Sizing the Market for a Remote Patient Monitoring Device
A medical device company in the urology space developed an innovative product to enable remote patient monitoring that collects data that previously was documented manually. This organization understood that patients with these conditions frequently do not follow up with their provider and many end up not receiving optimal therapy for their condition.
Sizing the Opportunity
In order to understand the potential value that could be captured by this device, we explored the different types of patient journeys along the clinical pathways, and identified possible opportunities for re-engaging these patients. Using published literature, I developed estimates of the possible market size related to specific conditions for which this device may be applicable.
“We were needing to clearly define the value of a new technology in an existing market that had previously underappreciated the available opportunity. Using published research, Craig was able to help us craft clear logic that allows us to illustrate the true value that had not previously been fully identified. Craig was very flexible as our needs evolved, and we ultimately produced a clear value proposition for our new technology.”
Estimating the Value
Using cost information, I estimated the value that could be captured assuming a certain market penetration associated with the device. This allowed the organization to value the opportunity to make specific decisions regarding a go-to-market strategy and to identify potential partnerships. Ultimately, this produced a clear value proposition for the technology that was integral in the further development and progression of the business.
American Medical Association (AMA) • Stratis Health • Oklahoma Foundation for Medical Quality • Optum • University of Minnesota • Indiana University • American Society of Clinical Oncologists (ASCO) • ICSI • Kidney Care Quality Alliance (KCQA) • Medtronic • NYU • Boston Scientific • Harvard Medical School • MPRO • Telligen • E4 Enterprise • Lee Branding • MetaStar