To evaluate market readiness, look at whether there is already a market for your product or service. If you have to create a market, it may be too early.
Where does your product or service fit in existing systems and can those systems be changed? For example, consider the full lifecycle of the medical procedure where a biomedical product would be used. Your medical device may solve a small problem in treating a particular illness, but does it fit into the full protocol for the treatment? Will it change the standard of care?
If you are joining an existing market, get to know your competitors well. Don’t give up just because you discover someone else is already addressing the problem. Is yours more scalable to the size of the market at a more reasonable price?
Fully understand that in medical and healthcare, there are often multiple parties/stakeholders. Be sure to research the needs and interest of each group. Will you be able to produce the product or deliver the service for what they are willing to pay?
If all research looks favorable but you need far more resources than you could access, consider whether it is better to license the product to a bigger company that already has the business resources and testing ability needed to make sure it succeeds. This is common for pharmacological products.
Consider your potential to meet market demand and compare it to the initial market size vs. adjacent or “follow-on” markets, which are ones that may be interested after you succeed with the initial market. How large of a follow-on or adjacent market are you prepared to manage if your product takes off? Some businesses have failed from being unable to scale up to meet demand.
Know your customer and other stakeholders well. Differentiate and consider the needs and interests of the different stakeholders: influencer, economic buyer, user.
Consider product label requirements before you do clinical trials. If you hope to make claims of product efficacy later, you must gather the data during your pre-clinical and clinical trial research phases using instruments that will be accepted as valid.