SWOT Analysis Chart Directions
Based Upon SWOT Analysis, develop a Competitive Advantage
- Discuss Competitive Advantage of Company
- How does your company compare to competition?
A common trend found in the medical device companies is the inventing of new tools that incorporate modern technology to solve the problems faced by patients. We are a biomedical manufacturing firm that developed a non-invasive medical device to help physicians and healthcare providers prevent blindness from occurring by aiding in early diagnosis of diabetic retinopathy. The analysis of Strengths, Weaknesses, Opportunities, and Threats (SWOT) includes the identification of factors that influence the strategic direction of the company by also identifying areas of concern as well as pointing to areas of development.
SWOT Analysis Chart Example
SWOT Analysis Chart Strengths
One of our key strengths is our OxyOptics Diagnostics non-invasive medical device. The non-invasive medical device is able to read multiple wavelengths and can measure the tissue, not just the blood vessels. Our technology has absolute measurements and incorporates continuous reading or real time while doing other testing such as a stress test on the patients. We are establishing a strong qualified workforce and strategic development goals. The potential of growth in medical device technology and annual growth of science and research expenditures.
SWOT Analysis Chart Weaknesses
The primary weakness was related to the depth of knowledgeable resources and the perceived limitation in adding personnel in the current economic environment. We are entering into a market with three competitors that have a strong presence in the specific market. The problem that we will experience is the insufficient coordination and standardization of the medical device industry development. Legislative difficulties of transferring scientific results in company practice.
SWOT Analysis Chart Opportunities
Opportunities and threats are considered more from the external, market facing point of view. The most significant opportunity is that we have a existence of clear visions, objectives, and strategies for the future. We live by our slogan which is “Visualize Your Health” for all stakeholders, employees, partners, and patients. We are a purpose-oriented financing science and research company that aims to reduce the total number of severe eye disease cases. We can establish prevention if early detection is available by analyzing the health and oxygen level of the retina. We develop existing and new clusters in the field of the medical device industry.
SWOT Analysis Chart Threats
The most significant threats perceived with the medical device industry relate to the strength of competitors, both in terms of the financial resources of the competitors, their lack of workplaces with established systems for us, and little use of cooperation and connections among universities, scientific research institutes and institutions supporting innovative capacities.
SWOT Analysis Example: OxyOptics Diagnostics Competitive Advantage
OxyOptics Diagnostics is a device that checks an individual’s retinal oxygen saturation levels, which is an effective way of finding medical complications within the client’s body (Jeppesen & Bek). Therefore, this is a non-invasive approach to the early diagnosis of illnesses like muscular degeneration, diabetic retinopathy, and glaucoma. Therefore, the competitors to this product are other companies that provide invasive diagnostic technology. This paper shall use the SWOT analysis to evaluate our firm’s competitive advantage in the non-invasive diagnostic technology market.
Our company has a series of competitors in the non-invasive diagnostic technology space. One is Holter Monitoring Companies, which manufactures and sells the Holter monitor, a portable electrocardiogram (ECG) used to detect the nature of the heartbeat (Mubarik & Iqbal). The device can help to tell whether the patient’s heartbeat is in rhythm. The advantage is that it is a non-invasive diagnostic test; however, the Holter monitor can only facilitate the early diagnosis of heart disease.
OxyOptics Diagnostics advantage over the Holter monitor is that it facilitates the early diagnosis of several specific illnesses like muscular degeneration, diabetic retinopathy, and glaucoma (Dhutia et al.). However, it is important to note that the Holter monitor is more affordable than the OxyOptics Diagnostics; however, health insurance can help mitigate this potential threat.
Another competitor is Medivolve and Marvel Diagnostics, which is another company in the non-invasive diagnostic test space. So far, the company has come up with the BlowFISH technology used to improve circulatory system-related illnesses. Additionally, this product takes shorter in detecting illnesses, and the manufacture has generated a lot of revenue that could be used for marketing purposes.
On the other hand, our company has the opportunity to develop a product that will facilitate non-invasive diagnosis for respiratory diseases (Williams et al.). The prevalence of the SARS-CoV-2 Test would facilitate the achievement of this objective. Get legit paper writing services today.
Dhutia, Harshil, et al. “Cost implications of using different ECG criteria for screening young athletes in the United Kingdom.” Journal of the American College of Cardiology 68.7 (2016): 702-711.
Jeppesen, Signe Krejberg, and Toke Bek. “The retinal oxygen saturation measured by dual wavelength oximetry in larger retinal vessels is influenced by the linear velocity of the blood.” Current eye research 44.1 (2019): 46-52.
Mubarik, Ateeq, and Arshad Muhammad Iqbal. “Holter monitor.” (2019).
Williams, Eloise, et al. “Saliva as a non-invasive specimen for detection of SARS-CoV-2.” Journal of clinical microbiology 58.8 (2020): e00776-20.