Medical Device companies are engaging in domestic as well as international markets. Companies must look the opportunity to receive market analysis to be ready with intensive preparation and exploration of business possibilities, and target to have support for the establishment and extension of business activities in defined geographies.
• Which is the best market to penetrate?
• What factors will drive my device and market performance?
• How is the market evolving and on what basis?
• How can we best align our assets, capabilities with the new market scenario and new stakeholders?
• How does my new device impact its main competitors?
• Will my new device impact the other devices in my portfolio adversely?
• Will the new item provide incremental revenue?
• How will my new device perform without the effect of weighted distribution?
MRA Group provides market entry strategy by conducting deep-dive analysis encompassing all key parameters which helps our clients to make “Go/No-Go” decision.
How We Help?
• Market Estimation Analysis: Market Estimation encompasses evolution of the market for a device including the analysis of the market trends, assessing the competition and conducting market studies. We evaluate the competitive environment and where a particular device stands in.
• Promotion Activity Analysis:Evaluation of multiple channels of device promotion based on their influencing and convincing capabilities. Our approach involves in-depth analysis of every channel of promotion and the revenue generated out of it.
• Key Performance Indicator (KPI) Analysis: Several Performance Indicators reveal the brand, market and therapeutic level insights. Our unique methodology to decide KPI involves deep-dive understanding of the industry and the relevant growth parameters which keep our clients updated about the changes happening in the market.
• New Device Launch (NPL):
1. Concept Testing and validation: Concept testing provides a reliable, cost effective means of assessing multiple concept potential at a very early stage of the device development process. Concept testing is the process of using quantitative methods and qualitative methods to evaluate customer response to a device or an idea prior to its introduction to the market
2. Situation Analysis: Analysis involves benchmarking pricing, device and supplier performance, spending data collection and analysis, device and supplier performance and purchasing pattern. Analysis involves internal and external environment of market to understand customers and business environment.
3. Analog Analysis: Analog analysis tracks changes in historical product data to detect strategies for effective market entry. By extrapolating historical data into the future, forecasting of market growth rate is achieved.
4. Potential Assessment: Assessment of device market share and size estimation, device positioning and competitive benchmarking. With different methodologies, we enable analytic insights, convert patients to revenue model, and change over trended data into forecast outputs
5. Segmentation, Targeting and Positioning (STP) Analysis: Analysis involves grouping various customers into segments that have common needs and being able to develop specific strategies for selected target market. It involves developing a brand image amongst customers to improve customer’s perception.
6. Competitive Edge Analysis: A competitive analysis can indicate advantages in competition and solution for new device launch in competitive market scenario. Being able to differentiate from your competitor helps to gain larger market share.
• New Geography:
1. Potential Analysis:
a. Market Potential Analysis: In the current business scenario, market potential estimates are vital to the success of new devices and service offers. Market potential assessment identifies market opportunities and invests resources where they will have the greatest return on investment
b. Device Potential Analysis: Analyze potential competitive impact on sales performance; device attributes strategies for gap filling, and pre market conditioning. Our methodology incorporates niche level analysis encompassing the market share of the devices in respective therapeutic area and geography.
2. Competitive Analysis: Assessing the history of competitors in terms of marketing strategic deals, study the market trend and pattern.
3. Drivers and Barriers Assessment: Analysis involves assessment of key indicators like market saturation, emergence of substitute device, barriers to entry and availability of growth drivers.
4. Cost-containment Analysis: The easiest way to increase bottom line profit is by reducing cost. Analysis involves reducing organizational costs within a specified budget and restraining expenditure to meet organizational financial targets.
• New Technology
1. Unmet Need Analysis: Analyze commercial and go to market strategies, commercial asset life cycle planning, performance management and key performance indicators and competitive simulation. These analysis help to align assets, capabilities and organization with new market realities and new stakeholders.
2. Competitive Landscape: Analysis is used to improve the existing benchmark and integrate best practices, evaluate new or potential competitors, identify strategic alliances for growth prospective. Analysis involves competitor analysis grid and competitive feature analysis.
• Concept testing and validation: Signifies the combination product idea has proper business valuation, intellectual property protection, and has a business plan in place for clinical trials. & This validates the possibility that the concept become a successful medical treatment.
• Potential Assessment: Assess the factors that drive sale, strategy to maintain the impact of device on market, patient share dynamics in particular geographies and changes in epidemiology across geographies.
• Enabled client to understand the government regulations and IP environment
• Enabled client to have detailed understanding about local and international competition and pricing
• Test and validate medical device concepts among your key stakeholders and departments
• Enabled client to foresee the device selling pattern (via distributor or direct sales representative or with company physical presence), drivers and barriers of the market.