Medical devices form the backbone of the healthcare sector. The diagnosis and prognosis of a disease or a medical condition depends on the effectiveness of the medical device. Hence, medical device entrepreneurs are constantly trying to tap into the potential of the medical device market. To stay ahead in the business, thorough market research is required. Effective market research requires a systematic approach for understanding customer needs and clinical requirements. Moreover, incorporating quantitative and qualitative methods will enhance the market research findings. Companies that engage in comprehensive market research have a high chance of launching products that meet market needs, thereby succeeding. Thus, in this blog, we have provided some tips to conduct effective medical device market research.

We cannot emphasis enough on the importance of conducting effective medical device market research before developing or launching a product in the market. It is very important to understand the specific customer needs that are in demand in the medical device sector. Furthermore, the device should be user-friendly, efficient, safe, and of high quality. Notably, the effectiveness of the market research will depend on the target demographic, technological advancement of the device, and regulatory environment. Moreover, the medical device has to be constantly updated to adapt to changes in technological and healthcare standards. This is vital to ensure the device remains relevant and effective. Therefore, flexibility and adaptability are crucial to succeed in the medical device sector.

5 key factors to consider while conducting medical device market research

You have to focus on several parameters while conducting medical device market research. Competitor and product analysis should be the top priority for venturing into the medical device business. Moreover, you have to be adaptive and proactive in your business strategy to succeed in the medical device sector. Considerable attention should be paid to industry trends and competitor moves. We have listed some key factors you should prioritise.

1. Market performance: The market performance of the medical device should be thoroughly evaluated. Market share and growth trends of the competitor’s products should be analysed. Moreover, performance of the medical device in various demographics and geographic regions need to be focused on to identify market penetration and customer preferences.
2. Patient preference: While conducting medical device market research, patient preference and needs should be given top priority. Additionally, investigate the scope and strength of the competitors’ patient portfolio.
3. Competitor pricing strategy: To gain insights into the competitor pricing model, you need to analyse the competitor pricing strategy. These findings and insights will help you price your products competitively.
4. Technological advancement of medical devices: Latest technological advancements in medical devices should be one of the key factors to focus on. Improvement in device efficacy, patient safety features, and any other feature that may provide your product a competitive edge should be taken into consideration.
5. Regulatory requirements: Regulatory compliance is a mandatory requirement in the medical device industry. You need to be aware of the regulatory approvals, certifications, and medical device manufacturing or import license required to launch your product in the industry.

How to reduce risks of having a competitive disadvantage in the medical device sector?

We have listed some strategies you can implement to reduce the risk of falling into a competitive disadvantage in the medical device sector.

• Implement flexible medical device manufacturing processes: Your medical device manufacturing process should be able to quickly adapt to market changes and demand fluctuations. This is vital to reduce overproduction and align the availability of devices with consumer needs.
• Focus on innovation: Foster an environment of continuous research and development to innovate and improve your medical devices. This will help meet evolving market needs and regulatory standards.
• Ensure regulatory compliance: Regulatory compliance is absolutely non-negotiable in the medical device industry. All your medical devices must comply with latest regulatory standards and international quality benchmarks. By complying with applicable regulatory guidelines, you can avoid regulatory sanctions and fines. Additionally, you will be able to build consumer trust.
• Adapt and evolve with consumer preferences: Always maintain a strong relationship with healthcare professionals and institutions. Feedback and insights from them will provide an idea about consumer preference. This will help improve product design and functionality that will in-turn translate to customer satisfaction and loyalty.

How to effectively conduct medical device market research?

Launching a medical device business is complex requiring thorough medical device market research. Equipped with proper knowledge of the market, you can establish a successful medical device business. We have listed the approach you may use while trying to research on the different key metrics of the medical device market. 

1. Direct the right question to the right audience while conducting the medical device market research

You need to question key decision-makers, specialists, and medical device users to perform a target market analysis. Thus, you need to direct the right question to the right respondents to obtain meaningful insights and data. Additionally, the audience of your market research should align with the specific purpose of your research. For instance, direct the pricing-related questions to administrators and procurement specialists. On the other hand, direct user experience-related questions to clinicians, patients, and device operators. Thus, it is vital to identify right respondents for your questions.

2. Evaluate the specific requirements of different device users

It is important to keep in mind the needs of everyone interacting with the medical device. Collecting feedback from all stakeholders involved can lead to a well-rounded and comprehensive medical device market research. The focus of the medical device should just not be the requirements of healthcare professionals, such as physicians and nurses. The medical device should be easy to operate for the device operators. Additionally, the device should be easy to maintain and repair for technicians. Moreover, the medical device should not cause considerable discomfort to the patient. Finally, the device should be easy to store for inventory managers. The research should focus on the pain points of everyone interacting with the medical device.

3. Understand the patient’s needs with respect to the device

The device design should revolve around the patient’s needs. The medical device development process should align with patient care and clinical requirements. Hence, the market research should take into consideration the stage of patient care the device is required for.

4. Healthcare professionals should be able to correctly recognize the device

Healthcare professionals might be aware of the medical device brand but may struggle with specific models. To improve research outcomes, you should make the effort to help healthcare practitioners accurately identify your brand. Hence, using device images and video while conducting interviews maybe helpful. Additionally, you may conduct brand awareness surveys. 

5. Collect insights from hospitals

Medical device businesses should focus on collecting insights and data from hospitals. This data will be vital for understanding market trends and demand. However, hospitals may have strict regulations with limited access for outsiders. In such cases, remote interviews and video conferencing with healthcare professionals will be helpful. Also, you can obtain information from individuals working in central facilities outside the hospital premise. Moreover, you may attempt to obtain approvals from hospital administrators to conduct in-person interviews with healthcare professionals.

Therefore, conducting comprehensive medical device market research is key to successfully launching your medical device business. We at Pharmadocx Consultants provide comprehensive support to medical device businesses planning to launch their products. Drop an email at [email protected] or call/Whatsapp on 9996859227 to turn your medical device business dream into a licensed reality. From ensuring regulatory compliance to providing post-license approval support, our team will provide all the help you need.