For Wireless Insulin Delivery Pump
Define a relevant market and determine the market size serve as the foundation to most companies when introducing new products or services. This paper presents some simple techniques and describes the process of determining the potential market size in Canada for a new medical device, called Bolus Wizard- a wireless insulin delivery pump. The product: Bolus Wizard-Wireless Insulin Delivery Pump
An insulin dosage calculator, known as the Bolus Wizard, performs the "diabetes math" for patients. It calculates the proper amount of insulin needed to normalize a patient's blood sugar level, based upon information entered by the user. Once the calculator suggests a dosage, the user presses a few buttons to accept the pump's recommendation to begin insulin delivery. Diabetes patients using the new wireless system will no longer have to mentally calculate the amount of insulin they need. In this new system, the Paradigm link blood glucose monitor uses wireless technology to automatically transmit a blood sugar reading to the Paradigm 512 insulin pump. The product was approved by FDA in the U.S by 2004. The market definition
Bolus Wizard intends to sell in Canada and a secondary research method is used to define the target market and audiences of this product. For instant, resources provided by Health Canada, Canadian Diabetes Association, and Medical and Healthcare Marketplace Guide are used to determine overall diabetes profile and related medical treatment devices in Canada. Search through Industry Canada with NAICS code is also used to determine the industry profiles and analyze competitor companies (Please see Appendix 1 for a list of secondary resources). Based on this basic research, most of the insulin today in Canada is available in injectable form through syringes, pump and pens. However, the inaccuracy and the inconveniences of most of these devices are driving pharmaceutical companies to discover other models of insulin delivery. Bolus Wizard with its unique wireless technology will not only fill in the gap in the current insulin delivery market, but also fulfill the needs for current Canadian diabetes patients with benefits of accuracy, efficiency, portability and convenience in insulin delivery. Since the product has high price range in terms of technology application and production, selling through third party distributors such as doctors’ recommendation tend to be the best way to get it on market. The product will target on Atlantic Canada as the first entry market for three reasons. First, according to the Public Health Agency of Canada, Atlantic region has the highest diabetes population among Canada and appears to be increasing more rapidly in recent years. Second, there are fewer competitors in the region that carry insulin delivery medical device. Third, hospitals, clinics and nonprofit organizations within the region are highly motivated to assisting diabetes patients. These factors will provide Bolus Wizard with opportunity in terms of sales volume, increase brand awareness and easy to contract with third party distributors. Determining the market size (please also see Appendix II for list of sources used) Before making a significant investment in pursuing the Bolus Wizard to the market, it is necessary to determining the size of the potential market and the market share of this business could achieve. The method helps to estimating market size is based on decomposing the larger "market size" problem into smaller problems, and building the results of these smaller problems into the market size. It is focused on the size of the market in terms of number of customers, rather the dollars. This approach is indicated as following equation: Market size = maximum number of buyers in Atlantic Canada who has diabetes x quantity purchased by an average buyer in the market per year x price of an average unit First of all, both E-Stats on Statistic...