Triangle Park, NC (Marketwired) – Medical device manufacturers face increasing competition as they move products through development and into a saturated market. According to a new report by primary intelligence provider Cutting Edge Information, 80% of surveyed medical device companies expect medium or high levels of market competition.
Nearly half (49%) of all surveyed companies expect to face average competition levels in the US. Similarly, almost one-third (31%) expect high competition levels. Because every medical device brand is different, companies can expect varying levels of competition. And, while some therapeutic areas are more competitive than others, product novelty can be a factor in anticipated competition levels.
“Breakthrough, line extension, and adjacent products can face very different competitive landscapes and should consider product novelty when preparing for market competition,” said Victoria Cavicchi, research analyst at Cutting Edge Information. “Our survey respondents with adjacent medical devices expected more competition than those supporting breakthrough or line extension products.”
As medical device competition grows, companies must support products early in the development process and should, therefore, consider commercialization efforts early in new product development. New product planning and early commercialization groups must be well-staffed and resourced to carry a device from concept and prototype design to regulatory approval and manufacturing ramp-up.
“Medical Device Development: Benchmarking Early-Stage Product Management and Promotion,” available athttp://www.cuttingedgeinfo.com/research/marketing/medical-devices/, guides medical device executives through new product planning and early-stage commercialization initiatives for US-based launches. Report highlights include:
- Profiles of 11 medical device manufacturers and their products, including resources for development and commercialization, competition levels and product technology
- Data on expected commercial success, including market size, market share and competition levels in the US market
- Metrics detailing device novelty (innovation level), as well as the origins of underlying device technologies
- Benchmarks for commercial board staffing across major development stages and broken down by device class, company size, function and key therapeutic areas
- Strategic guidelines and expert advice on correctly choosing a product’s regulatory pathway and determining the viability of partnering to support development