Market Assessment

Identify the commercial potential of your product by understanding market and customer dynamics, as well as forecast your sales by evaluating the size of the existing and potential market opportunity.

Assessing the market helps you to understand the need and demand for your product and forecast its revenue potential.

Start by identifying the target market to assess the dynamics, buying behaviours, competitive landscape, market gaps, pricing and willingness to pay.

Make sure you include market research and data from robust sources; the more data-driven your assessment is, the more likely you are to get a robust basis for your market model.

Once you gathered the necessary data and insights it’s time to build your market model. Excel is a good tool to use and makes it easy to project over time. Choosing the foundation for your model structure is important and the availability of data plays a key role. It can be epidemiology, frequency of diagnosis and/ or intervention or current market value. Once this foundation is in place, estimate the expected growth rate, the market share you think you can achieve and how it grows with the adoption of your product and the price. This will give you a revenue figure for each year in the forecast. Typically all the model variables will need their own growth rate with documentation of the assumptions.