To ensure that a medical technology under development achieves the desired adoption in the target market, medical technology developers work with competitive analysis consulting services providers to evaluate the current and future competitive landscape. The assessment of the potential market space is one of the core competencies of conducting medical device competitive analysis. It is critical to determine the medical device market size. A better understanding of the market size allows medical technology developers to develop a better strategy. The following are several factors included in target market size analysis:
- The industry growth rate
- The industry growth projection
- Global medical device market size
The Industry Growth Rate
In addition to the size, it is also critical to understand the growth of the industry to ensure success in future markets. This helps in developing a successful long-term strategy. In case the sale of a particular device declines, a long-term strategy can help in making improvements in the device or develop a more promising device.
The Industry Growth Projection
In addition to the current growth rate, it is critical to determine the growth of technology in the projected future. The industry growth projection also helps in developing an effective long-term strategy. Firms offering competitive analysis consulting and other consulting services conduct in-depth research to generate longer-term projections.
Global Medical Device Market Size
Understanding the global market size provides valuable information that can be useful forecasting market adoption.
Medical device market analysis consultants obtain and analyze quality data. Highly valuable industry data delivers a powerful tool for technology improvements and success in the competitive landscape.
Medical device consulting firms have rigorous and systematic market research methodologies. These methodologies deliver accurate, reliable and relevant present and future market assessments.
A medical device consulting company defines the research objectives and project scope in detail. Consultants identify and analyze key challenges and opportunities. These research teams comprise of:
- Market consultants
- Research managers
- Senior analysts
- Support analysts
- Account managers
- Industry advisors
- Key customers
Technology developers can also participate in the research with their involvement in:
- Segmentation planning
- Scope of analysis
- General research design
After defining the project outline, the team develops procedures and relational databases. The data is assembled into charts and figures. The firm completes the organizational framework and conducts secondary research.
Interview and Questionnaire Design
The most reliable way to secure accurate market data is by conducting one-on-one interviews with experienced and influential figures in the target market. It provides data related to market trends, level of competition, opportunities and roadblocks to adoption. The consulting firms use different interview designs, techniques and strategies.
Medical device market researchers interview:
- Key customers
- R&D managers
- Marketing managers
- Sales managers
- Government regulators
- Market research consultants
- Management consultants
- Business development managers
- Company executives
A company developing a medical device that secures a medical device consulting company will secure valuable strategic insights to modify market models and verify competitor insights and secondary research. Other experts with aligned industry experience are interviewed to perform the triangulation of data and insight. The firm then corroborates the interview results with estimates obtained from secondary research. This stage ensures the accuracy of the data.
After completing the primary research, the firm accurately synthesizes the information into a view of the market status. This research analysis establishes a foundation for future forecasts and analysis.
Market Forecast and Analysis
The firm combines opinions of industry experts and statistical data using a proprietary method to forecast future market values. It combines information with market indicators, market trends, changes in regulatory policies and other data to ensure that the factors affecting the market are accurately reflected by the forecast.
Strategic Opportunity identification
The competitive analysis consulting firm identifies competitors that are successful and competitors that are falling short in the market. Analysts track changes in the market share to:
- Evaluate the effectiveness of the market strategy
- Provide strategic recommendations for future success
Final Review and Market Release
Quality control and improvements are critical for the accuracy and quality of reports. This is achieved with comparison and cross-verification among alternative estimators.
Customer Feedback and Monitoring
The firm monitors reports closely and encourages clients to provide feedback. This allows the consulting firm to ensure that the report is accurate and up to date.