The CEO of a high-tech medical device company needed to get a detailed understanding of the market gaps and customer demands for its development project among its target users before an upcoming initial public offering.
MSC was contracted to help the client understand the market expectations and identify the current market gaps. A combination of primary and secondary research was used as methodology as the market was broad and difficult to segment in a standardized manner. The client’s device was built on leading edge technology with only a small selection of active players on the same market and discretion was of essence. Therefore, for reasons relating to IP, competitors and an upcoming IPO, it was determined that it would be in the client’s best interest to not disclose its company name or exact technology to the interviewees. A comprehensive map of leading scientists, industry influencers and market defining experts was compiled. Primary research was then conducted by interviewing the highest ranked thought-leaders about technology applications relating to drug development research and regenerative medicine. This collected data served as market verification and decision-support to codify a business strategy to focus development resources for specific applications. Top KOLs, among the interviewees, were also considered as nominations for an advisory board and as influencers for future marketing of the technology. Based on new insights from the interviews, a larger secondary research effort was enabled to estimate the market size, define market segments, capture market drivers and map competitors for this particular technology. Armed with new insights, a stronger competitive position was built where the client’s strengths matched current market gaps.