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Market Assessment

Empower Medical Devices spends a great deal of time and professional effort in conducting an early stage market analysis as part of our Concept Development stage. We use a 7-step research model, including Voice of the Customer (VOC) input.

1. Market Analysis

We’ll begin with a thorough review of existing market research and data. We scour trade associations, medical device data, trade journals and other sources for pertinent data relating to our project. We look for related product life cycles, failure rates, growth rates, etc. We identify critical factors for success.

2. Volume Forecast

Based on similar product research findings, we will identify the current volume for product use. In the event of a new product concept, we’ll identify estimates based on similar type or related (adjacent) products. We assemble a 5-year volume forecast, based on expected penetration rates.

3. VOC – Market Understanding

A list of market facts and interpretations, which are pertinent to our product concept, are detailed in this step. These facts are based on our comprehensive market research and from the focus groups we conduct.

4. VOC – Customer Needs & Requirements

Information surrounding our product concept is obtained from customer focus groups with doctors, as well as market data. Attention to needs is paramount, as it helps shape and define product requirements. This information also provides some verification to our Volume Forecast.

5. VOC – Value & Price

These statements convey the benefits of the product to the doctor, the patient and sometimes the facility. Information is obtained through focus groups and market research. Value is defined in terms of benefits. Related or adjacent product pricing helps establish estimated price points for forecasting.

6. VOC - Buyer Behavior

It’s critical to identify all the influencers in the buying process for this product concept. Focus groups are employed to help us accomplish this. We examine all possible influencers – doctors, hospitals, medical practices, etc. Ultimately, we attempt to identify the primary and secondary purchasing influences.

7. Competitive Analysis

At Empower Medical Devices, we search for and examine competitive products and providers, even if they are marginally similar. This gives us market data for market share and penetration rates, as well as pricing.

In conclusion, we assess the viability of the product concept at this early stage. As defined in our Stage-Gate® process, this is communicated to the Gatekeepers and a decision is made to stop or move forward with the project.

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8964 Little Mountain, Road Mentor, OH 44060

Phone: 317-690-0764