Seeking new growth opportunities for medical diagnostics in Asia
The medical diagnostics sector was facing commoditisation and stiff competition from both global players as well as low cost manufacturers in Asia. While the market in Asia is still far from mature, the intense competition and price depreciation has led to retarded growth for the company. The client, a global medical diagnostics company, hence engaged Synovate to perform a series of in depth investigations into the market space across 14 countries in Asia to gain clarity of the market space as well as to help the company define new growth opportunities and threats for its business.
Synovate approached the marketplace through three different angles:
- Hospitals and commercial laboratories to understand the end users' perspective of diagnostic equipments, their requirements and experiences to determine the key drivers and barriers from the customer's perspectives
- Competitor companies to understand the pricing, distribution, marketing and key account strategies, competitive product portfolio, and new product strategies to assess competitive forces against the client as well as potential best practices or 'blindspots' from the client's perspective
- Government ministries and agencies to understand the national plans, investment budgets and macro driving forces for the industry to determine forecasts for the regional planning
Today, the client's business in Asia-Pacific enjoy the fastest sales growth of 15% that otherwise average 0 – 5%. Three of the client's new product segments are also gaining increasing acceptance, sustaining double digit growth for the past three years. With Synovate's support, the client has established itself as one of the market leaders in its domain, through organic growth and account acquisition via timely business intelligence.