Medical Accessories & Consumables Market Procurement Intelligence Report

A buying guide for Medical Accessories & Consumables category – enriched with research on Medical Accessories & Consumables procurement spend patterns, Medical Accessories & Consumables pricing intelligence, market dynamics and top suppliers of Medical Accessories & Consumables.

Scope of the report

This report on global Medical Accessories & Consumables category is part of a larger series of reports on global Medical and Surgical Consumables market. The scope of Medical and Surgical Consumables spans multiple categories and is typically identified as a procurement category that includes all spend on recurring products used in the application of invasive or non invasive treatment of medical conditions or disease containment activities. The products should be non-durable in nature and designated to be of single-use or temporary use.

KEY PROCUREMENT INSIGHTS COVERED

Strategic Sourcing Guide to Medical Accessories & Consumables Procurement

Overview

Medical and Surgical Consumables market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Medical Accessories & Consumables procurement and the cost they have to incur. The growing need for highly skilled workforce specialized in Medical Accessories & Consumables is driving suppliers to increase compensation for experience professionals to retain them. This is inflating their OPEX and causing increase in procurement costs.

Despite increasing costs on almost all fronts, suppliers are resisting a drastic price increase due to intense competition where market players are willing to increase their market share at the cost of profitability. Therefore, buyers can expect pricing status quo in most cases, or only negligible to marginal price increases in some cases.

Buyers that have multiple locations under management are increasingly opting for a single supplier who can deliver the preferred solutions in a consistent manner across locations. Often suppliers with a physical presence across key geographies are preferred in such cases.

Medical Accessories & Consumables Procurement Best Practices

Medical Accessories & Consumables procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Medical Accessories & Consumables procurement strategy.

For example, Before engaging in a contractual agreement with suppliers, buyers should focus on identifying and understanding various critical parameters along with their impacts on different procurement models.

Investing in benchmarking studies help category managers enhance their knowledge about market pricing or billing rates based on job roles and functions. This allows them to not only save costs but also negotiate with suppliers. For example, while negotiating on rates of bundled services, buyers can save significantly on a single service by cross verifying the rates quoted by suppliers against industry benchmarks.

It is important for category managers to track and measure the performance of suppliers against a set of defined KPIs that are agreed upon during the contract negotiation phase. The performance of suppliers can also be linked to a portion of their fee that can be paid upon rendering of services in a satisfactory manner.


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Risks in Medical Accessories & Consumables procurement

Medical Accessories & Consumables procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Medical Accessories & Consumables procurement. Some examples include:


  • Suppliers are posed with the risk of non-conformance to industry standards and regulations, for example, those set by MHRA (UK) and US FDA. Any non-conformance by suppliers can result in penalties, product recalls or even revoking of the operating license
  • Suppliers are exposed to the risk of fluctuating prices of key inputs. This impacts the product price as suppliers would have to increase product price to maintain contribution margins
  • Pricing terms in the contract could prove to be inadequate to safeguard the buyer from impact of a sudden increase in supplier's cost, often arising from a lack of clarity on scope of products or services to be delivered

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Who should read this report

  • Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

    You may have just initiated your research to design a winning Medical Accessories & Consumables procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

    The report is intended to serve as a one-stop reference guide for Medical Accessories & Consumables procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Medical Accessories & Consumables: Procurement Report 101” as well as for category experts actively tracking the global Medical Accessories & Consumables procurement market.

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Key questions on Medical Accessories & Consumables procurement answered by this report

    The Medical Accessories & Consumables procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

     

    • What is the spend potential in the Medical Accessories & Consumables market?
    • What is the correct price to pay for Medical Accessories & Consumables? What are the key trends and factors that influence current and future pricing?
    • Which selection criteria are the most important for Medical Accessories & Consumables Suppliers Market?
    • Who are the top Medical Accessories & Consumables suppliers? What are their cost structures?
    • What are supplier margins in Medical Accessories & Consumables market?
    • Which negotiation levers can reduce Medical Accessories & Consumables procurement cost ?
    • What are the best practices for Medical Accessories & Consumables procurement and what are the potential risks?

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Medical Accessories & Consumables Category Insights: What is inside

  • A comprehensive drill down on category sourcing execution: Data, insights, advisory

    The Medical Accessories & Consumables market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

    Data

    A key highlight of this report is the in-depth outlook created on Medical Accessories & Consumables procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Medical Accessories & Consumables. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

    Insights

    Along with specific category and supplier intelligence, the publication also includes curated insights on Medical Accessories & Consumables market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

    Advisory

    Additionally, the report also advises on the best practices and strategies to manage the Medical Accessories & Consumables category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

  • Unrivalled breadth of category analysis: at your fingertips

    Category Ecosystem

    • Buyer and supplier ecosystem
    • Competitiveness index
    • Buyer and supplier power
    • Threat of new entrants and substitutes

    Global and Regional Sourcing Insights

    • Category spend
    • Spend growth
    • Dynamics
    • Opportunities

    Pricing and Cost Analysis

      • Pricing outlook and data
      • Drivers of pricing
      • Cost structure and inputs cost
      • Total cost of ownership
      • Pricing models and margins

    Cost Saving Opportunities & Negotiation Strategies

    • Buyer and supplier side levers
    • Quantified cost saving opportunities
    • Negotiation strategies and quantified outcome

    Procurement Best Practices, Strategy and Enablers

    • Procurement excellence
    • Sustainability and innovation
    • KPIs and category enablers
    • Risk management and outsourcing

    Vendor Analysis

    • RFx essentials and selection criteria
    • SLAs
    • Supplier evaluation metrics
    • Detailed supplier profiles
  • A lucid, easy to read format: Enabling fast decisions

    Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

Category Research Framework

SpendEdge presents a detailed picture of Medical Accessories & Consumables procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

Information Sources

Primary research
Secondary research
Procurement heads
Industry journals and reports
Category managers
Periodicals and new articles
Sourcing consortium professionals
Category webinars
Industry experts and thought leaders
Internal categiry playbooks
Procurement managers
Industry/government websites on regulations, compliance
Category heads of suppliers
Internal databases
Client account heads/managers
Industry blogs/thought leader briefings
Client and industry consultants

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