Details of How Differing Specialties Make Medical Device Purchase Decisions Quantified by Millennium Research Group’s New Perception Pulse Report
TORONTO--(BUSINESS WIRE)-- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, various physician specialties perceive medical devices differently and evaluate medical device brands using widely differing criteria. For example, while orthopedic surgeons and plastic surgeons are generally satisfied with both the products and the companies they purchase from, surgeons practicing in cardiology are significantly dissatisfied with both and have many complaints about device price, sales reps and the range of available products.
Spine surgeons & neurosurgeons, plastic surgeons, and orthopedic surgeons tend to be more loyal to a single medical device company and purchase most of their products from just one or two manufacturers. Other specialties are much more likely to switch brands or purchase from multiple medical device companies simultaneously. MRG’s latest Perception Pulse illuminates this and many other differences.
Manufacturers must be aware of these differences when attempting to differentiate their products in the market. MRG created its Perception Pulse product to focus directly on those aspects of customer perception that most influence purchase decisions. Each Perception Pulse project typically focuses narrowly on a single therapeutic area, such as drug-eluting stents or dental implants. The most recent Perception Pulse report, Brand Perceptions in the US Medical Device Industry, however, is wider in scope, comparing and contrasting brand awareness, customer preferences and perceptions of medical devices across six different medical specialties: cardiology, general surgery, OB/GYN, spine & neurosurgery, orthopedic surgery and plastic surgery.
While specialties vary widely in their typical responses, there is also a wide range of perceptions within each specialty. Some companies do well in one dimension, but not others. Brands have distinct strengths and distinct weaknesses that can be leveraged to bolster a company’s competitive position.
“The report gives device companies in each market a strategic view of their major opportunities, and it highlights how they can position their brands to grow market share,” said MRG Senior Analyst Nick Morris. “By benchmarking performance against key competitors, and by recognizing the strengths and weaknesses of these competitors and of their own company, device manufacturers can effectively allocate resources to close gaps in the factors that are most important in purchase decisions.”
Millennium Research Group’s Perception Pulse provides unprecedented insights into the behaviors and preferences of those largely responsible for decisions about the purchase and use of medical devices, particularly illuminating why changes are happening in a particular market. Brand Perceptions in the US Medical Device Industry is essential for anyone who produces or markets medical devices.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
About Decision Resources Group
Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.
All company, brand or product names contained in this document may be trademarks or registered trademarks of their respective holders.
KEYWORDS: United States North America Canada Massachusetts
INDUSTRY KEYWORDS: Surgery Health Hospitals Medical Devices