How a Competitive Analysis Supports Medical Device Development Decision Making for Innovators

Medical Device Consultants

An in-depth evaluation of the competitive landscape is critical to understand the space where a technology or innovation will compete with on-market and pipeline devices in the target market. Potential investors make their decisions based on the statistics and a solid business plan road map where medical device innovators delineate the potential for commercial success and the return on investment. For this, a medical device company must assess the potential market space, determine anticipated product positioning and potential to capture market share.  Understanding the size and structure of the target market, and desired technical features, limitations and presence of the competing technologies allow developers to access the projected landscape.

Medical device development includes both engineering efforts to create a prototype of the innovation and in-depth market research. Before a technology prototype is initiated, innovators must understand market preferences, risk analysis, competitive analysis, potential positioning, business plan, financial valuation and it is wise to also include an exit strategy and portfolio analysis. To execute these important development components, technology innovators require a full suite of consulting services. As more innovative startups enter this heavily populated sector, competitive intelligence becomes a major factor in the successful development and commercialization of medical device innovation. Medical device consultants conduct focused research and analysis to determine the scope of the current and future competition. Early and accurate competitive intelligence includes a market assessment, the voice of the customer, risk analysis and financial valuation help in creating a compelling business plan to achieve durable differentiation and convince investors. Competitive market research and analysis focused on strategic insight also allows early risk mitigation and identifying maximum opportunities. 

Medical device consulting firms have leadership teams and market researchers for competitive research, monitoring and analysis. They yield exceptionally accurate predictions on commercial success and return on investment with real-time data collection and integrative analytics. 

Simply building a great product is insufficient. It requires informed decisions to generate promising results. Both executives and investors want to understand the target market size  and technology pricing and adoption. Actionable intelligence gained with competitive analysis puts a technology ahead of its competitors.