Navigant Performs Analysis of Potential Market Opportunities for Leading Device Manufacturer
A market leading device manufacturer with a technology platform wanted to investigate new potential market opportunities. Historically, this novel technology had been used for specific testing and diagnosis procedures for surgery and anesthesiology patients. The client’s clinical team believed the technology could help change treatment results in other patient scenarios. Their instincts told them obstetrics and oncology might be suitable medical specialties to pursue, based on the technology’s use. But, before making any commitments or investments, they wanted fact-based market data and a defensible business strategy.
Applying proprietary strategic market analysis and research framework, Navigant used comprehensive data to determine the conditions that most needed this technology to improve patient outcomes, as well as the prevalence and incidence of each condition. The specific patient profiles were isolated that would benefit most from the use of the technology. Interestingly, while obstetrics and oncology showed viable use case scenarios for the technology, the most compelling opportunity lay in smaller patient segments within one major treatment segment — trauma. Research also showed this area of medicine was grossly underpenetrated in its use of the technology.
Another significant factor in the product’s potential realizable market was the fact that clinical data already existed to support its value in improving outcomes for trauma care patients. Indeed, in many cases, trauma centers already listed the technology as a key tool for assessing patient conditions and determining treatment options. This compelling evidence created a strong case for the technology being promoted from “elective” to standard of care. All told, the real market potential for the medical technology represented $70 million in new revenue annually — twice as much as it currently garners.
Eager to leverage the findings, the company leadership team broadened the scope of work to create a market development strategy. In so doing, Navigant identified specific trauma centers that showed the most potential use and need for the technology, and provided guidance on how to promote the technology within these as a standard of care. The long-standing company is in the process of implementing these plans.