Competitive Analysis & Market Research2021-05-21T11:39:15-04:00

Competitive Analysis & Market Research

WHY IS THIS IMPORTANT?
  • While the power of market research is often overlooked due to a common tendency amongst medtech companies to operate on perceived stakeholder needs rather than challenging what they know and how they know it, market research is vital to determining your product-market fit and de-risking investments.

  • Additionally, rising healthcare costs and the shift towards value-based healthcare have created strong competition in the marketplace. Frequent mergers and acquisitions are consistently upending the landscape and allowing competitors to achive new scale. Understanding the competitive landscape surrounding your medical technology and recognizing where and how your product fits into it has never been more important.

  • Conducting market research with competitive analysis is key to successful product positioning and developing effective value messages and marketing strategies.

DID YOU KNOW?
  • Market research should not be limited to early stages of product development; it should be conducted throughout the product lifecycle.

  • Findings from market research can help to inform market segmentation and pricing scenarios.

  • Completing a competitive analysis can help to identify unmet customer needs, gaps, and opportunities in the marketplace, and provide clarity on the advantages and benefits associated with your device. By understanding your competition and their product portfolios, you can develop foresight on current trends and gain a competitive edge.

HOW WE CAN HELP
  • Successful market research relies on the strength of the questions you set out to answer, and our experts can develop these questions and conduct primary market research (convening key opinion leaders (KOLs), payer advisory boards, expert panels, focus groups, and more) and/or secondary market research utilizing syndicated data to provide you with an understanding of market size and segmentation, measure your technology against competitors, and unveil important perspectives and pain points from your clinical ecosystem (from the end users at the heart of your technology to every customer that touches it); and deliver our findings in a report-based format; allowing you to de-risk your investments with evidence-based decision-making to ensure successful commercialization of your technology.

  • Identifying and evaluating competitors and their technologies, our medtech competitive analysis provides actionable insights into your competition’s strengths and weaknesses, as well as opportunities and threats in the market, which can help identify niche market openings, develop effective strategic planning, improve your competitive advantage in target market segments, and even identify opportunities for partnership.

  • From the findings of these activities, we can help you to develop effective value messaging and market access roadmaps.

Insights

Related Solutions

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Market Segmentation

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Market Access Roadmap

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Value Messaging Development

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