The Challenge - A leading pioneer in healthcare monitoring technologies partnered with Frost & Sullivan's research and consulting teams to evaluate growth and expansion opportunities, including the identification of niche markets within the cardiac monitoring segment into which the company could expand. In addition, the client sought Frost & Sullivan’s assistance in assessing the size and anticipated growth rates of the potential vertical markets, as well as identifying optimal penetration strategies and providing actionable recommendations to assist the company in entering the market.
The Process - In order to meet this challenge, Frost & Sullivan hosted a Growth Workshop based on our research service entitled U.S. ECG and Cardiac Monitoring Products and Services Markets. Frost & Sullivan’s team of experts leveraged our established reputation for analyzing the cardiac monitoring industry, as well as our key market contacts, to facilitate a discussion that would identify and extensively evaluate significant opportunities for the client.
Additionally, Frost & Sullivan developed several cardiac monitoring market forecasts utilizing our Technical Insights research. The forecasts were segmented into the products and services markets (both inside and outside the hospital facility), and covered multiple scenarios for cardiac monitoring within the patient care segment.
Research Measurements - Frost & Sullivan completed a custom consulting project to identify the following information: key market vendors, associated market share, market revenues, and growth potential for the target markets. The team participated in in-depth discussions with clinical champions and decision-makers to identify strategies for gaining access to key patient populations.
The ultimate recommendations were based on the following factors:
- Specific dynamics within each market
- Enabling accurate representation of potential penetration opportunities
- Necessary technology attributes
- Market entry strategies
- Competitive price points upon entry
Results - Based on the information gathered throughout the partnership, the company was able to effectively tailor its business strategy to target the specific markets with the greatest potential for success, and determine the appropriate actions for successfully entering into the cardiac monitoring market. Additionally, the company was able to capitalize on existing market opportunities to more effectively compete in the marketplace and grow its business.