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Biodesign by Paul Yock, Josh Makower, Stefanos Zenios

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2.4 Market Analysis

Introduction
Not all needs are created equal. Without a compelling, accessible market to support them, even the seemingly most important needs are unlikely to be solved. For better or worse, the number and characteristics of the people in the target market, their ability and willingness to pay, and the presence and nature of competition in the field all directly affect the financial viability of pursuing a particular need and the innovator’s ability to successfully commercialize a solution.
Market analysis focuses on the systematic examination of these issues. By estimating the total potential market size associated with the need (measured in terms of revenue), an innovator can determine how many resources can realistically ...

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