Medical technology as 2nd mainstay for industrial companies
Medical technology as 2nd mainstay : Medical devices offered a very attractive alternative for industrial companies in the automotive industry and other market segments facing major change.
The entire health care sector and especially medical technology has been a stable growth industry for decades. This is where sananet, the management consultancy in medical technology, can help with new entry into the medical device industry.
Medical technology as second mainstay for the automotive industry
Medical technology and the automotive industry have a lot in common. High quality standards, complex approval procedures, competence requirements in mechanics but increasingly also in software and AI. In this respect, the healthcare sector offers an attractive second pillar for automotive suppliers who fear for their future due to market changes. They should not make this new entry on their own, but should seek the support of an experienced management consultancy in medical technology.
What do industrial companies in the health care sector have to consider?
The entry into the health care sector and the long-term development and growth in the medical technology sector should be seen as a strategic expansion of this mainstay and should not be designed for a single new product in the short term. With this objective in mind, the relevant and attractive segments within the medical technology sector should first be examined qualitatively. This is where our management consultancy supports you. A first milestone would be an ABC classification of the segments in order to define the future product and market strategy and to reduce the complexity of new entry into medical technology.
A more detailed quantitative analysis of the interesting segments can then follow.
Market analysis for medical technology from the perspective of an automotive supplier
Unlike the automotive sector, the medical technology market is much more fragmented and the individual segments are not transparent. If market figures are published by the KBA and manufacturers in the automotive sector, such sales figures in the medical technology sector are usually considered trade secrets. For this reason, such market analyses in the medical technology sector derive the possible sales figures for medical products from auxiliary values, close the gaps with well-founded assumptions and validate the whole thing with complementary and overlapping figures. This requires a very extensive knowledge of the medical technology market and sananet will be happy to advise you.
Opportunities and risk assessment in medical technology
We do not dare to judge whether such a detailed determination of retrospective or current individual figures in the automotive sector makes sense in view of the diesel scandal and economic fluctuations in China. In any case, we would collect other data for medical technology in order to secure the economic viability of the new development through an assessment of opportunities and risks. These would be, for example: the market dynamics to be expected in the future, possible disruptive changes, possible differentiation through customer benefits and, last but not least, cost reimbursement, to name but four.
How sananet can advise on new entry into the medical technology sector
We propose to consider not only the classic areas of a market analysis for the targeted segment of medical technology, such as market volume and competitors. The consultation should also cover market mechanisms in the health care system, the dynamics and conceivable business models and thus serve as a basis for decisions on the establishment and expansion of medical technology in their countries.
Since it is likely that the definition of the strategy and attractive segments of medical technology are not yet completely clear at present, we propose a four-step approach:
1. workshop: medical technology vs. automotive, strategy consulting, recommendation of business models and market segments.
Milestone is a clear understanding by all stakeholders of the differences between the markets and the approach in medical technology vs. automotive
2. small qualitative market study of the market segments of medical devices
Milestone is an ABC classification of the market segments according to attractiveness and compatibility of medical devices in relation to their current competencies as a basis for decision-making for one or more specific market and product segments
3. large quantitative market analysis for specific medical devices
Milestone is the comprehensive assessment of the most attractive segments, not only in terms of sales and pricing but also other important parameters. In the end, they will have a basis for deciding for or against entering this medical device segment.
4. further advice as required
This could be, for example:
– Scouting for possible strategic partners in the health care sector or for investment candidates in medical device manufacturers.
– Due Diligence before investments and participations in the medical technology
– Help with product definition and ensuring acceptance by end customers.
Trade article in Plastverarbeiter: “How to make the leap into medical technology”
MedtecLIVE “Transformation: Companies opt for medical technology”
