Concept testing to understand the market viability of new healthcare devices

Concept testing is an important step in the new-product planning process. It is one of the most reliable methods to assess if a new product will meet the needs of its intended users and be profitable for the business in the long run.

A leading Original Equipment Manufacturer (OEM) that offers a wide range of medical imaging product and healthcare IT solutions, wanted to assess the viability and features of their new CT and MRI imaging device concept in the US, UK, and Germany markets. Download this case study to find out how the client was able to understand its target customers’ perceptions and inform its product launch strategy by concept-testing its products.

Business Challenge

A leading Original Equipment Manufacturer (OEM) that offers a wide range of medical imaging product and healthcare IT solutions, wanted to assess the viability and features of their new CT and MRI imaging device concept in US, Germany and UK market.

Solution

Netscribes conducted in-depth interviews with opinion leaders in the US, UK and Germany, to identify key stakeholders involved in CT and MRI imaging products and understand the unmet needs of the currently available platform.

• Developed ideal profiles for both the products by testing Target Product Profiles (TPPs) of imaging products currently available in the market. We further evaluated the perceived clinical utility and desirable features/attributes of respective imaging products before developing a feasible profile based on the client’s inputs.
• Tested the ideal TPPs of both the imaging products through a survey for physicians, radiologists, nurses, technicians, and purchase managers in targeted geographies.
• Forecasted the revenue for two products through a bottom-up patient-based model to determine the commercial opportunity.
• Global opportunity attractiveness was done for parameters such as perceived need, revenue potential, and NPV (net present value).