A major medical diagnostics vendor was interested in moving its focus beyond the testing and screening market and into a diversified set of offerings along the patient care continuum.
The Beacon Group (Beacon) was tasked with defining potential adjacent markets (for both product and service offerings), sizing the global market opportunity, evaluating growth potential, understanding the customer requirements within each market segment, assessing competitor positioning, and providing entry strategies.
To define the market and evaluate opportunities, Beacon used its primary research capability as a starting point. Beacon spoke with over 350 competitors, customers, analysts, and industry association sources and customer interviews to serve as a starting point for its assessment. Beacon used this data in concert with weekly client briefings to clearly identify attractive segments, collect client buy-in, and build towards a strategy. Beacon evaluated opportunities both upstream and downstream in the care continuum looking at both product-based offerings and service models to drive both revenue and loyalty across the different market segments studied.
Beacon provided its client with an analysis of current and future market segments across the care-continuum, opportunities to expand beyond its current testing and screening market, areas of particular customer interest and unmet need, as well as several potential paths to market entry.
Beacon's strategy balanced the client need for near-term revenue to balance long-term payout. As a result, Beacon offered a strategy organized by timeline with key milestones to hit prior to triggering the next phase of market entry. Included in the analysis were also multiple business development options for consideration as Beacon's client progressed with its strategy.