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2 - Markets of interest and market research steps

Published online by Cambridge University Press:  03 November 2022

Shreefal S. Mehta
Shreefal S. Mehta
Affiliation:
The Paper Battery Company
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Summary

Conducting market research to find solutions, identifying opportunities and defining the value of new inventions are some of the key points covered in this chapter. A carefully defined indication can make the difference between success and failure in medical product development and this chapter explains how to get better at nailing the exact problem to be solved. Market segmentation examples and cases show how to prevent being misled on market size and market projections. A referral chain tool is presented for closely analyzing market positioning and value proposition of the new technology or product. Key market drivers and hurdles used to dynamically determine market size, adoption rates, and strategize on product development cycles are discussed and presented in this chapter.

Keywords

market sizepharmaceutical global marketworldwidedevice marketdiagnostics market sizebiotech market sizemarket researchsegmentationindicationsurveysmarket drivershuman healthobservational market researchreferral chainidentify end usercustomertarget indication,
Type
Chapter
Information
Commercializing Successful Biomedical Technologies , pp. 42 - 76
Publisher: Cambridge University Press
Print publication year: 2022

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References

References and additional readings

BCC Research Report. (2021) In vitro diagnostics: technologies and global markets. #HLC186C. BCC Publishing. www.bccresearch.com/market-research/healthcare/in-vitro-diagnostics-technologies-and-global-markets-report.htmlGoogle Scholar
Bloomberg Business Week. (2001, August 12). Biotech and the spoils of success.Google Scholar
Centers for Disease Control and Prevention, National Institutes of Health, Department of Defense, and Veterans Administration. (2013). Report to Congress on traumatic brain injury in the United States: understanding the public health problem among current and former military personnel. Atlanta: Centers for Disease Control and Prevention. (www.cdc.gov/traumaticbraininjury/pubs/congress_military.html)Google Scholar
Denault, J-F. (2017). The Handbook for Market Research for Life Sciences Companies: Finding the Answers You Need to Understand Your Market. Boca Raton, FL: CRC Press. ISBN: 9781351773492Google Scholar
Evaluate Medical Technology report, World Preview 2018, Outlook to 2024. (2018). Evaluate Ltd.Google Scholar
EvaluatePharma report: World Preview 2020, Outlook to 2026. (2020), pages 26–27. Evaluate Ltd. www.evaluate.com/thought-leadership/pharma/evaluatepharma-world-preview-2020-outlook-2026Google Scholar
Fortune Business Insights. (2021). In vitro diagnostics market size, share, and COVID-19 impact analysis with regional forecasts 2021–2028. Report ID FBI101443. www.fortunebusinessinsights.com/industry-reports/in-vitro-diagnostics-ivd-market-101443Google Scholar
Frost and Sullivan. (2017). Global medical device industry snapshot, 2017: new era of healthcare transformation set to disrupt medical device industry. Report Code: MC3C-01-00-00-00. https://store.frost.com/global-medical-device-industry-snapshot-2017.htmlGoogle Scholar
Industry research Biz. (2021). 2022–2029 global in-vitro diagnostics (IVD) professional market research report, analysis from perspective of segmentation (competitor landscape, type, application, and geography).Google Scholar
Osterwalder, A, Pigneur, Y, Bernarda, G, Smith, A, and Papadakos, T. (2014). Value Proposition Design: How to Create Products and Services Customers Want. New York: Wiley. ISBN: 9781118968055Google Scholar
Ulrich, KT, and Eppinger, SD. (2003). Product Design and Development, 3rd ed., New York: McGraw-Hill. ISBN: 0072471468 (Note – this book also has a practical section on working out client/customer needs through various steps of market research.)Google Scholar
Yock, P, Zenios, SA, and Brinton, TJ (eds). (2015). Biodesign: The Process of Innovating Medical Technologies. Cambridge: Cambridge University Press. ISBN: 9781107087354Google Scholar
Visit https://shreefalmehta.com/csbtbook for additional enriching readings around the topics covered in the book, topical updates on the content and for industry viewpoints and news.Google Scholar

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