To gain insights, medical device companies will conduct primary market research.
The growth of the healthcare industry continues, forcing medical device companies into intense competition and shifting market demands. To stay ahead of the game, improving market understanding is an absolute must. Some companies must improve their understanding of customer’s needs and preferences, others might need to further evaluate their competitors, or some must develop effective marketing and sales strategies.
In this article, we will explore how medical device companies are leveraging primary market research to gain a competitive advantage. We’ll also summarize what primary market research is, what it offers to medical device companies, and some interesting case studies of successful companies.
- What is Primary Market Research?
- Benefits of Primary Market Research for Medical Device Companies
- Examples of Medical Device Companies Leveraging Primary Market Research
- Best Practices for Conducting Primary Market Research in Medical Device Companies
What is Primary Market Research?
Primary market research is the process of collecting data directly from the target group. The person or company conducting primary market research needs to better understand their target group — usually target customers or consumers — needs, preferences, and behaviors. Some examples of techniques are:
- Interviews (telephone or face-to-face)
- Surveys (online or mail)
- Questionnaires (online or by mail)
- Focus groups
- Visits to competitors’ locations
Benefits of Primary Market Research for Medical Device Companies
Primary market research from companies such as FMR Global Health can be a powerful tool that medical device companies need in a growing industry. It can of course be used to get ahead of the competition, but most importantly, it can serve customers’ needs. By directly engaging with target customers or consumers, companies can gain insights into their targets’ needs, challenges, and preferences. It can assist with the development of products and services that better meet these needs.
Primary market research can assist even more. It can, for example, help companies assess market demand, evaluate competitors, and develop effective marketing and sales strategies. By understanding customer segments and their buying behaviors, medical device companies can optimize pricing and distribution strategies and actually differentiate themselves from their competitors.
To be more concise, primary market research is often key for medical device companies looking to stay ahead of the game in an increasingly crowded and complex industry. By leveraging primary market research, companies can gain a competitive advantage and drive business success.
Examples of Medical Device Companies Leveraging Primary Market Research
Here are a few examples of medical device companies that have successfully leveraged primary market research to gain a competitive advantage:
Zimmer Biomet, a leading innovator specializing in orthopedic implants, conducted incredible in-depth interviews with healthcare professionals to understand their needs and pain points related to surgical instruments. They gained valuable insights through primary market research and developed new products that better meet the needs of healthcare professionals, resulting in increased sales and customer satisfaction.
Another interesting primary market research method, used by Zimmer Biomet, includes focus groups with patients to understand their experiences with joint replacement surgery. This research helped the company improve patient education materials and overall patient experience, making Zimmer Biomet a patient-centric organization.
Johnson & Johnson
Johnson & Johnson, a global leader in medical devices, often uses surveys and in-person interviews to gather insights into patient preferences and behaviors related to diabetes management. By using primary market research, they develop new products and services that better meet the needs of diabetes patients.
Boston Scientific, another global leader in medical devices, uses primary market research to elevate its market positioning. By conducting in-person interviews and online surveys with healthcare professionals and patients, they gain insights into the needs and preferences of their target related to medical devices. This informs the development of new products and helps the company maintain its competitive edge.
In addition, Boston Scientific uses primary market research to assess the size and growth potential of various market segments. This allows the company to make informed decisions about which segments to focus on and how to allocate its resources, resulting in improved business outcomes.
Best Practices for Conducting Primary Market Research in Medical Device Companies
When it comes to doing market research in the medical device industry, it’s important for companies to do things right. Here are a few things to keep in mind:
- Don’t skimp on hiring professionals. To increase success, a medical device company should want to work with a market research firm that knows its field and has a good track record in the industry.
- Make sure your research includes a diverse group of participants. You don’t want your data to be biased or incomplete, so it’s important to get a good mix of people who represent your target customers or consumers.
- Keep that data locked up tight! You don’t want to risk any data breaches or privacy violations, so make sure you’re keeping all of your research data confidential and secure.
- Finally, when it comes to analyzing data, you’ll want to work with some experienced data analysts who can help you make sense of it all. That way, you can get some real insights that will inform your strategic decision-making.
Primary market research is a must for medical device companies to get ahead of the competition and improve their products for customers. It will allow companies to improve engagement with their target group, but also to gain important insights into their needs, challenges and barriers, and preferences. Primary market research from experienced companies such as FMR Global Health, helps the development of products and services. FMR Global Health also assists companies with the assessment of market demand, the concise evaluation of competitors, and the specific development of effective marketing and sales strategies. By understanding customer segments and buying behaviors, companies such as Johnson & Johnson, Zimmer Biomet, and Boston Scientific, optimize pricing and distribution strategies and differentiate themselves from their competitors.
It is important to understand that primary market research is key for medical device companies to stay ahead of the game in an increasingly crowded and complex industry. By leveraging primary market research, medical device companies gain a competitive advantage and drive business success.