Medical device market analysis provides the data required to determine target market size. The target market size is defined in terms of disease incidence and prevalence and procedure volume. Top medical device consulting firms collect data by reviewing published literature and review of market data. Market research and analysis are critical to maintain an edge over the technology’s competitors.
Both qualitative and quantitative market research deliver insights to support decision making. This article covers only qualitative research methods only. Following are the four qualitative research methods used in the medical device industry:
- One-on-one interviews
- Focus groups
- Task & workflow analysis
- Usability labs
This is the most common method for market research and data collection. A face-to-face interview is conducted to secure insights into potential adopters’ motivations, decisions, experiences and perceptions about the technology under consideration for development. Face-to-face interviews provide enhanced value as they support the study of facial expressions and body language.
Telephone Depth Interview
When it is not feasible to conduct face-to-face interviews, telephone in-depth interviews can deliver effective qualitative research. This research method reduces cost and time.
It is critical to understand what motivates healthcare professionals and their decision-making criteria. This form of the small to medium-sized group includes interviewing several respondents. They are quarried and invited to discuss their opinions, motivations, attitudes and perceptions about the technology and the clinical space where it is used.
This method captures relevant information as respondents expand in their perceptions. During the discussion, respondents identify issues in their workflows and may highlight the shortcoming of the current technologies. This interaction of respondents can also come up with new ideas. This method collects meaningful information in a short period of time.
Task and Workflow Analysis
The task or workflow analysis method breaks down and examines workflows to identify possible improvements. This qualitative research method is very useful. A medical device company can utilize this method in product development as it can help examine clinical challenges and solutions in an iterative design process. This method clarifies information about certain tasks and workflows. It also helps to reduce risks associated with the new device.
This method of qualitative research aligns the technology to adopters’ expectations and preferences. It delivers an understanding of how adopters will put the technology to practice in their healthcare facilities. The end-user experience is related to value proposition and commercial success of the technology.
For medical device research and analysis, a MedTech startup should hire a medical device consulting firm with decades of experience in the following consulting services:
- Medical device market analysis
- Voice of the customer analysis
- Value analysis
- Key Opinion leader identification
- Risk analysis
- Competitive analysis
- Positioning analysis
- Financial valuation
- Exit Strategy
- Business plan
- Portfolio analysis
These firms offer a full suite of consulting services to medical device companies. This full suite ensures a medical device is successfully commercialized.