Global Medical Device Industry Overview
The medical device industry is expected to face a plethora of opportunities in the next five years. New markets are emerging, and the industry is expected to grow at a rate of over 5%. However, the introduction of regulatory norms such as Unique Device Identification (UDI) system and increasing competitive landscape is forcing companies to consolidate the supply base across different regions, optimize the supply chain, and maximize cost savings.
Business Challenges Faced
The client a leading US medical device manufacturer was facing predicaments in obtaining sales and delivering consistent value. Apart from regulatory challenges, the changing market dynamics were compelling the client to improve their understanding of supply markets and develop effective procurement strategies. They wanted to perform a supply market assessment to gain a strategic understanding of how goods and services involving a high level of expenditure can be procured at better prices. The client, therefore, decided to collaborate with SpendEdge to leverage their expertise in assessing the competitiveness of a market apart from analyzing how favorable the supply market is to buyers compared with suppliers and the possibility of supply market failure.
Performing a supply market assessment is crucial for companies to develop effective sourcing and procurement strategies. Request a proposal to access our supply market assessment solutions for FREE now!Request Free Proposal
Our Research Approach
To help the client perform supply market assessment, the experts at SpendEdge gathered facts, data, and trends influencing the global healthcare market and suppliers. They evaluated major players in the market and obtained in-depth knowledge of both the industry and suppliers to help the client make right sourcing decisions. The insights gained helped them to devise a commodity profile and develop a clear understanding of the product to be examined.
Moreover, the experts gained vital insights into the cost structure used in the industry and obtained key intelligence on leading companies. Understanding cost structure helped the client to evaluate the financial health of potential suppliers and study supply and demand fluctuations. Also, the supply market assessment template developed offered insights into the supplier’s strategies and enabled the client to secure supply at relatively lower costs. This improved accountability to authorities and increased profit margins.
SpendEdge’s supply market assessment solution helped the medical device manufacturer to analyze the global supply market scenario and devise effective sourcing and procurement strategies. This enabled the client to procure items at better prices and reduce the expenditure by 23%. Additionally, the customized supply market assessment report provided the client with much-needed information on the key drivers impacting the supply base.
Conducting supply market assessment requires companies to do a comparative analysis of the major companies and prepare an industry analysis report. Subscribe now to enjoy free access to our web-based platform for better insights.
Steps to Perform Supply Market Assessment
- Analyze the supply market and develop a commodity profile.
- Gain necessary insights into the global market for the commodity or service.
- Examine the key strategies and financial health of leading companies.
- Obtain a broader view of trends and price drivers impacting the market.