Market Research Plan
This business idea fits in the risky opportunity supply and demand quadrant. Such is the case because the paper-based sensor patch is an innovative product and potential buyers are unaware that it exists or that they need it. Hence, marketing is necessary to publicize it and increase is demand.
Description of the Industry
The paper-based sensor patch belongs to the wearable technology and biotechnology industries. It is a device that works wirelessly and performs a medical function. The technology is designed to help deal with limitations in the human body pertaining to diabetes control. Particularly, the paper-based sensor patch monitor tracks blood sugar levels during physical activity.
The Current Market
The current market of the paper-based sensor patch is diabetic individuals that engage in physical activity. The paper-based sensor patch can be fitted in the right areas to monitor insulin levels during physical activity, thus helping manage diabetes.
The Anticipated Future Market Potential
The anticipated future market potential of the paper-based sensor patch is quite large. The overall market of these patches could be millions of dollars because the paper-based sensor patch will be a valuable tool for improving efficiency in diabetes management worldwide (Kakhi et al., 2022). The device addresses a market gap, making it a promising product.
The industry trends of the paper-based sensor patch align with the trends of wearable technology and insulin monitors. The main trend is to incorporate the paper-based sensor patch into other products such as watches, shoes, and phones that are used in everyday life.
The Level of Competition
The competition level for the paper-based sensor patch is large since many companies will be working to produce a comparable device. The most prominent company in this industry is the Boston Scientific Corporation, responsible for producing the Bio-Sensor Patch. This firm produces over 6 billion dollars’ worth of healthcare products each year.
Potential Customers and Clients
The potential customers and clients of the paper-based sensor patch are individuals with diabetes that engage in physical activity. This includes athletes or ordinary individuals that work out regularly.
The target audience of the paper-based sensor patch is the public and private sectors. It must be easy and, therefore, appealing to reach the target audience and convince them to use your product. The paper-based sensor patch appeals to young adults and senior citizens since it considers their physical limitations.
The market size of the paper-based sensor patch is sizeable. As of 2019, it is estimated that nearly 4 billion people worldwide are active in various sports and physical activities (Kakhi et al., 2022). A considerable portion of them could have diabetes, which makes the market significantly large.
The Problem That Needs to Be Solved
The problem that needs to be solved by the paper-based sensor patch is the difficulty of monitoring glucose during exercise. Although there are devices in the market that perform this role, most of them are inefficient for various reasons.
The Outcome That the Target Audience Wants
The outcome that the target audience of the paper-based sensor patch wants is an efficient insulin monitoring device during exercise. Additionally, they want a cool, convenient, and cheap device.
Barriers to Achieving This
The biggest barrier is the cost of the paper-based sensor patch cost. Integrating this technology into a smartwatch is costly since it must be durable enough to withstand everyday wear and tear. This means that the paper-based sensor patch is not affordable to the public, so they are unwilling to pay more.
The possible available solutions for people who see the paper-based sensor patch as expensive are reducing the cost of the paper-based sensor patch, furthering its development to be more economical, and pursuing other applications which are inexpensive. Because of the high costs associated with this technology, it is not being developed for other industries to be able to lower its cost.
The sales projections of the paper-based sensor patch are significantly large as it addresses a considerable market gap. Its efficiency, convenience, and cost will endear it to potential customers, resulting in revenues of millions of dollars annually.
Summary of the Findings
Findings indicate that the paper-based sensor patch is a viable product for the healthcare industry. Healthcare is also a high-growth industry with demand for technological advancements that can help people live longer, healthier lives. According to a poll taken among healthcare workers, nearly 50% believed that a paper-based sensor patch would benefit patients and their families since it would help them stay active (Kakhi et al., 2022). Additionally, the paper-based sensor patch is a new product in the market, which means that it has a better chance of success.