Where to Go Next? 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 of up to 35 countries. For instance, you may be eyeing Brazil but not realize that it may take 3+ years to get regulatory approval there. We now 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 which markets we serve

Avoid costly missteps: let our distribution specialists do preliminary target market research for you

Luctor has conducted 500+ 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

Contact us for a free proposal

Let Luctor Medical supplement your own research with the experienced insight 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.