecasts are used to identify the respective market sizes. Not only the rapidly changing technology, but the intensely competitive environment also means professional services are required to successfully compete in the industry. Here we explain why research of the competitive market secured by professional consultant agencies is critical.

Major reasons to prefer competitive market research analysts

a). High technology obsoletion rate

Credible and up to date information is required to prevent technology obsoletion in the medical industry due to leading innovation providing clinical solutions for patients. That is not a correct statement Emerging technology can become obsolete by innovation with the advent of technology that incorporates new materials, sensor technology, electronic capabilities and AI based insight to improve outcomes. Such trends can happen as rapidly as within 12 months.

b). Identifying your product position with evolving technologies 

As technology evolves, the position of a product in the market also fluctuates. The competitive market research experts identify the scope of your product with emerging technologies to ensure it will meet market needs. 

c). Identifying potential market space

Measuring current and future market demand is critical to ensure that the need for your emerging technology is validated. In your projected market, there must be adequate demand for the products. For this purpose, complete market research is necessary to identify the current trends, a number of potential buyers, market size and future scope. 

How does competitive market analysis work?

1. Information source identification 

The credible sources of information need to be identified before starting the competitive market analysis. Market analysts gather peer reviewed and referenceable information from sources that include PubMed filings, financial filings, aligned clinical society websites and reputable online databases. This is a time-consuming process that must be executed with the highest scrutiny for accuracy.

2. Competitor identification and categorizing 

Identification of both direct and indirect competitors are required to understand the clinical landscape around the innovation under consideration. Indirect competitors may provide alternate clinical solutions for patients that are less invasive, have reduced risk, follow alternate clinical pathways or have deviations in the desired outcomes.  Indirect competitors have the potential to turn into a direct competitor, and thus must be included in a competitive analysis and may not be ignored. An example could be a laparoscopic or minimally invasive technique for patient care that emerge due to advanced capabilities of minimally invasive technology. 

Direct competitors: Technology or service that is similar to a technology under consideration for development or review.  The technology may be used to treat the same clinical challenge in a similar way, may require the same operational skills and take the same time to perform the procedure. In some cases, however, some competitors, while considered direct competitors, may offer some advantages such as decreased complexity, decreased operational time, improved outcomes or more sustained outcomes.  Such direct competitors may come at an increased cost. Direct competitors that have desirable features will benefit from the review and investigation by medical device competitive research as these advantages will drive market adoption if they can be leveraged. 

3. Auditing competitors 

A professional market data analysis reviews all available market data on both direct and indirect competitors.  Review of the public websites, literature, regulatory filings, press releases, peer reviewed publications and presentations at annual conferences and society meetings, filings, and other forums will outline competitive offerings.  As these offerings are continually being updated, a robust iterative review of materials must be ongoing.

4. Continual evaluation required 

Competitors are not static in their capabilities and ability to deliver clinical results.  An iterative review of both direct and indirect competitors is required in the dynamic process of competitive analysis to ensure that a developing technology will enjoy commercial success.


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