Due to the disruptive influence of current trends such as digitization or advancing consumerization on the medical technology market, the associated customer needs are changing at an unprecedented speed. Therefore, medical technology companies – whether start-ups or global players – are often inadequately informed about current market requirements for potential innovations, which among other things leads to a suboptimal product differentiation and an incorrect assessment of the potentials in the future. To minimize the failure rate of your innovations, we are happy to support you with our expertise for the following settings: high investment with low innovation frequency, high product complexity in B2B contexts, need for a solid data basis for go-/no-go decisions, insufficient knowledge at the beginning of the product development phase as well as a structure with highly interlinked customer needs.
With the Profiling- Requirements- Evaluation analysis approach, Homburg & Partner implements a practice-proven, three-phase framework, which delivers sustainable results for your success on the competitive market by means of an appropriate selection of countries and experts as well as the market-based identification of practical methods. These results are reflected in market transparency both now and in the future, a deep understanding of relevant business opportunities and conditions, and a sound assessment of market attractiveness. We regularly carry out the three phases of the PRE analysis approach as follows:
For a market transparency that is as complete as possible, we use the 5-C framework to shed light on relevant market mechanisms and regulations, direct competition, different markets and decisive trends. Our results not only focus on the current market situation of your product, but also on the future prerequisites for your portfolio’s success:
Depending on the respective market, there are both the most diverse possibilities and prerequisites for a medical technology product, which, in practice, regularly lead to fatal incorrect specifications at the time of market entry in the event of non-compliance. Using a market-based identification of pain points, we will offer you a first overview of customers’ willingness to pay, must-have, and outstanding features. We will also provide you with the requirements concerning your innovations tailored to your needs.
At the end, we compile the most important qualitative and quantitative overall results for your product positioning. By employing scientifically-based calculations of market size and sales potential in the shape of a business case, we provide you with an extensive basis for your decision-making in best- and worst-case scenarios and thus giving your new product a lasting direction.
Homburg & Partner possesses many years of experience in using the PRE analysis approach to equip its customers’ product portfolios for all possible requirements arising from a complicated competitive structure and new, technology-based opportunities.
Do you have questions or would you like to discuss the topic? Then feel free to contact our experts Dr. Michael Scholl, Karl-Hubertus Gruber and Dr. Michael Marquardt.
