Growing Market Share for MedTech Products with AI-Enabled Market Intelligence

In the competitive landscape of medical technology (medtech), accurately assessing and growing market share is a significant challenge faced by senior executives and commercial managers. Often, they are presented with product-specific inquiries for very specific geographies, driven by an awareness that an opportunity may exist but lacking the quantitative data necessary to validate market potential and justify investment. Even if their organisation is active with the product and in the region in question, there may be issues with relying on data from local sales teams and distributors. This post explores a strategy to address these challenges using market intelligence enabled by artificial intelligence (AI).

The Need for Reliable Market Intelligence

Accurate market intelligence is critical for making informed decisions about market entry, expansion, and investment. However, one of the most common issues is the reliance on narrow data sources or outdated information.

Challenges with Traditional Data Sources

Regional sales teams and distributors often serve as primary sources of market intelligence. While their anecdotal information can be valuable, relying solely on them can be problematic due to potential biases and a lack of broader market perspective.

• Sales Teams: Focused on closing deals, sales teams may provide biased or incomplete information, leading to overestimation of demand or underestimation of competition. Their portrayal of the company’s position in the market may be overly positive, lacking objectivity.
• Distributors: Distributors’ market intelligence might be limited to their specific product lines and customer base, resulting in a skewed view of the overall market. Additionally, distributors may be competitors and therefore unwilling to share detailed information.
• Syndicated Reports: Off-the-shelf reports, typically produced annually, rely heavily on limited supplier-provided data and desk research. These reports often lack the timeliness and depth needed for actionable insights at a local level.

Pairing big data with AI can help to overcome many of these challenges, namely:

• Providing data accuracy.
• Removing data silos.
• Speeding information delivery.
• Enabling a broader perspective.
• Increasing objectivity.
• Eliminating sales bias.
• Removing time constraints.