A good understanding of the local market situation is vital for a successful Go-To-Market strategy. Knowing that there is a market for your product, what procedures are being used, what the competitive offering looks like and who pays for your products. Just a few aspects that you need to look into when you plan to enter a new market.
Luctor Medical has done hundreds of market research projects in key markets globally. We help our customers to get the necessary insights to base their market entry strategy on.
There are different areas we can look into:
The market landscape. This includes the analysis of the healthcare infrastructure specific for your products and services which will give insight into aspects like:
Market size and potential for medical device or IVD
Procedure volume and potential estimation
Market trends and drivers
Epidemiology and disease prevalence
Healthcare and facility infrastructure
State of technology versus current available options and procedures
Competitive landscape, key players (including pricing)
Customer needs
Structure of local sales and distribution channels and key distributors active in the market
Procurement system
Distributor profile
The regulatory environment. Describing the product registration and regulatory approval process and estimated timeline based on device class, risk classification, local versus foreign manufacturer, etc.
Reimbursement landscape. Provide an overview of the health insurance system and reimbursement landscape (payors, reimbursement amount) and the process to get the device covered under the reimbursement system and the timeline for the same
Medical endorsement. Role of medical societies and expert groups in market entry. Role of KOLs in medical endorsement and expediting the reimbursement process. Identification of KOLs active in the market that are relevant to your specific product
Patient care pathway. Describing the patient care pathway. Key HCPs involved in the pathway and key decision makers in terms of diagnosis and treatment option
Physicians survey. Offering targeted and quantitative data collection solutions to gather valuable insights from key stakeholders, including healthcare professionals, patients and industry experts. These services provide a quick and efficient way to gather robust data points, provide market feedback, access market dynamics and validate product concepts or strategies. Ideal to get unbiased feedback on product concepts, understand unmet needs, determine the patient journey and the willingness to adopt a new concept or therapy.
Methodology Overview
We follow a standardized process for data collection through both desk and primary research. Several sources are being used dependent on the area/aspect being explored, for instance:
Presentations, blogs, lectures, and articles in the applicable care areas
Industry reports, white papers, and reviews in the applicable care areas
Peer-reviewed articles, publications in respected journals
Company websites, quarterly and annual reports, and analyst reports on MedTech devices in different care areas
Local online e-commerce websites, government websites, technology information (e.g. clinical evidence, videos, etc.)
Collect author and investigator lists from available medical publications, government sites and medical associations
Identify Key Opinion Leaders (KOLs) based on their comprehensive involvement across disease areas, considering relevant articles, studies, and association memberships
In addition to secondary research, we may also engage with local industry experts for qualitative insights. These interviews will serve to complement and enrich the data obtained through desk research.
Sample report
Below a few sample reports of market research projects done.
If your market intelligence is insufficient to create your market entry strategy, please contact Luctor Medical. We can assist in getting the additional market information required. Contact us
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