Expanding Medical Thermography Solutions in the European Market
We are proud to share the remarkable success of our collaboration with Thermal Imager. Thermal Imager project comprises two primary entities, a hardware manufacturer specializing in thermal cameras (TBS 300) for infrared radiation detection and medical diagnostics, and a software development IRVision.
Our mission was to help Thermal Imager explore the potential of thermal imaging in the medical field and determine the most promising segments for market entry in Europe.
Income team conducted an in-depth analysis, covering four key blocks of work:
Block 1: Identifying Potential Segments
Our journey began with thorough research, analyzing numerous scientific publications to identify the most promising medical segments for thermal imaging. We identified five key areas where Thermal Imager's technology could revolutionize medical diagnostics. After further evaluation, we determined the top three priorities: Breast Cancer Diagnosis, Diabetic Foot Diagnosis, and Allergy Diagnostics.
For each selected niche, we developed a strong product positioning, considering Problem/Solution Fit, Unique Selling Propositions, and Product Market Fit.
Block 2: Evaluating Existing Solutions and Competitors in Europe
To ensure Thermal Imager's success, we further investigated our top three niches. We conducted a comprehensive analysis of competitors and existing solutions, including direct competitors offering thermal imaging solutions and alternative technologies applicable for each segment.
Block 3: Identifying Strategic Partnerships in Europe
Strategic alliances are vital to success, and we were committed to finding the perfect fit for Thermal Imager. We compiled a list of potential partners, including companies experienced in mergers and acquisitions, as well as those specializing in thermal imaging and infrared camera development. Collaborative opportunities with scientific associations and funding agencies were also explored.
Block 4: Determining Priority European Countries
To focus our efforts, we carefully analyzed six essential criteria to identify priority European countries: • Number of clinics utilizing thermal imaging technology. • Government healthcare expenditure as a percentage of GDP per capita. • Number of competitors in each market. • Prevalence of the target diseases. • Clinical recommendations and guidelines for thermal imaging. • Potential number of partners in each country.
Based on this analysis we identified the top five European countries for market entry.
Additionally, we provided valuable information on thermal imaging-related exhibitions until the end of 2023. We presented key insights, recommendations, and strategic alternatives to guide Thermal Imager's market entry.
Overall, we achieved significant milestones:
Proved the viability of thermal imaging technology and identified the target niches - Breast Cancer Diagnosis, Diabetic Foot Diagnosis, and Allergy Diagnostics.
Identified the top five priority European countries for market entry.
Unveiled potential clients, including specialized centers, diagnostic research centers, and both public and private clinics.
Despite initial skepticism about market viability, our comprehensive research and data-driven approach successfully demonstrated the thriving potential of thermal imaging in Europe's medical landscape. Armed with valuable insights and strategic recommendations, Thermal Imager is now well-equipped to harness this potential and make a significant impact in revolutionizing medical diagnostics in Europe.
With the groundwork laid for success, we are excited to witness Thermal Imager's journey towards becoming a prominent player in the dynamic and ever-changing field of medical diagnostics!
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