Conducting Market Assessment for Mass Spectrometers in India

Biotech Consulting Services

Client Challenge

The client was a global leader in the development of best-in-class technologies, creating scientific instrumentation, software and services for the life science, clinical research and industrial markets, providing customers with technologies that are used in drug discovery and manufacturing, food and environmental safety, and clinical research

The company, also present in India, has a range of Mass Spectrometers (Triple TOF, QTRAP, Triple QUAD, TOF/TOF systems) used in a variety of applications and industries (e.g. food and beverage biosafety, pharmaceuticals, environmental, forensics toxicology). The client believed that the Indian market may present an exciting opportunity and would like to assess its potential in greater detail.

Our Approach

In order to conduct an assessment, UC Strategy used the following approach:

  • As a part of the assignment conducted more than 140 interviews with various stakeholders in the market
  • Built product perspective and examined the management’s strategic intent:
    • Understand the entire product portfolio and current market positioning of the products. Understood the following aspects of client’s Indian business:
      • Types of mass spectrometers marketed in the Indian market and their key features
      • Current market positioning and key customer segments for the different types of client mass spectrometers
        • Revenue split based on type of MS and based on customer segment
        • The split of client sales and marketing focus on various customer segments such as pharmaceutical companies, CROS, food processors, forensic labs etc.
      • Current key differentiating factors and value proposition of client such as high quality after sales service, high specificity, integrated work platforms for qualitative and quantitative studies, a specific platform for protein profiling and biomarker study, a complete solution including reagents, software, services and technical support etc.
      • Current distribution network and sales team in India
      • Key hypothesis regarding the Indian market opportunity
        • Key shifts observed in MS adoption patterns
      • Client’s global sales pattern and key learning from global experience such as
        • Potential shift from immunoassays to MS
        • Increased adoption in diagnostics and environmental testing
      • Developed customer segmentation
      • Determined current adoption of mass spectrometers
      • Determined customer buying behaviour
      • Determined value chain dynamics
      • Landscaped markets and determined market trends in each application area:
  • Gained insights on the overall dynamics of the customer segments:
  • Factors impacting growth of the vertical such as an increase in a number of food exporters in India or number of CROs in India, increasing government initiatives promoting growth of food processing industry, stringent environmental laws etc.
  • Gauged the overall trends in each vertical
  • Determined the market for mass spectrometry:
  • Current market size (vertical-wise) and growth forecast (vertical-wise) built on market sizing model developed for each vertical
  • Drivers for growth in the MS market – such as number of new labs, increase of food export, government initiatives etc.
  • Key trends in the MS market such as the need for an integrated workflow system, adoption of newer technologies with higher specificity and sensitivity etc.
  • Assessed regional variations of the MS market opportunity
  • Developed a competitive landscape for the client:
  • Gained insights into the competitive landscape and players in the market
    • Determined the true competitive group
      • Other mass spectrometers, alternative technologies in the market
    • Determine number of players in the mass spectrometry market and for those companies developed the following:
      • Background of the company – product focus, geographical footprint, India presence etc.
      • Products portfolio and specific portfolio within mass spectrometry
      • Current market share in the mass spectrometry market
      • Company’s focus on mass spectrometry as compared to other product in portfolio
      • Company’s key differentiating factor such as relationships with the distributors, good service, superior technology, adaptable systems etc.
      • Alliances or partnerships in the market
      • Strengths of the company
      • Any future plans (if available)
  • Developed market forecast and determined addressable opportunity:
  • Along with the market landscape and current market size of mass spectrometer (vertical-wise), also forecasted the future market for mass spectrometers
    • New demand from new customers
    • Demand from old customers increasing their installed base
    • Replacement demand based on average lifespan of MS in India
  • Based on robust assumptions (drivers and inhibitors), prepared forecasts under different scenarios
  • Determined the addressable market size (current and future) for the client based on its products portfolio and pricing strategy
  • Identified factors which could be game-changers/tipping point with implications on adoption rate and addressable market opportunity

 

Our Impact 

Handed over the client a detailed market assessment with available opportunities and future growth outlook.

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