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Improving the product mix increases competitiveness, customer satisfaction, profitability and efficiency.
In the healthcare industry, both the medical devices and consumer healthcare sectors face the challenge of optimizing their product mix within their portfolios. This involves strategic decisions about which products to include, eliminate, and how to enhance existing ones. The global medical devices market is expected to reach $543.9 billion in 2021, highlighting the importance of maintaining a competitive product mix (1). A study in the consumer healthcare industry revealed that 75% of consumers consider the availability of quality products crucial in their purchase decisions (2). Additionally, a recent survey of medical device industry executives found that 68% prioritize improving their product mix (3). Enhancing the product mix is vital for increased competitiveness, customer satisfaction, and profitability.
"ProductOpti AI," a predictive modeling tool, utilizes analytics to scrutinize product sales, cost efficiency, and market trends, empowering healthcare entities to fortify their product offerings in response to consumer priorities.
The synthetic data set used in this model is designed to simulate real-world market conditions and was developed using information from recent industry reports such as Grand View Research's Medical Device Market Trends (1), Deloitte's Consumer Healthcare Needs (2), and the Medical Technology Market Outlook by Ernst & Young (3). Variables such as the alignment of market trends and the intensity of competition are considered, ensuring that product evaluations are based on current market dynamics.
In the healthcare industry, both the medical devices and consumer healthcare sectors face the challenge of optimizing their product mix within their portfolios. This involves strategic decisions about which products to include, eliminate, and how to enhance existing ones. The global medical devices market is expected to reach $543.9 billion in 2021, highlighting the importance of maintaining a competitive product mix (1). A study in the consumer healthcare industry revealed that 75% of consumers consider the availability of quality products crucial in their purchase decisions (2). Additionally, a recent survey of medical device industry executives found that 68% prioritize improving their product mix (3). Enhancing the product mix is vital for increased competitiveness, customer satisfaction, and profitability.
"ProductOpti AI," a predictive modeling tool, utilizes analytics to scrutinize product sales, cost efficiency, and market trends, empowering healthcare entities to fortify their product offerings in response to consumer priorities.
The synthetic data set used in this model is designed to simulate real-world market conditions and was developed using information from recent industry reports such as Grand View Research's Medical Device Market Trends (1), Deloitte's Consumer Healthcare Needs (2), and the Medical Technology Market Outlook by Ernst & Young (3). Variables such as the alignment of market trends and the intensity of competition are considered, ensuring that product evaluations are based on current market dynamics.
