Nihon Kohden has gained a solid foothold in this mature and highly competitive market through various successful competitive strategies.
In a market that has seen little change in recent years, Nihon Kohden is an exception with rising market share and the potential to become even more of a major competitor. The company's market share has risen to 5.6 percent of the multiparameter monitoring market. This represents a 33 percent increase, a substantial achievement considering the intensely competitive nature of the market.
One of the many competitive factors that Nihon Kohden leverages to achieve this level of growth is value – competitive initial cost to purchase, greater feature set and a better warranty. The company has established efficient manufacturing processes that enable it to provide high quality monitors at a very competitive price.
"With price being a perennial concern for healthcare buyers, the ability to provide a less expensive product is always a very strong selling point," says Frost & Sullivan Research Analyst Zachary Bujnoch. "Nihon Kohden currently offers a strong product portfolio of monitors, rivaling that of major market competitors in North America, and has developed new products based on quality initiatives that help hospitals align to new CMS regulations."
As Nihon Kohden looks to expand further, the company continues to reach out into the vast, diverse North American market to determine where its monitors will fit best. This is not only true geographically, but also economically. For instance, Nihon Kohden is much more flexible in working with hospitals on terms with the goal of a long term partnership that benefits both Nihon Kohden and the end user. This is all supported by a very solid warranty offering, creating strong services that Nihon Kohden has leveraged to garner new business.
While providing value tier monitors where they are most needed is a critical part of their success, there are other more supportive components looked upon as necessary for major players in the North American market. The physical presence of a team in the United States and Canada to provide services such as customer support tended to be a component lacking from foreign competitors in the past. Nihon Kohden has recognized this and in recent years has expanded the sales and customer support elements of its North American operation.
"The lack of such components in the past had been a major growth limiting factor for companies such as Nihon Kohden, but with the answer to this issue fully implemented, little stands in the way of real organic growth for Nihon Kohden in the North American multiparameter market," opines Zachary Bujnoch.
In summary, Nihon Kohden sustains its dynamic push into North American the multiparameter patient monitoring market through a value oriented product offering and an aggressive sales force. The company continues to gauge the market for new opportunities for product placement, and to build strong client relationships, ultimately leading to a strong increase in market share. Based on the aforementioned efforts leading to market share gain, Frost & Sullivan proudly presents Nihon Kohden with the 2008 Market Share Advancement Award for the North American multiparameter patient monitoring equipment market.
Each year Frost & Sullivan presents this award to the company that has demonstrated excellence in increasing market share within its industry. The recipient has demonstrated strategic excellence in product innovation, marketing, and sales strategies that have resulted in the largest gain in market share over the past year.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About Nihon Kohden
Nihon Kohden is Japan's leading manufacturer, developer and distributor of medical electronic equipment with subsidiaries in the USA, Europe and Asia and distributors in nearly every country in the world.
Our major product lines for export are patient monitors, electroencephalographs, evoked potential and electromyograph systems, electrocardiographs, defibrillators and hematology analyzers. Nihon Kohden equipment is well known for its quality and ease of use.
Nihon Kohden actively contributes to the advance of medical technology. Our researchers have published valuable research in some of the world's most prestigious medical, engineering and scientific journals. Nihon Kohden has significantly contributed to the advancement of modern medical treatment with many innovative products and technologies. Pulse oximetry was invented by Dr. Takuo Aoyagi, a Nihon Kohden scientist.
Founded in 1951, our mission is to improve the quality of life through advanced medical technology.
Nihon Kohden America, Inc. was founded in 1979 as a wholly owned subsidiary of Nihon Kohden Corporation (founded 1951). Nihon Kohden America specializes in patient monitoring, sleep assessment, neurology and cardiology instrumentation.
Our instrumentation is based on our core philosophy of utilizing innovative technology to provide value-oriented products that improve patient outcome and drive core business improvements. Miniaturization, flexibility, enhanced user experiences and improved quality are the hallmarks of our products – and together they give you the lowest total cost of ownership and the greatest value of any monitoring solution.
About Frost & Sullivan
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