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Concept Testing and Price Evaluation

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

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

    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)
    Project Outcomes

    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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