Potential market

SECTION I: The product

 

1a The innovation potential of this product is related to: 

 

  • Technology-driven innovation (under the influence of the development of science – the market is not ready for the product)
  • Market-driven innovation (as a result of market surveys, the market expects the product)
  • Replacement of existing product
  • Product related to cost reduction
  • Radical new product
  • Other, what…
The R&D result was an outcome of a PhD dissertation conducted at the Laboratory of Medical Informatics of Aristotle University of Thessaloniki. It is related to the use of existing techniques to a certain domain in a novel way, as well as the development of new techniques. More specifically, research objective that led to the development of the specific R&D result was the integration of existing semantic and web techniques for accessing and managing data derived from different biosignal recording environments, in an interoperable and comprehensive format, so that the user will be able to perform content based search.

 

1b What added value for end-users does the product hold?
• higher quality
• Better technical characteristics
• Other …
ROISES holds significant added value to end users as 

-          it integrates information from different bio-signal databases and allows retrieval, management and combined analysis of heterogeneous ECG storage formats

-          it is addressed to different target groups in terms of functionality, such as medical researchers, who are interested in the evolution of ECG parameter values constrained by specific criteria, or students of medicine, who seek exemplary annotated ECGs for practice in the identification of the structural and pathophysiologic abnormalities recognized in ECG patterns.

-          Its architecture supports the inclusion of more databases for more complicated searches and combined analyses.

1c What is the Unique Sales Proposition of the potential product?
ROISES (Research Oriented Integration System for ECG Signals) is a system developed for complex content based queries against the diverse bio-signal data sources. It is a tool that allows a) aggregated management of the various diverse and heterogeneous ECG storage formats and b) content based unified query expression on diverse and heterogeneous bio-signal sources, focusing especially on cardiological data.

 

SECTION 2: The Market

 

2a What is the target market for the product?  

National ¨

European ¨

Global x

Please describe the characteristics of your target market.

ROISES is targeted to the global market and more specifically, to the following groups 

a)     Hospitals and clinics as a clinical assessment tool for their practitioners, but even to individual doctors, as a tool that facilitates medical diagnosis and treatment

b)     Research institutes of pharmaceutics and medicine, clinical trials, medical, biomedical researchers. The product can be also useful to socioeconomic researchers that can find relations between biosignal trends and certain types of behaviors, diseases, medicines etc.

c)      Universities and university research laboratories for educational purposes.

Finally, it should be noted that the size and breadth of the target market is also associated to the number and type of relational databases that can connect to the existing ones through ROISES, as the developed framework can easily extend to a wider domain than cardiology, e.g. including sleep and other disorders, as well as other biosignals.

 

2b How the product is characterized from the following options? Number of companies producing similar products in the field. 

• Base – applied by all companies in the industry

• Leading – applied by a single or limited number of competitive companies

• Key –at a development stage, but has already proven its potential

The R&D result can be characterized as leading. There have been efforts to concentrate well characterized physiological data sets and related open-source software (e.g. PhysioNET). Typically, each resource provides a frontend to their own data exclusively, which can be employed for data querying. Yet, these resources lack the ability for integration of diverse resources, and transparent management of the content and context via a common format/ontology. 

Besides that, there have been developed a number of free or fee-based medical databases, providing summaries of evidence, practice guidelines, articles, case studies, trials and reviews that have the same purpose as ROISES and they are addressed to the same target audience. Yet, their offering content differs to that of ROISES (i.e. they do not include bio-signal data).

 

2c What type of market demand will be satisfied? 

• Existing demand – the market is already developed

• hidden (latent) demand – the market has yet to be developed

The product will satisfy a hidden demand. Although numerous databases with medical data exist, only few of them deal with biosignal data as there is still little awareness about the research horizons that the study of bio-signals can reach.

2d What is the current stage of the product’s market life cycle? 

• Implementation, implementation in production (leading to a radically new product offers)

• Growth (rapid spread within the industry or outside it)

• maturity (parameters of the technical characteristics of manufactured products reached their maximum, higher-grade products can be manufactured on the basis of technological substitution)

The product is at the stage of implementation. As it has been mentioned earlier, commercial opportunities from its application have not been fully revealed. Its spread in the market is linked with the popularity in the use of electrocardiography data for a number of cases.

2e Strategic partnerships (existing or potential).
For the development of the specific R&D result, the Laboratory of Medical Informatics collaborated with the first clinic of cardiology of AHEPA hospital, and more specifically with the Cardiac Catheterization Lab. In addition, the research team collaborated with the openECG project, an initiative for the standardization of electrocardiographs. 

Regarding potential strategic partnerships, these include primarily the collaboration with health organizations and institutes that would like to ensure the provision of more accurate and more appropriate formats of the available open data on bio-signals.

SECTION 3: The Competition

3a What is the competition within your target market?
Existing competition involves research institutes that have developed ways to retrieve and comparatively examine bio-signal data with various formats. In addition, potential competitors can be a) large publishing companies that have developed fee-based medical databases and b) IT companies that employ semantic web technologies for linking open data. 

Scientific and medical databases already exist in the market, with some of them being very popular among doctors and medical researchers (eg. DynaMed from EBSCOhost, EMBASE, the Cochrane Library, Best Health and Best Practice from BMJ Evidence Center etc), however, so far there is not any integrated database that includes biosignal data. These databases either require a subscription or they can be accessed free through funded provisions (i.e. through University subscriptions for students) or, in a few cases, they are free (e.g. BioMedSearch).

3b What competitive advantages will the introduction of the new product ensue? 

• lower prices based on lower production costs

• product differentiation (uniqueness of the product proposal)

Given that the market is not yet developed and that there is no information, neither about the pricing nor about the properties of the specific product/service from competitors, it is difficult to position this R&D result against others.

 

3c Potential products relate to the following price range: 

• High price range

• Average price range

• Low price range

The product will be most probably marketed in the form of yearly subscriptions to universities and clinics. The members of these institutions (students, doctors, researchers) will have on line access to the data provided. However, considering that the R&D result is exploiting/using data that are open and available to the public, the product should be marketed at a relatively lower price range, than most of the marketed databases. Increases in the price range will be related to the enrichment of the databases incorporated.

 

 

3d Potential products will be marketed: 

• To regulated markets (e.g. heat supply, water supply, universal telecommunication services, agricultural products, fishing industry, architectural services)

• To markets operating on the principle of free negotiation between agents on the market

The product is addressed to markets operating on the principle of free negotiation between agents. It should be noted that as in the case of most medical databases that offer evidence summaries and medical data, the names of the patients are not visible.

 

 

SECTION 4: Indicators

 

Estimated cost of the new products yearly subscription: a) for individuals 75€ and b) institutional or large group subscriptions 1.200€-4.000€
Expected market volume (potential / maximum number of users) 5.000 individual subscribers 

100-500 institutional or large group subscriptions

Expected sales volume 60%
Expected market share of the company (proportion between sales and total company sales in the relevant market) -

 

KEYWORDS QUANTITATIVE ASSESSMENT (0-5).

 

Please put X as appropriate. 1 2 3 4 5
Added-value potential X
Size of future market demand X
Competitive positioning of the product X

 

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