Competitive market analysis is critical to ensure successful commercialization and clinical adoption of a medical device or life science technology Thorough medical device competitive market research and analysis include the assessment of target market space, product position and product extension. This analysis considers all the entities influencing the market perception for emerging medical innovation. In competitive market analysis, medical device consulting firms analyze the cost and healthcare outcomes of the direct and indirect competitors. These competitors include the devices that are currently in use and devices that will enter the market in the future. Delivering actual intelligence of the competitive landscape when the technology is in the early development stage can drive accelerated development and adoption. A competitive analysis that accurately determines the commercialization potential of the device and revenue it can drive can be critical to investment decisions. It supports funding and internal decision-making. Measuring competitiveness in the global landscape and identifying profitable markets allow the medical device company to differentiate its product in the competitive landscape. With technological advancements, a medical device startup can develop a product with unique features and functionalities to meet the cost and patient outcome expectations of the potential adopters. Delivering technology that significantly reduces cost and meets expectations of all users propels the business forward. For this, the medical device developer has to assess and compare its performance and capabilities with the performance and capabilities of both the current and future competitors. To secure better clinical adoption, the company has to analyze its competitors in terms of product developments and market penetration. The information obtained with competitive market analysis helps in implementing effective strategies to gain a competitive advantage in current and new markets. When a new technology is facing fierce competition in its target markets, competitive market analysis performed by medical device and lifescience consulting firms can support the company by identifying long-term savings opportunities and areas where cost can be reduced. The firm also gains comprehensive insight into strengths and weaknesses on the competitor for the development of effective business plans. This helps in establishing a defensible competitive position in the market by outlining the features and benefits desired by the market. The medical device company can enhance its speed-to-market and potentially magnify its competitive advantage in current and new profitable market segments. It can achieve a higher market share and improve its business performance. Customized and comprehensive competitive market research and analysis also helps in identifying unmet market needs. The medical device developer can stay ahead of the competition by introducing unique features to address the unmet needs. However, in addition to reducing healthcare costs and improving healthcare outcomes, the new device should not disrupt the workflow of physicians. The US medical device industry consists of a number of global players and many small and medium-sized medical device companies. According to the US Census Bureau, 80% of the small and medium-sized medical technology developers have less than 50 employees. With competitive market analysis, a medical device company can secure clinical adoption by developing a medical device that meets unmet needs, offers improved outcomes at reduced cost and fits in the workflow of the target audience.
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