One of the leading suppliers of laparoscopic surgical instrumentation needed to assess the market in Europe in detail as the forecasts from the sales team did not match management expectations. The aim was to create a forecasting model that could be used as the basis for forecasting programs.
HBS prepared an statistically valid modelling sample that would allow in-house analysts to calculate the market size and market shares using a bottom up approach in order to understand brands used, number of products used, price achieved, increase/decrease of key procedures as well as other parameters.
2000 surgeons of different specialities compiled an online survey on product usage in 8 different countries. Interviews with 200 procurement managers were conducted to sanity check data on pricing and products procured.
The model created in Europe served the basis for global forecasting. Sales targets were corrected accordingly.