New Study Examines How Medical Device Industry can Boost Commercial Success in Emerging Markets
CHAPEL HILL, N.C., Sept. 7, 2018 /PRNewswire/ -- With an aging global population, increased health awareness, and growing income levels in many of the emerging markets, the need and opportunity for high-quality medical device solutions has never been greater in these regions.
But to capture market share in growth markets like Asia-Pacific (APAC) and Latin America (LATAM), medical device organizations must align their emerging-market strategies and business models to the regulatory and business landscapes of target countries and markets. Best Practices, LLC conducted a study to examine successful approaches used by leading medical device companies to grow business in key emerging markets (e.g. Brazil, India, China, etc.) and other high-potential global markets (e.g. South Korea, Taiwan, Australia, etc.).
Study participants reported that an average of 28 percent of their total global revenue in 2017 came from emerging markets; Device companies see room for continued growth, with emerging markets predicted to account for 34 percent of respondents' revenue by 2020.
Almost 80 percent of companies in the study currently use a distributor model in APAC markets, with the exception of Australia which uses a direct sales model. However, respondents predict the increased use of a direct sales model across APAC: 63 percent anticipate using a direct sales model in India within the next three years, followed by China (43 percent) and South Korea (43 percent).
"Growing Your Medical Device Business in High-Potential Markets: Asia-Pacific & Latin America" will help commercial leaders develop commercial tactics and approaches and understand key success factors for marketing and selling medical devices in some of the highest-opportunity markets in the world. The study also includes investment and headcount levels that leaders can use as they grow their business in these high-potential markets.
Topics addressed in this new study include:
- Emerging markets in 2018: Opportunity size, growth targets, revenue & key markets served
- Operational insights: Structure, reporting, performance measurement & staffing growth areas
- APAC investment
- LATAM investment
- Critical success factors & future trends, self-pay vs. reimbursable markets
Best Practices, LLC engaged 23 commercial, marketing and sales leaders from 20 leading medical device companies in this research. While 19 leaders participated in the benchmarking survey, five of them also participated in deep-dive interviews. Four other leaders contributed their insights solely through deep-dive interviews.
Review a complimentary summary of the study at http://www.best-in-class.com/rr1510.htm.
For more information on this study or other recent primary research studies, contact us at 919.403.0251 or at https://www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis.