27 Aug
Ad-ology Research recently updated their Industry Marketing Insights report for Medical Device Manufacturers. The following are the predicted Top 3 Opportunities/Challenges from the report for this industry for the upcoming 12 months:
The Industry Marketing Insights report for Medical Device Manufacturers is available on Ad-ology.com (Research Store) for $195 USD with local market data for any U.S. market.
[Source: Ad-ology Research. August 27, 2010]
20 Aug
Ad-ology Research recently updated their Industry Marketing Insights report for Work Apparel/Uniform Stores/Vendors. The following are the predicted Top 3 Opportunities/Challenges from the report for this industry for the upcoming 12 months:
The Industry Marketing Insights report for Work Apparel/Uniform Stores/Vendors is available on Ad-ology.com (Research Store) for $195 USD with local market data for any U.S. market.
[Source: Ad-ology Research. August 17, 2010]
20 Aug
Some parts of the Patient Protection and Affordable Care Act of 2010 will not take effect until 2014. But other parts, especially those that pertain to preventive care take effect much sooner. For example, consumers on Medicare will pay no out of pocket fees for colon cancer screening starting January 2011. And effective next month, September 2010, consumers who enroll in new health plans will not be charged co-pays, co-insurance of deductible fees for recommended preventive services. This
includes consumers over age 50 who undergo screening for colon cancer.
Currently, consumers use preventive medical services at about half of the recommended rate. Often, cost is cited as a reason to skip screening exams. But as a result of the new legislation, industry analysts expect to see higher demand for procedures such as colon cancer screening. Clinics and medical centers will need to purchase more equipment such as videoscopes and biopsy forceps to meet this demand. The entire gastrointestinal endoscopy device market should reach $2 billion by 2014.
As this market heats up, look for service providers and medical device makers to increase marketing. Consumers will need to be educated about their new coverage and encouraged to undergo regular screening for colon cancer to catch the disease in its early stages.
[Sources: New Colorectal Cancer Screening Coverage. MillenniumResearchGroup.com. 19 Aug. 2010. Web. 20 Aug. 2010; The Affordable Care Act’s New Rules on Preventive Care and You. HealthCare.gov. 14 Jul. 2010. Web. 18 Aug. 2010]
12 Aug
Globally, the market for over-the-counter (OTC) medications has reached $95 billion. Despite the recession, consumers purchased 4.7% more of these
products in 2009 when compared to sales results from 1 year earlier. A Nielsen report indicates much of the growth in demand for OTC products is occurring in BRIC quadrant (Brazil, Russia, India and China) but there are ways for manufacturers to boost sales in the U.S.
Last year, during the recession, almost half of surveyed consumers said they would cut back on their OTC medication use while 1 in 5 was seeking out traditional or homeopathic remedies. This year, only 1/3rd of consumers say the tough economic times are affecting their purchases of OTC medications. Here are the steps consumers are taking when they change their buying behavior:
Manufacturers may find one of these statistics particularly troubling. Between 2009 and 2010, the number of consumers planning to purchase less expensive products jumped from 10% to 15%. Firms marketing branded products have seen the trend of consumers purchasing generics and store brands across many CPG categories during the recession.
Nielsen analysts note that “manufacturers need to invest in brand equity to protect sales.” Increased marketing strategies may include trade promotions such as coupons and more targeted advertising.
[Source: Buckeldee, Robert. Self Help and the Rise of OTC Medications. Nielsen.com 30 Jul. 2010. Web. 11 Aug. 2010]