Our client, a leading global healthcare company that specializes in lifesaving medicines and technologies for infusion, transfusion, and clinical nutrition, engaged Markets and Markets to increase revenues and plan effective launch of its highly differentiated device in the US. The USP of the product was that it can perform two functions in one device: depth of anesthesia and level of pain. The device used one EEG strip and not two (one tracking depth of anesthesia and one for level of pain) for this monitoring. Our team defined a series of problems and helped in solving them to help the client generate revenue impact. The client also wanted insights on optimal pricing of the strip at the time of product launch, considering that a single EEG strip can be used for both depth of anesthesia and level of pain monitoring. Few of the key problems solved as a part of the engagement were-
We started by identifying key technologies, through our market intelligence platform- KnowledgeStore, offered by the client’s competitors in various healthcare settings such as hospitals and clinics in the US market. Prioritizing the client’s pinnacle objective, insights were offered into EEG strips already available in the market. We also interviewed a host of potential healthcare providers in relevant healthcare settings to understand their unmet needs, possible use cases, and benefits.
Our analyst hours helped the global medical device manufacturer to understand the market potential across various healthcare settings and interconnected markets of client’s clients, and their clients. Further, our analysts also helped the client to build an understanding of the competitive landscape as well as the varying business models and strategies of different players in intravascular temperature management. Client services team then helped the client devise a differentiated product offering and forge suitable alliances to help them win in this market.
Revenue Shifts Identified
For two decades, depth of anesthesia monitors has been on the market to predict the hypnotic effect of intravenous as well as volatile anesthesia. The new trend is to include predictions of the nociception/antinociception balance as well. This, in turn, is expected to drive the positive influence on the growth trajectory of the client.
With more parameters being considered for measuring level of anesthesia such as nociception/antinociception balance, new players or existing device manufacturers may collaborate to upgrade existing devices with more parameters
Resistance to electrocautery is an important issue while using electroencephalogram (EEG) monitors, which show too high values during the maintenance phase. This could give rise to wrong conclusions, and hence erroneous administration of anesthetics. In the worst case, if a processed EEG monitor shows a too high value, for example, 50 instead the real value 30, then too deep anesthesia may not be detected. Recent science has shown that too deep anesthesia might lead to post-operative cognitive dysfunction, which is a serious adverse effect of anesthesia
Our engagement resulted in the client tapping into approximately USD 850 million anesthesia monitoring market globally, with a projected revenue of USD 170 million in the US in five years through our recommendations.
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