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.
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?