The pandemic has forced many elective surgeries to be cancelled or postponed. Can we expect a rebound in 2021? How have average selling prices changed over the last year? iData Research brand-analysis service is finding the answers.
Vancouver, BC -- (ReleaseWire) -- 12/16/2020 --iData Research is engaging custom solutions to support customers with questions related to the pandemic's impact on healthcare markets. Analysis of products, such as those used for breast reconstruction and hernia repair exemplifies the current scenario showing 80% of the 18 companies analyzed are, for instance, showing an average of 36% sales decrease in Q2'20 relative to Q2'19, with 43% seeing more than one million dollars drop in quarterly revenue.
iData's MedSKU brand-level analysis provides up-to-date data on average selling prices, units sold, revenue and market shares of all of the top-performing and emerging products in the US market by SKU (stock keeping unit). It empowers healthcare companies with insights into the market dynamics, answering top-of-mind questions arising from the current economic scenario like revenue impact, changes in average selling prices and overall brand performance. The SKU-level data and product information allows users to also run their independent analysis by "slicing and dicing" the market to get direct product comparisons.
"There's both an economic and strategic imperative for healthcare companies to review their plans, recognizing that the impact of the pandemic now requires better informed and data-driven decisions," said Dr. Kamran Zamanian, CEO of iData Research. "The findings deriving from MedSKU are a unique way to identify and address what is really happening in the market."
While the market leaders AbbVie (Allergan) and Becton Dickinson (C.R. Bard) still hold a significant share of the market, the MedSKU analysis shows smaller companies and brands capturing market share gains.
Information from MedSKU has also provided valuable insights into price changes and trends. The analysis for US breast reconstruction and the US hernia repair market showed that 16% of the SKUs had a price increase larger than 5% in Q2'20 relative to Q2'19. Meanwhile, only 7% had a 5% or more price drop when compared to 2019 average selling prices.
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