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Concept Testing and Price Evaluation

A global medical technology company that manufactures and sells a broad range of medical imaging, information technology, medical diagnostics and therapeutic devices.

The Client

  • A global medical technology company that manufactures and sells a broad range of medical imaging, information technology, medical diagnostics and therapeutic devices

The Challenge

  • The client has developed a wireless handheld ultrasound system that can be connected to a phone/tablet to display the scan. They wanted to understand the market landscape of handheld ultrasound devices (brand awareness, usage, etc.). The client also wished to evaluate the need of a wireless handheld ultrasound and capture the willingness to pay for the concept.

Our Approach

  • Primary quantitative research – A structured questionnaire was developed with feedback from the client.
  • The survey was administered to non users and users of handheld ultrasound (GP, Intensivist, Emergency/Internal medicine, Urologists etc)

The Objectives

  • To understand the market landscape of handheld ultrasound devices :
    1. – Study usage dynamics and reimbursement of handheld ultrasound devices
    2. – Understand brand awareness/usage of different brands of handheld ultrasound
    3. – Evaluate brand considerations for future purchases
  • To understand the ideal concept offering with the most acceptable pricing :
    1. – Understand customer interest in the original and advanced offering of the product
    2. – Understand the optimal price points of the product for two offerings – original (probe and basic software) and advanced (probe and advanced software) along with understanding the preferred mode of payment – onetime upfront and annual subscription (3 years minimum)

Solution/Outcome

  • Customer opinion of the client’s wireless handheld ultrasound device was captured. The optimal price for both the offerings (original/advanced) and payment preferences (one time upfront/annual subscription) were identified.
  • The factors affecting product selection and willingness to pay extra for additional features and services were conveyed to the client. The client had a complete picture of the ideal offering (features expected from key stakeholders) and the pricing for each of the target markets.

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