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Medical Market Research  

Last Updated: Nov 2, 2017 URL: http://med.cornell.libguides.com/market Print Guide RSS Updates

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Introduction

Determining the market size for your research/potential product is absolutely crucial in order to succesfully plan the scope of your work and is necessary when applying for grant or VC funding. However, this can sometimes be a frustrating, confusing, and time-consuming process. What follows is a very broad overview that should help get you started, but it is recommended to reach out to a librarian if you get lost in the weeds.

 

General Workflow

Though the details will differ, the following is a basic workflow in determining market size.

  • Market questions:
    • What is the market for new/existing devices?
    • What is the market forecast?
    • Who are the major players?
    • Is my device/procedure novel
  • Diagnosis/procedure questions:
    • How many procedures are done per year?
    • Where are they being conducted?
    • Who are getting these procedures done?
  • Insurance/billing/cost questions:
    • How are certain diagnoses/procedures coded?
    • How are certain diagnoses/procedures reimbursed?
    • How much do certain diagnoses/procedures cost?

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Drew Wright
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