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Sep 15, 2021
A medical device is essentially an appratus that helps prevent, diagnose detect, restore, or treat diseases. It is considered the future of the healthcare industry, existing at the intersection of biology and technology. The top 10 global medical device players are from US, Japan, and Europe. The key growth areas are Invitro diagnostics, cardiovascular and orthopedic. A company from India wanted to diversify and build niche lines apart from existing highly successful coronary stent system.
Agenda for examination
Execution of Assignment
The assignment needed both desk and onfield exploration. We had to conduct primary and secondary, quantitative research. For secondary research we rummaged through database in public domain, news about the industry information about operative companies plus inquisitive searches on the Net. For qualitative perspective we focused on patients who had already undergone the procedure, those who had such ailments and would have undergone the procedure in near future, doctors with cardiac specialization, vendors of the device, and other manufacturers, The focus was on mainly to seek answer to following queries:
Outcome of the Exercise
Our market mapping, including intelligence about demand and supply side of the market, coupled with competitor intelligence, and assessment of customer readiness enabled us to suggest to the client the following:
When the company realized that (a) the stent market was growing at a CAGR of 4.7% and was expected to reach $ 7.7 billion in 2019; (b) the global medical device market was growing at nearly 4.1% annually and could reach estimated figure of $ 477.5 billion in 2020; (c) Indian medical device market was valued at $ 3.5 billion in 2015 and could expand to about $ 4.8 billion in 2019; (d) and, finally, the bioabsorbable stents market was growing at a CAGR of 5.6%, and was expected to be worth $ 284 million in 2019 and $ 310 million in 2027, it decided to locate in Ireland ( a potential investment destination identified through research) since it had (a) investor friendly tax structure, (b) availability of qualified professionals and workforce, and (c) a doorway to markets worldwide.