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U.S. Cardiac Catheter and Guidewire Markets
Frost & Sullivan, Aug 2000
Innovative Technologies Clear the Path for New Market Growth Challenge Identification
The cardiac catheter and guidewire industry is on the brink of new growth and new technological advances. Market players who pay close attention to technology, doctor education, and strategically placed companies benefit from these positive changes. Developments in this market are leading to safer and easier to use products that will improve the quality of treatment a patient receives. As physicians recognize the benefits of these products, sales should increase proportionately.
New technological developments under government inspection or close to production will give this industry a boost. Currently, at least three competing products in the atherectomy and thrombectomy device sectors have been approved or are under review by the Food and Drug Administration (FDA). Additionally, new and improved balloon angioplasty catheters and guidewires are in development by several companies in the marketplace.
This report from Frost & Sullivan gives an in-depth analysis of the trends and challenges that market players may face. It also provides insight on how to proceed in light of these changes.
Practitioner Education Key to Technology Adoption
The medical community is much more likely to accept new technologies and innovative products if manufacturers bundle their products with continuing education for physicians.
Practitioners stay loyal to their brand product because that is the only product they have been exposed to during their residency or training, says the author of the report. Workshops and seminars present a great opportunity for marketers to take initiative and educate their prospective customers.
Physicians hold the power to influence purchasing managers and agents. In addition to helping doctors become more familiar with new devices, education sessions and good customer service will help manufacturers better understand physicians and their needs. This type of investment will help increase manufacturers long-term revenues.
Merger Activity Squeezing Out Smaller Players
Manufacturing companies are consolidating in an effort to exert more control over the market. As a result, smaller companies are finding it harder to enter the market and effectively get their products to customers. The larger players offer lower prices or superior technology that smaller firms can not afford. In addition, many hospitals no longer deal with smaller companies because they are tied to large manufacturers or purchasing organizations by contracts. Smaller firms may need to reevaluate their market plans in order to remain profitable. This exclusive research from Frost & Sullivan offers the most up-to-date market intelligence available and is an indispensable tool for getting you ahead of the competition.
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