Feasibility study for European market entry for portable ultrasound market.

Market Research | Export Strategy | Feasibility Study | Product Development

The Client

Global medical device company in the connected health space.

Industry

Medical Devices & Healthcare

The Brief

IMS Marketing were requested to scope out the market for portable ultrasound in UK, Ireland and Scandinavian countries.

The Challenge

Our client had carried out research in the US market, but required a new approach to the European market. They wanted to determine what regions they should target first and what Channel Partners and KOL’s in these regions were most suited to their business.

The Idea

We began with a collaborative Value Proposition workshop with the companies technical and development teams in order to understand the product and potential customer segments.

We followed this with an extensive competitor research on 12 similar companies. Alongside this we carried out market analysis, researching the size of the UK, Irish and Scandinavian markets and the segmentation and trends in each region. We also looked at what reimbursement looks like in Europe and potential language barriers for use.

The final stage of the feasibility study involved evaluation of the sales structures and identification of Channel Partners and KOL’s to approach within each geographical region. This was achieved by using a branded microsite with initial pre-market information to gain feedback on market opportunity for our company.

The Results

This market study provided critical information for our client before finalising their decision on the type of finished device they would go to market with. It allowed them to have a business plan ready to execute immediately when they had this decision made. We received very positive feedback on our work from the client and secured two further research opportunities with them. After these research projects were carried out we signed a 12 month retainer contract for outsourced marketing for 2018.

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