4 Things To Know About Medical Device Market Research
Comprehensive medical device market research ensures the successful development and commercialization of new technology in a highly competitive landscape. Rigorous medical device market analysis and research identify unmet needs and revenue drivers. It also identifies potential roadblocks to successful market adoption.
It defines target markets and identifies commercialization opportunities to attract investors. Medical device research firms review published literature, statistics, and other important data, market share reports, publications, database comparative information, and other sources to conduct thorough research and analysis to understand the market space and competition.
To ensure that the information is focused on the market of interest, market research and other aspects of medical technology development should focus on target markets.
Following are the fours way a medical research firm can ensure a medical device company will understand the best roadmap to successful commercialization:
Understand The Expectations Of All Users
To ensure their product will address both clinical and market needs, a medical device company requires to identify technology use in closest contact with patients. Often it is a physician, nurse, or other direct care healthcare, provider. It is critical to understand the needs of these stakeholders and how they put the technology to use. It is equally critical to explore the expectations of everyone who comes in contact with the technology. This also includes inventory managers, maintenance technicians, and even patients. These voices with unique needs can also provide insight into the limitations of the current technology in use and the desired features and benefits desired from new technologies.
Ask Different Research Questions From Different Audiences
Innovators are often inclined to secure insights from professionals that will use the device in healthcare facilities. However, insights come from multiple audiences of the technology. Take pricing as an example. It requires feedback from administrators. The medical device market research team must have specific questions that initiate insightful conversations with different audiences and collect highly-valuable data.
Consider Alternative Methods for Research
Technology developers can try alternative methods to get the required feedback on how competing technologies are put in use in healthcare settings. They can conduct their research in central facilities. The company can also seek insight from hospital administrators. Medical device consulting firms use different methods to reach out to critical voices.
Explore the Patient Journey
Medical device developers interview and survey physicians who will use the device. It is critical to develop and understand the customer journey map. This map plays a significant role in product development and design. A patient journey map describes different stages including the appearance of symptoms, diagnosis, and treatment, resulting and recovery. Understanding this map helps in developing a functional device that meets the expectations of all stakeholders.