Market research is crucial to the success of any medical device manufacturer or distributor, but it can be time-consuming, and relying on the wrong information can have devastating impacts to your business. As the medical devices, equipment and supplies industry rapidly evolves, myCaribou is helping manufacturers, distributors, and other stakeholders stay ahead of the curve—and the competition—with access to timely, accurate, comprehensive, and relevant information. In this article, we sit down with Dante Lisi, Research Analyst with myCaribou, for an inside look at his team’s successful approach to market research.
Avoid Wasting Time
Finding helpful information in a timely manner is no easy task—especially when you consider what else you could be spending your time doing. That’s why myCaribou employs a team of researchers dedicated to collecting and analyzing relevant Medical Device market data from reputable sources. myCaribou Lead Research Analyst, Dante Lisi highlighted just how much work goes into collecting and verifying myCaribou’s data.
“I’ve spent 120 hours sourcing data on Germany alone,” says Lisi. That’s three weeks of work dedicated to ensuring someone looking to succeed in the world’s third-largest Medical Device market has all of the right information to do so.
Get the Whole Picture
The information that myCaribou provides users includes in-depth market data on things like healthcare expenditures, assets, utilization, and employment metrics, health trends, and even regulatory information. It all goes to paint an incredibly comprehensive picture of each market.
“You could try to find this data yourself, but it’s going to take a lot of time, and time’s extremely valuable,” adds Lisi. “We’ve already done the work for you, and all our data is cited with dates and sources to that you can dig further if you need to.”
One often-overlooked pitfall of self-directed research, however, is its susceptibility to confirmation bias. If you search long enough, you’re likely to find evidence that supports exactly what you’re looking for, without consideration for evidence that supports the contrary. myCaribou helps users avoid bias by highlighting all of a market’s most relevant data, so you can determine where opportunities lie as well as where to proceed with caution.
Even if the data you collect is comprehensive, however, it’s important to verify that it’s accurate.
Triple-check for Accuracy
For Lisi and other myCaribou analysts, finding accurate data isn’t achieved without patience, perseverance, and a fine-toothed comb.
“I start with government websites—those tend to be the most reliable,” he says. “I exhaust as much information from government sites as I can before I move on to things like professional associations. After that, I look through scientific and professional papers.” Once he’s covered every reputable source he can find, Dante goes back through it all a second time to search for information he may have missed.
“It’s easy to get bogged down in unreliable data,” notes Lisi. “Google is an extremely powerful tool, but it’s very limited in terms of actually finding things for you. Just typing in something like ‘surgeries Canada’ will get you 80,000 results. It’s important to stick to very reputable sources, and to know what you’re looking for before you set out to find it.”
After all is said and done, if myCaribou’s analysts aren’t certain that information found is accurate or reliable, it isn’t included in reports. We know that myCaribou only succeeds if our users do, so we’d never want to equip you with information we wouldn’t use ourselves. With myCaribou’s regularly-updated market insights, you can save time on market research knowing that helpful information on hundreds of markets around the globe will always be at your fingertips.
What Matters Most
We’ve previously highlighted what happens to companies that rely on superficial data and false market assumptions. It’s something our founders have run into and learned from first-hand, and it’s why we’re relentless about providing myCaribou users fast access to accurate, comprehensive, and helpful market data. But myCaribou’s benefits go well beyond the data. Our users also get access to over 40,000 potential partners, and can match based on sophisticated criteria like company fit, product alignment, and call point synergies.
See for Yourself
Ready to get your hands on the latest market data leading Medical Device Manufacturers and Distributors like you to faster success? myCaribou has over 600 data points on hundreds of markets worldwide, so you’re equipped to succeed wherever you want to grow.