Diabetes management has seen profound advancements, from basic insulin pumps to integration with consumer electronics like Apple's Bluetooth-enabled glucose meters. With the diabetes market poised to expand exponentially, reaching a staggering 700 million by 2045, it's a golden opportunity for every treatment provider to secure a larger market share. In this race, thoughtful, research-driven approaches give brands a significant advantage in bringing new treatments to market. Let's explore the when, how, and why of research in MedTech GTM strategies.
When developing effective GTM strategies, diabetes device manufacturers should focus on unique, targeted solutions that cater to their target audiences. For example, Dexcom, a favorite among T1 patients, has focused on safety, user-friendliness, and discretion with their G6 and G7 CGM devices. On the other hand, Abbott has made a significant impact in the T2 market with the price-accessible Freestyle Libre, designed for patients adapting their lifestyle after a recent diagnosis.
Notably, most of the current players are monitoring the T2 patient market for their CGM growth plans.
However, what we learn from these successful brands is the need for unique GTM strategies. For example, the difference between a T1 patient who might want to invest in continuous monitoring due to the complexity and risk of the disease and a T2 patient who might not be ready to invest in a pricey piece of technology and is looking for more affordable solutions.
However, there are similarities across most successful GTM strategies. Let's explore some of the key areas to focus on:
Patient Segmentation
Effective GTM strategies begin with a deep understanding of the target audience. Segmenting patients based on factors such as loyalty (loyalists vs. switchers), type of diabetes (Type 1 vs. Type 2), demographics, and psychographics allows for more tailored messaging and product offerings. By recognizing different patient segments' unique needs and preferences, companies can better address their requirements and improve market penetration.
Market Maturity
Assessing the market's maturity is crucial for determining the appropriate timing and approach for product launch and market entry. Proactive research can help companies gauge market dynamics, competition, regulatory landscape, and customer preferences. For those in the GLP-1 space, we have compiled a cutting-edge market report exploring the customer journey and trends. Understanding the stage of market maturity enables companies to identify opportunities, anticipate challenges, and adjust their GTM strategies accordingly.
Targeting
Targeting involves selecting the most promising customer segments and designing marketing initiatives to reach and engage them effectively. This includes defining target demographics, identifying key opinion leaders, and leveraging data analytics to refine targeting efforts. By focusing resources on high-potential segments, companies can maximize the impact of their marketing campaigns and optimize return on investment.
Patient Focus
Investing in research to understand patient needs, preferences, and behaviors enables companies to develop products and services that resonate with their target audience. Companies can boost patient satisfaction, loyalty, and long-term success by putting patients at the center of decision-making processes.
Channels
This includes leveraging a mix of channels such as community outreach, educational programs, digital marketing, healthcare professionals, and direct-to-consumer initiatives. Testing and optimizing messaging across various channels enables companies to identify the most efficient and impactful ways to connect with their target audience.
The diabetes MedTech device market has experienced exceptional growth recently. In this article, we try to understand key research opportunities in GTM strategy development, focusing on patient voice and proactive data.
With our extensive experience in the MedTech sector, Thrivable is uniquely positioned to propel MedTech companies forward. Our comprehensive diabetes database offers unparalleled insights and, paired with the expertise of our research team, promises next-level research design, data reporting, and targeted recruitment. Our strategic guidance extends to developing impactful go-to-market approaches, ensuring clients capitalize on market opportunities, and navigating regulatory landscapes effectively. Partnering with Thrivable empowers MedTech enterprises with the tools and insights to develop breakthrough products and devices. Contact our sales team to learn more. Contact our sales team to learn more.
