PatentPremier, an online platform enabling comparison of healthcare providers in the USA. They needed a Market Research and healthcare competitor analysis in order to see their competition and identify its own USP.
We divided the competition into direct competitors. First, companies who have to offer the same service and target the same market and indirect competitors. And companies that offer a similar service but differentiated by some key distinctive feature, or a different target audience. We identified several direct as well as indirect competitors and analyzed their services, pricing, market coverage, financials, advantages as well as disadvantages. Based on the analysis we derived several conclusions about the market.
The client also developed
a dynamic survey platform which will be initially focused on Pain Management. It will enable the patients to select medicines from a searchable list and keep a diary of their pain entries. Logging in information on a frequent basis will also assist the professionals to keep track of the prescribed opioids, prior history, current prescription habits etc. and see if the medication is helping or not if the symptoms are side effects or problems with the medication. A market research is required in order to see the current situation on the market.
In the research we covered the following subjects:
- Market size, current trends, upcoming pain medication trends
- Competition (other platforms/applications offering similar services)
- Potential customers
- Anesthesiologists – practicing pain medicine
- Physical medicine and rehabilitation (pm&r) physicians
- Others – people who practice pain medicine within any background such as psychiatrists, neurologists etc.
- Pharmaceuticals (track symptoms and side effects of new coming medications)
- New pain management medications that are coming out in the next few years
- An idea of the potential new marketing for pain medications