Best Medical Device Strategies 2020

How The Medical Device Strategies Affect The Business

The medical device industry is growing at rapid pace. The overall industry growth rate is expected to be 5.33% CAGR (compounded annual growth rate) through 2022. The recent pandemic of novel coronavirus COVID-19 pushed the demand for personal protective equipment to unprecedented level. It has changed the business strategy of many medical device businesses for 2020 and thereafter. Therefore, it is very important for organization to constantly seek the best medical device strategies.

List of Best Medical Device Strategies for 2020

• Know Your Market
• Identify The Strengths That Differentiate From Your Competition
• Benchmark Your Product
• Know Why The Customers Buy Your Product
• Aim A Niche In The Market
• Niche Helps to Capture The Market
• Consider Hiring An Expert For The Best Medical Device Strategies
• Make What Customers Want Not What You Want

Best Medical Device Strategies: Know Your Market

The core of growing your medical device business is to be aware of the industry. Not only what your business provides and who are in the market, but also the financial growth of particular sector must be observed. Merely, the medical device is very large and vague category. It has numerous disciplines. For instance, if your business is related to surgical device, it can be ablation systems, orthopedics, ultrasound cutters/scissors, hemostat, audio visual equipment, and so on. They have all different market schematic and the market reacts in a different way. The following is an example of disposable syringes market.

Global Disposable Syringes Market Forecast 2018 – 2027

As you can see, the clear growth is present over the decade. In this particular sector is growing about the CAGR of 6.0%. The market will reach $11.7 Billion in 2027. It is plausible to start or continue business in this particular sector.

If The Market is Shrinking…

If the business sector is diminishing, it’s wise to consider downsizing your overall operations (R&D, Manufacturing, and Marketing).  Ultimately, getting out of market is an option depending on the potential towards the future.  Understanding the turning point is one of the Best Medical Device Strategies.  Not very many management can take such decisive action rationally.

Identify The Strengths That Differentiate From Your Competition

More often than not, the senior management is not fully able to recognize and elaborate what part of this product is better than others. They often mention about something subjective superficially. But it’s not quite aligned with the R&D individuals’ recognition. The characterization of products and services are the first step to win the market. Without knowing about the detail of your product, it is really hard to appeal to the potential customer.

Benchmark Your Product

Additionally, benchmarking your product is effective way to find the position in the market. SWOT analysis elaborates strength, weakness, opportunity and threat. You will be fully aware of product characteristics and able to tell your team what’s missing and what needs to be done.

Know Why The Customers Buy Your Product

Just because the customers buy your product doesn’t necessarily mean that your product is superior than others in the market. The reason could be because it’s the only type of product that they can find in the market. Or they are not satisfied with the current product but it’s not the worst type and barely enough to do their work. The customer survey is a great way to identify some of reasons why they are buying your product and why they don’t. If your product is not getting high customer satisfaction rate, the chance of growing your business is slight. You need to run analytics, for instance, 5W2H analysis: what, why, when, where, who, how, and how often? Then, layout all the factors on the table and need to work on improvement of current product.

Aim A Niche In The Market

When the people look for something, they look for something specific. When the healthcare professionals wish to have something to help their everyday operations, they are not interested in generic solutions. Instead, they need something specialized in their particular field. Therefore, having narrow expertise will help customers to find your business. If the business remains in the generic tone, the customer is going to pass on and move on to someone else.

Niche Helps to Capture The Market

Another benefit of getting into niche sector is that it brings business a greater opportunity to acquire market. The solution becomes a niche because it’s something not addressed in the market yet. Diving into where many businesses are present makes it new player to find the position little more challenging. The customers are already relying on the existing products and need to spend an effort to evaluate new product which may or may not be as good as current one. That’s a risk and additional burden to the customer. Also, being an expert in the “niche” helps business to make it look like they are an expert. If the customer realizes that this company knows what no one else does, it quickly captures the credibility in the market.

Consider Hiring An Expert For The Best Medical Device Strategies

The intelligent management knows hiring an expert is one of the most efficient ways to achieve their objective. Rather than spending time and labor to figure out what you don’t know, bring someone already knows and does. A highly competitive consulting company such as Alectena utilizes the latest technology to assess the current state of business and draw the maximum potential. A small investment generates a large cash flow. We have been leading the industry and bringing success to our clients.

Make What Customers Want Not What You Want

One of the fundamental mistakes for the medical device strategy is that not considering about the audience i.e. the customers. This study published by Harvard Business School proves the point. As mentioned earlier, identifying meticulous detail of “Why” the customer buys your product and “Why” they don’t is crucial for the business. Running deep analytics is highly effective to figure out consumer behavior.

Best Medical Device Strategies

Ultimately, your product is handed over to the end user. Normally, yourself is not the one of them. If the management is busy satiating their own desire at work, the chance of losing market gets higher day by day. However, this is actually something not too uncommon to see among medical device companies. The motive of your action should be based on the quantitative, qualitative factors, critical reasoning, ethics, and moral standard. The management often pushes bias while the employees are scratching their head. Consequently, the frustration builds up and the management is not aware of it. Without considering these factors, it wouldn’t be the best medical device strategies.