Innova Care Concepts is dedicated to enhancing quality of life through innovation in the healthcare sector. The firm has developed unique and revolutionary products, such as the Integralift and the AirGlide360 inset hoist tracking system, which facilitate better patient care without appearing mechanical or unsettling. Their product line also includes Interlude hospital beds and Somlent pressure care mattresses, designed for high dependency and palliative care settings. The Innova team continually seeks to create user-friendly equipment that allows caregivers to focus entirely on their patients.
Innova Care Concepts aimed to explore opportunities to broaden their existing product portfolio as part of a strategy to enter new markets and enhance their market penetration. They had a new product concept in mind but required assurance regarding its potential in the evolving healthcare landscape, particularly in the wake of COVID-19.
The primary goals included:
- Understanding the external environment post-COVID-19.
- Assessing the size and scope of the patient care market over the next three to five years.
- Informing product development decisions based on thorough market insights.
To achieve these goals, a comprehensive methodology was developed that combined quantitative data with qualitative research. This involved:
- Extensive market research within the healthcare sector and relevant sub-sectors.
- Competitor and supply chain analysis to identify unmet opportunities.
- Development of business cases to illustrate potential solutions and enhance understanding of quantitative data.
The project yielded several key insights:
- Extensive market research within the healthcare sector and sub-sectors, providing a clear understanding of the market landscape.
- Identification of opportunities and barriers to success in product development.
- A comprehensive report that informed Innova’s decision-making regarding new product concepts.
Using the insights from the report, Innova Care Concepts has successfully identified new opportunities for sustained business development, positioning themselves strategically within the healthcare market.
Innova Care Concepts expressed satisfaction with the thoroughness of the research and the actionable insights provided. They noted that the report significantly aided their decision-making process and instilled confidence in their product development strategy.