Olivia Drexler

Market Analysis

Problem Statement

Our company is attempting to break into the RPM market with our new RPM glucose monitor product. The RPM and medical technology market is highly competitive, making it difficult to break into. Established competitors primarily compete on brand recognition and hardware performance, leaving opportunity for differentiation through comfort, usability, and reimbursement integration. However, this is a rapidly developing space in a growing market. Within the US approximately 12% of the population is diabetic with the frequency of diabetes is projected to rise by 54% in the coming years. It is important to break into this market now, establish our reputation with current users and adopters, and capitalize on the expected growth of the industry. We surveyed current users of RPM glucose monitors to understand what was most important to them when it came to their medical devices and what would make our product more competitive within the space.

Proposed solution

Based on the data provided by current users of RPM glucose monitors, customers indicated that they prioritized comfortability, usability of the app, and insurance coverage for the device.  In prioritizing the comfortability of the device we recommend the development of a device that has a transmitter embedded in the sensor. This eliminates the need for adhesives and a secondary piece of tech that is worn externally, which are often a source of complaint from customers. Through embedded technology we can reduce customer loss, and we can acquire our customers who previously abandoned our competitor’s device due to wearability issues.

Insurance coverage is often cited as an issue with the device since insurance companies do not always cover RPM technology. However, we can be ensure coverage by partnering with medical insurance companies to guarantee billing compliance support, documentation compliance, and other details that would make sure the device is covered by insurance. Through insurance coverage we can decrease the cost to the customer, without compromising the cost of the product. This would make our product more accessible to customers, increase adoption rate, and stabilize recurring reimbursement revenue.

Usability of the app is an important aspect that we need to guarantee for this product, as surveys indicate that clients are significantly more likely to abandon the device for competing products. Ensuring that customers across multiple demographics find the app easy to use is key to maintaining customer retention, and generation of potential customers. As future customers are more likely to adopt the technology based on current users experience. 

Value

By aligning product development with values identified by current adopters, our company can increase retention rates, reduce customer acquisition costs through positive word-of-mouth, and strengthen its competitive positioning in payer negotiations. Sustained usability and comfort advantages support recurring revenue stability.

Final Thoughts

To promote our product successfully and differentiate ourselves from our competitors we should invest in users priorities. By stressing the imbedded technology, insurance coverage opportunities and usability of the app we can safeguard customer retention and grow our own customer base, protecting our margins and ensuring profitability. Ultimately investing in user experiences and values will ultimately be what sets us apart from the competition and give us an edge in the market space.