The Ultimate Guide in Setting Up Market Research System in Health-Tech

How to effectively start market research in the health tech industry by defining objectives, crafting problem statements, selecting methods, identifying data collection sources, and setting clear timelines. This guide covers all the preliminary steps needed to lay a strong foundation for your research.

"Market Research it too text-booky, I am in the market for a decade, I am living research book" this is what the founder I met on the event claimed, few of my colleagues rolled their eyes. Its true that one cannot over look the real life experience, but one cannot out beat structured gold mine of market research.

Many 0 to 1 startup founders often overlook market research, but this critical step can make or break a venture, especially in health tech.

But Why do they skip it?
Limited resources—time, money, and manpower—are common culprits.



"In fact, a survey by CB Insights found that 42% of startups fail due to no market need, which is like building a spaceship to Mars only to realise you forgot the fuel."

Sudharsan Srinivasan
Operational Partner Pitchworks VC Studio

Overconfidence in their product’s success leads founders to assume it will naturally find its market, especially in health tech where patient needs, entire system issues and regulatory requirements are as complex as trying to perform brain surgery with a butter knife. Additionally, the pressure to launch quickly and the belief in their own intuition further contribute to this oversight. Yet, thorough market research in health tech could be the key to transforming a startup's vision into a life-saving reality, instead of a medical mishap waiting to happen.

Example of Market Research working

Innovaccer, founded by Abhinav Shashank in 2014, focuses on improving healthcare delivery through data-driven insights and interoperability solutions. Before launching their platform, Innovaccer conducted extensive market research to understand the challenges faced by healthcare organizations and the potential for innovation in healthcare IT.


Identifying Pain Points: Innovaccer surveyed healthcare providers to understand their difficulties with data integration, care coordination, and patient engagement. They found widespread frustration with siloed systems and inefficient workflows.

Competitive Analysis: Analyzed competitors offering similar solutions in healthcare analytics and interoperability. Identified gaps in comprehensive data aggregation, real-time analytics, and actionable insights.

Regulatory Compliance: Ensured their platform complied with HIPAA and other healthcare data privacy regulations. This compliance was crucial to gaining trust from healthcare providers wary of data security issues.

Customer Validation: Conducted pilot programs with several healthcare organizations to validate the platform's effectiveness in improving care outcomes and operational efficiency. Gathered feedback to refine features and user interface.

1. The Ultimate Guide
in Setting Up Market
Research System in
Health-Tech
Pitchworks VC Studio’s
Gokul Rangarajan
Sudharsan Srinivasan

2. Building Great Health-Tech
Startup from 0 to 1 is hard HARD
AS YOU KNOW...

3. Market Research Is the
Most
That E
ImportantDriver
nsures
Product-Market Fit
and it’s very evident that

4. Ran Poliakine

Founder of Nanox
Nanox conducted extensive market research to identify global disparities
in medical imaging access and costs. They analysed healthcare market
trends and needs, focusing on scalable and affordable solutions. Insights
from their market research guided the development of the Nanox.ARC
the digital X-ray system, aimed at democratising access to diagnostic
imaging worldwide.
Result of which Nanox secured a partnership with SK Telecom and
raised $110 million in their IPO in 2020. Their success is grounded in
targeted market research, which identified unmet needs and shaped
their disruptive technology, positioning Nanox as a promising player in
the medical imaging market.

5. Abhinav Shashank

Innovaccer
Before launching their platform, Innovaccer conducted extensive market
research to understand the challenges faced by healthcare
organisations and the potential for innovation in healthcare IT.
Conducted pilot programs with several healthcare organisations to
validate the platform's effectiveness in improving care outcomes and
operational efficiency. Gathered feedback to refine features and user
interface.
Innovaccer's platform integrates data from disparate sources, providing
a unified view of patient information and operational insights, which has
proven critical in improving care coordination and outcomes
Raised significant funding rounds totalling over $225 million, indicating
investor confidence in their technology and market potential.

6. “For health tech startups, market research is not optional. It’s
the foundation upon which viable, effective, and user-friendly
products are built”
John Nosta
President of Nostalab
Advisory Board / Google Health .

