Navigant Helps Validate New Technology's Market Potential for Osteoporotic Patients
In order to attract more investors, a venture-backed startup with a new surgical treatment option for fracture repair in osteoporotic patients wanted to determine and validate the technology’s market potential. Because many fractures are treated with minimally invasive methods, including slings, splints, braces, and casts, the first step was to ascertain what, if any, percentage and types of injuries warranted surgery, and how many of those surgical patients would be candidates for the technology. Navigant was brought in to help the startup create a strategic plan to move forward and secure investments.
Through comprehensive research and analysis, Navigant identified the types of patients who most often suffered these injuries, and then used the data to pinpoint and validate the best opportunities for the startup. This rigorous data analysis across a variety of critical factors — including incidence, prevalence, patient bother, and surgical need, among others — was used to locate the intersection of all these, and review the revenue potential of each.
It was discovered that one area of the body incurs a majority of surgeries and has the most need for the new technology. This alone represented $3.5 million in revenue potential per year. Knowing this, Navigant recommended that the startup focus early efforts on this intersection. Navigant also assessed the investments that would best prepare the orthopedic market to adopt the new technology, including recommending additional clinical trials to further prove and validate the treatment’s efficacy and preferred use-case scenarios.
The startup team decided to focus resources on the identified high-yield intersection, and eliminated other efforts that were positioned to be less fruitful. They also fine-tuned their business and technology market development strategy, which included raising funds to conduct additional clinical trials and build a strong foundation to attract additional investors.