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:

• Venture capital companies and corporations are decreasing investment in traditional medical device companies and increasing investment in companies which offer products in alternative fields such as ophthalmology and pulmonology.  Investors are hoping these relatively new fields will offer bigger returns.
• Health care providers are asking for mobility in devices such as ultrasounds. At the same time, practitioners expect demand to rise for digital ultrasound images.  Experts also expect an increase in fusion imaging – equipment that combines CT/MR and ultrasound images.
• Nanotechnology may play a key role in new medical device product development but research about the safety of this technology is necessary first. The behavior of particles in nanotechnology is not as well understand as particles used in other technologies.

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]

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:

• Manufacturers such as White Swan are promoting their offerings via Web sites and social media sites to help retailers boost sales.
• After relaxing their dress code standards, more medical facilities may require their employees to wear uniforms. Surveys indicate that standard uniforms make it easier for patients and customers to identify staff members.
• Companies that specialize only in uniform sales may expand to also offer rentals. These rental programs offer higher profit margins and steadier cash flow especially during slow economic cycles.

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]

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]

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 1/3^rd 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:

• Buy small packages: 4%
• Buy more products that help me stay healthy: 5%
• Stop buying OTC remedies: 10%
• Use less than recommended dose: 12%
• Buy cheaper products: 15%
• Use products less frequently: 17%
• Use more natural/traditional remedies: 18%
• Visit doctor instead of buying OTC: 19%

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]