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Market Research for Innovative Medical Products

A thorough understanding of customer insights and experience is critical to innovation within any product category. Companies must know who their customers are, where they are, and what they want. Without this information, developing successful products and compelling customer experiences is fraught with risk.

A deep understanding of customers is even more essential in the healthcare industry. Medical instruments are among the most intricate of products, and require years of design, development, and testing to come to market. The buying cycle is similarly convoluted, involving multiple stakeholders and highly skilled clinicians. It can be extremely costly to miss the mark. Applying healthcare market research techniques helps medical device manufacturers minimize the risk of delivering an unsuccessful product. And yet, many healthcare professionals rely on the same stale methodologies, with predictably disappointing results and fewer breakthroughs of innovative medical products.

Lately, our team has helped our medical-device and pharma clients apply two new tools for insight discovery. Patient journey mapping has helped teams understand the experience from the point of view of patients, facilitating better outcomes. Meanwhile, machine learning has identified new insights from new sources--user-generated content (UGC) in discussion boards, product reviews, and article or blog comments. Watch our webinar on demand, presented by AMS President and Managing Principal John Mitchell, to learn more about these emerging techniques and how you can apply them to develop innovative medical products and better patient experiences.

Journey Mapping Machine Learning Healthcare Markets

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