OR Product Assessment
Our client was facing changing market dynamics and needed to anticipate how growth and share for its product would evolve over the next three years.
Situation
- Health Advances worked with a client to understand the product positioning and resulting revenue potential for an OR product in light of changing market and competitive dynamics
- The team also assessed the impact of the introduction of the client’s next generation-premium priced product.
Critical Questions to Address
- What is the sales potential over the next 3-5 years?
- To what extent do brand, company reputation, pricing, key features, clinical data impact product choice?
- How are the competitors positioned? What is the optimal positioning to accelerate sales growth?
- How will the next generation product be viewed and what it the potential market share and sales growth impact?
- What are the key obstacles preventing further growth and how can those obstacles be overcome?
- What are the strategic inorganic growth implications of the findings?
Health Advances Approach
- The Health Advances team estimated the overall market size based on number of relevant procedures using both primary research and numerous secondary sources.
- Clinician decision-making process and key attributes impacting product selection were evaluated during the course of in-depth interviews with clinicians.
Primary research included a quantitative survey of clinicians to evaluate the market and market share.
Results
- This analysis was presented to senior management and ultimately used as part of a strategic plan assessing inorganic growth goals in addition to sales and marketing recommendations
