Market Study for Innovative Diabetes Product
Why a New Insulin Device?
Diabetes already impacts millions of lives, often severely. As the number of patients grows, self-management is becoming increasingly important. A Swiss company has developed an innovative, intelligent insulin pen cap to keep track of timing and dosing, and also to monitor administration. This so-called SmartCap fits all major disposable pens. The data it collects can be transferred to smartphones and tablets. Vintura was engaged to ask diabetes patient organizations, physicians, and nurses in target markets for their opinion of the device and alternative treatment practices, so that the client could improve product features and its proposition.
Market Survey Addresses Key Questions
Since our client wanted to out-license the SmartCap, it needed to understand acceptance and market opportunities in Germany, France, the Benelux, and North America. Our market survey therefore addressed four key questions.
- What unmet needs in current diabetes treatment practices are relevant to SmartCap?
- What are its “nice-to-have” versus “must-have” product features, and how do these compare with the competition?
- What is the potential for acceptance and adoption of the product by patients and physicians?
- What are realistic estimates for the price level and market potential of SmartCap?
We used a standard questionnaire and telephone interviews to collect the answers.
Evaluation Fuels Product and Proposition Improvements
In all, more than 40 interviews were conducted in order to gain a thorough insight into the responses to each of these questions. These provided the client with a clear idea where to go next in:
- optimizing product features;
- further market engagement to research price points for different scenarios;
- sizing up market opportunities; and,
- checking interest with potential future partners.