How Market Research helps to study the markets for Healthcare products and services 2

1
ARROWPOINT-MARKET RESEARCH AND INSIGHT SOLUTIONS
2
How Market Research helps to study the markets
for Healthcare products and services
In general, the acquisition of most healthcare
products and services is not discretionary,
unlike other consumer goods and services.
However, this does not imply that potential
consumers are obligated to purchase a product
solely based on a brand's offering. Therefore, it
becomes essential to address a series of
questions to foster and sustain a thriving
business in any market. Key stakeholders in any
healthcare market typically include 1.
Pharmaceutical companies (both regional and
multinational brands) 2. Manufacturers,
distributors, and dealers of medical devices,
supplies, and equipment 3. Primary and secondary
care facilities and service providers, such as
hospitals and nursing homes 4. Healthcare service
providers, including doctors, nurses, and
pharmacists 5. Potential patients who consume
products and services offered by any of the
aforementioned stakeholders.
3
Step 1 involves addressing the following
foundational questions 1. What are the study's
objectives? 2. Which markets need to be examined?
(e.g., global, national, or regional) 3. Who
constitutes the target group? (Patients or other
stakeholders) 4. What are our competitors
planning? (Service providers, product/service
brands, or key players in the market) 5. What
does the market landscape look like? 6. What is
the total market size? What are the key segments,
and what trends are observed? 7. Who are the
major players and competitors, and where are they
located precisely? 8. How is the supply chain
organized, and how is distribution channelized?
Step 2 involves addressing the following
additional key questions 1. How is the brand or
business perceived, and what is the image that
contributes to the brand's reputation? 2. What is
the perception towards substitutes for the
product or service? 3. What motivators influence
customers to purchase the product or service? 4.
What is the frequency of purchase? Is it a
one-time occurrence, or is it repetitive? This
helps understand purchase behavior and the
likelihood of repeat transactions.
4
Stage 3 involves deciding on the methods and
tools for conducting the market research study,
and it is a critical phase that shapes the entire
research endeavor. The selection of methods is
particularly crucial in Pharmaceutical and
Healthcare market research studies, where
sensitivity and personalization are paramount in
B2C studies, and complexities are heightened in
the B2B platform due to intense competition. In
the context of India, numerous challenges, such
as legal intricacies, diverse vernacular
languages, varied physical locations, and
cultural differences, add to the complexity.
Nevertheless, leveraging our extensive experience
in conducting intricate Healthcare and
Pharmaceutical market research studies in the
challenging Indian market, Arrow Point devises
effective research strategies to overcome these
challenges, especially in data collection. Our
approach encompasses a range of modes, tools, and
methods. Given the global scope of our client
inquiries from the USA, UK, Germany, France,
Netherlands, Switzerland, Sweden, Portugal,
Denmark, the Middle East, and North Africa
(including Bahrain, Israel, Kuwait, Qatar, Saudi
Arabia, and the United Arab Emirates), we employ
state-of-the-art methods that adhere to
international standards at every stage of the
research process.