Competitive Analysis for Lifescience Technologies
The Competitive Analysis provides a complete evaluation of the current lifescience competitive landscape that will inform decision making to drive accelerated adoption of the innovation. All entities influence the market perception for a technology. It is important to determine the scope of direct and indirect competitors, both current and future. While a more crowded market might affect adoption, timely competitive research lends itself to strategic product launch, for example, by identifying a niche market opening to optimize adoption potential.
With assessment of the:
- Target market space,
- Strategic product positioning for an emerging technology, and/or
- Product line extension for an existing technology.
This analysis is often a launching point to continued due diligence.
A Competitive Analysis is also critical to investment decisions, as objective third-party diligence executed externally is often used to support funding, as well as internal decision-making.
Competitive Analysis Deliverables are always tailored to the client’s needs, and may include:
- Competitive landscape,
- Product positioning analysis,
- Competitive pricing,
- Competitive product and company documentation,
- Competitor corporate deep dive,
Understanding the Competitive Landscape is a critical analysis to ensure that your technology’s features and benefits will track the optimal market-driven approach and lead to correctly positioning the product vis-à-vis with available US and global product offerings. Achieve accurate intelligence of early development stage medical device technologies where information may not yet be available in the public domain (i.e. universities, think tanks, or device accelerators).
The Competitive Analysis is always based on rigorous market research obtained from a range of sources, such as industry contacts and reports, as well as KOL leaders in the target clinical areas, and many others.
In the Product Positioning Analysis a thorough examination of the product literature reveals the positioning by each competitive company for their products and delivers a clear, detailed overview of the competitive positioning landscape that is valuable to developing a strategic potential feature positioning in the target market. Inclusion of a competitor corporate “deep dive” helps to determine the companies that represent the most significant competitive threat in the target market.
The competitive diligence presented often serves the development of a US marketing strategy as well as provides valuable reference material for executive decision making and staff and field organization training.