7. Rasu Shrestha,
Chief Innovation and Commercialization Officer
Atrium Health
“Market research in health tech is crucial because it uncovers
the true pain points and needs of patients and providers.
Without it, startups are just shooting in the dark”

8. Gridges the gap between Founder / Product Owners
and customers, ensuring products meet real needs and
build strong connections.
Market Intelligence Goal

9. THE ULTIMATE Health-tech
Market Intelligence Playbook
1
Foundations
2 Define Research Objective 3 2
Pitchworks VC Studio’s

10. Market Research
Foundations
Define Research Objective
Industry | Market Overview & Size

Analyse
Competitive Analysis 

Market Segmentation

Understand your Various Buyer persona 

Understand your User 

Pricing & Positioning 

List of Accounts and Persona to initial pilots

11. Define Research Objective
Write Down Problem & Scope
List the Research Questions
Choose Methodology
Choose the Data source

12. Define Research Objective
Timeline for the Research Project ?

13. Define Research Objective
Resources I can invest for the research project ?

14. Define Research Objective
Tool stack for research data collection and organising

15. Define Research Objective
What Type of research do you want to do ?

16. Define Research Objective
One primary goal of this research ?

17. Define Research Objective
What are the research methodologies you are gonna adapt ?

18. Define Research Objective
What is the geographic scope of this research ?

19. Define Research Objective
Is there any socioeconomic group you want to understand?

20. Is there any specific age group you want to research on ?

Define Research Objective

21. Define Research Objective
Which sector of Health-Tech do you want to research on ?

22. Example Scope
We have timeline and and access to , and
calls with for a research in
Research demographics : n the age group of
and in C and from to
The research is based need to know various ,
One of the primary goal of the research is
We are gonna use the following Tool stack: Google Sheet, forms, Chat Gpt-3, Similar web, legal zoo, User Testing,
Statista, Gartner, g2crowd, Capterra

for
6 months 1 leader Marketer, 2 Market research analysts top research report
subject matter expert Mental-Health.


US, India i teenager , adults to middle aged adult group (13- 55 years)
orporate Employee upper working class upper upper class group.


Mental Health Solution segment buyer capacity, 

finding new opportunities, find risk in go to market, pricing 


MarketreportsUser Interviews, buyer Survey, Focus Group

23. Example Scope
We have timeline and and access to , and 5 call with
for a research in
Research demographics : n the age group of
and in C and from to
The research is based need to know various ,
One of the primary goal of the research is
We are gonna use the following Tool stack: Google Sheet, forms, Chat Gpt-3, Similar web, legal zoo, User Testing,
Statista, Gartner, g2crowd, Capterra

for
We are also going to heavily rely on to make
3 months 1 leader Market top research report subject matter
expert for health tech IT.


US, India i adults to middle aged adult group (23- 55 years)
orporate Employee upper Middle class upper upper class group.


Professional Service Automation tool segment buyer capacity, 

finding new opportunities, find risk in go to market, pricing. 


MarketreportsUser Interviews, buyer Survey, Focus Group


competitor analysis critical decision.

24. Define Research Objective
Re-estimate the timeline and Budget
________________ Timeline in months.

________________ in Resource cost.
________________ in Tool stack Budget.
________________ in user Incentivisation budget.
________________ in Subject Matter expert budget.
________________ in Reports cost
________________ in Total budget

25. Download the QuestionsDownload the Questions
Print the questions
https://www.slideshare.net/slideshow/health-tech-
market-intelligence-prelim-questions/269721784
Use the google forms
https://docs.google.com/forms/d/1Kffx-
u_rdH_uvt8oLXXiQeRXuewCfTHrTNBw7
kmN9uM/edit

26. Fill the Form and Get our Support
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27. The Ultimate
Health-Tech Market
Intelligence Playbook
Pitchworks VC Studio’s
Gokul Rangarajan
Sudharsan Srinivasan
Coming Soon ....

28. Thank You
VC Studio | Corporate Innovation