case study: investing a new market for proven medical technology

USA 502 Mace Blvd, Suite 15 Davis, CA 95618 United States Tele: (+1) 530-792-8400 BACKGROUND CHALLENGE IMPACT The Client, a major international player in medical devices, develops innovative products addressing the vascular, urological, and oncological markets. Investigating new viable business opportunities, the Client was considering entering both the European and U.S. tracheostomy device market but needed a better understanding before making a corporate “go/no go” decision. The Client sought an in-depth exploratory review of the tracheostomy market opportunity. Overall, the study objectives were to gain knowledge about the range of tracheostomy related products, competitive landscape, clinical applications, and to learn more about the users, stakeholders, and decision makers that make up this market. More specifically, the research was to be placed within the context of market size, potential growth, and emerg- ing trends. SOLUTION The solution was designed utilizing a mix of secondary and primary research across 6 countries: France, Germany, Italy, Spain, UK and the U.S. In order to determine the drivers and barriers, awareness, trends, as well as address key issues related to the tracheostomy market, The MarkeTech Group (TMTG) performed a series of field studies, In-Depth Interviews (IDIs), and baseline surveys with potential tracheostomy device users that included pulmonologists, intensivists, ENT, general surgeons, and surgical nurse manag- ers. The information collected from these key potential end-users/decision makers allowed the Client to size the market opportunity and requirements for product performance, as well as identify key unmet needs for tracheostomy product innovation. The study data provided the Client with insight into the purchasing patterns, preferences, and perceived needs of clinical and administrative buyers of tracheostomy devices. The ability to differentiate a new product in this market and the cost and obstacles to market entry were elaborated by country. The Client came to a “go/no-go” decision on entry into the tracheostomy market based on TMTG’s analysis and recommendations. TMTG found that the information collected suggested that the Client’s original product concept had limited appeal based on users’ current needs and perceptions. Results listed the significant challenges that the Client would face upon entering this market and its success hinged on whether it could innovate specific solutions necessary to gain significant market share. Due to the findings, specific go-to-market strategies provided the Client with a roadmap for success and prevented costly missteps. EUROPE / FRANCE 3 rue Emile Péhant 44000 Nantes France Tel: +33 (0)2 72 01 00 80 www.themarketechgroup.com MARKET METHODOLOGY MIX South America Europe Qualitative Research Strategic Consulting Quantitative Asia PROFILE CLIENT TYPE PROJECT CATEGORY PRODUCT CREATION LAUNCH PREPARATION Medical Device Medical Imaging Medical Diagnostics Medical IT/eHealth Biotechnologies Pharmaceuticals Technology Assessment Opportunity Analysis Customer and Product Requirements Product Concept Testing Segmentation Analysis Brand Positioning Packaging and Materials Testing Go to Market Planning Pricing MARKET RESEARCH Competitive Intelligence Partnering Analysis BUSINESS PLANNING Concept Planning Business Models Investigating a New Market for Proven Medical Technology TECHNOLOGY GO / NO GO North America

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Visit us on the web: http://www.themarketechgroup.com/?utm_source=SlideShare&utm_medium=Social+Media&utm_campaign=Case+Studies About Us: With offices in North America and Europe, The MarkeTech Group provides a unique combination of extensive marketing research methodology expertise, deep medical technology domain knowledge and value-added strategic marketing consulting to medical technology companies who seek high quality marketing research studies and professional marketing strategy consulting. The MarkeTech Group's team of marketing research and strategy experts take pride in integrating their leading voice of customer (VOC) research expertise and strategic consulting into their clients' marketing and R&D departments to help successfully launch and maintain profitable products in healthcare. The MarkeTech Group, LLC 502 Mace Blvd, Suite 15 Davis, CA 95618 Tele: (+1) 530-792-8400 Fax: (+1) 530-792-8447 The MarkeTech Group, SARL 3, Rue Emile Péhant 44 000 Nantes Tele: +33 (0)2 72 01 00 80 Fax: +33 (0)2 40 48 29 40 Contact Us: http://www.themarketechgroup.com/index.php?page=Contact_TMTG&utm_source=SlideShare&utm_medium=Social+Media&utm_campaign=Case+Studies

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Page 1: Case Study: Investing a New Market for Proven Medical Technology

USA502 Mace Blvd, Suite 15Davis, CA 95618United StatesTele: (+1) 530-792-8400

BACKGROUND

CHALLENGE

IMPACT

The Client, a major international player in medical devices, develops innovative products addressing the vascular, urological, and oncological markets. Investigating new viable business opportunities, the Client was considering entering both the European and U.S. tracheostomy device market but needed a better understanding before making a corporate “go/no go” decision.

The Client sought an in-depth exploratory review of the tracheostomy market opportunity. Overall, the study objectives were to gain knowledge about the range of tracheostomy related products, competitive landscape, clinical applications, and to learn more about the users, stakeholders, and decision makers that make up this market. More specifically, the research was to be placed within the context of market size, potential growth, and emerg-ing trends.

SOLUTIONThe solution was designed utilizing a mix of secondary and primary research across 6 countries: France, Germany, Italy, Spain, UK and the U.S. In order to determine the drivers and barriers, awareness, trends, as well as address key issues related to the tracheos-tomy market, The MarkeTech Group (TMTG) performed a series of field studies, In-Depth Interviews (IDIs), and baseline surveys with potential tracheostomy device users that included pulmonologists, intensivists, ENT, general surgeons, and surgical nurse manag-ers. The information collected from these key potential end-users/decision makers allowed the Client to size the market opportunity and requirements for product performance, as well as identify key unmet needs for tracheostomy product innovation.

The study data provided the Client with insight into the purchasing patterns, preferences, and perceived needs of clinical and administrative buyers of tracheostomy devices. The ability to differentiate a new product in this market and the cost and obstacles to market entry were elaborated by country.

The Client came to a “go/no-go” decision on entry into the tracheostomy market based on TMTG’s analysis and recommendations. TMTG found that the information collected suggested that the Client’s original product concept had limited appeal based on users’ current needs and perceptions. Results listed the significant challenges that the Client would face upon entering this market and its success hinged on whether it could innovate specific solutions necessary to gain significant market share. Due to the findings, specific go-to-market strategies provided the Client with a roadmap for success and prevented costly missteps.

EUROPE / FRANCE3 rue Emile Péhant

44000 NantesFrance

Tel: +33 (0)2 72 01 00 80www.themarketechgroup.com

MARKET

METHODOLOGY MIX

South AmericaEurope

Qualitative ResearchStrategic Consulting

Quantitative

Asia

PROFILECLIENT TYPE

PROJECT CATEGORY

PRODUCT CREATION