Global Medical Device & IVD Market Prioritization
Medical device and IVD manufacturers in growth mode often face a decision about how to expand international sales. Do we enter popular (but highly competitive) countries or smaller markets with less competition?
Too often companies equate the population of a country with market potential for their product. However, consider this. The US has 4% of the world’s population but an amazing 40% global medical device market share. India has 18% of the global population but only 1% of the market. You don’t have unlimited resources, so how do you choose? We can help.
We will help you quickly create a short list of priority markets
If you want get a high level overview of numerous potential markets before deciding where to focus, we can first perform a high-level assessment in key markets globally. For instance, you may be eyeing Brazil but not realize that it may take 3+ years to get regulatory approval there. We know this and as part of our initial assessment, we can look at many factors such as healthcare spending per capita, ease of doing business, overall market size and the intensity of competition. You select the countries and the level of detail you want (i.e. relevant criteria). We then do the research and then provide you with a summary report that allows you to choose a short list of countries to be researched in more detail. See our services for North & South America, Asia Pacific, Europe & Russia or Middle East & Africa.
Specialists in Medical
Device, IVD & OTC Products
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Avoid costly missteps: let our distribution specialists do preliminary target market research for you
Luctor has conducted 1,000+ of medical device market research and distribution projects so we understand what to look for when assessing the potential for your device in a specific market. Once you have narrowed your list of targets to a few individual countries, we can take the next step and conduct a market analysis to your precise needs. Here are some of the aspects we have covered for recent clients:
Analysis of local distribution channels
Assess the payor and reimbursement landscape
Review of regulatory approval timelines and costs
Local pricing and competitive analysis
And much more
Luctor can help you enter new markets smoothly and successfully
Determine which countries or regions seem like good potential prospects for your medical device.
Determine how to enter the focus markets based on local competition, pricing and route to market.
Define your ideal distributor Profile, find matches, introduce your company and device, then qualify distributors.
Conduct due diligence on your preferred short list of potential partners, do site visit, and coordinate getting signed contracts.
Contact us for a free proposal
Let Luctor Medical supplement your own research with the experienced insight of our global medical distribution team. Get in touch with us and we’ll tell you more about how we have helped hundreds of medical device and IVD companies focus their international market strategy and successfully introduce their products into new international markets.