During the feasibility study the main goal was to validate the commercial feasibility of the Sleepiz solution. A market analysis, cost-benefit benchmarking, and value chain stakeholder outreach was conducted.
In the market analysis, the customer need could be validated in a clinical segment and the most important customer groups were narrowed down. Meetings with key opinion leaders enabled better insights into the product’s acceptance, definition of core requirements, and forging of new customer relations. Henceforth medical users for phase 2 trials were recruited. Based on the findings in the market surveys, the financial projections for funding requirements and revenue estimates were updated.
In the cost-benefit benchmarking, the solution was benchmarked for cost and time of conducting a diagnosis. The findings indicate that Sleepiz provides an efficiency improvement of 2x to 3x over competitors across Europe – while reducing the likelihood of measurement failure during the night. In addition, competing solutions have a much higher cost of ownership due to the labour-intensive set-up and data analysis. Due to the inherent time and cost savings with Sleepiz’s solution, the number of screenings could be increased by 2 to 3 times if rolled out in Europe, lowering the associated economic burden of undiagnosed sleep apnea, arising from comorbidities, productivity loss, and accidents, by 50% across Europe. To highlight these benefits, Sleepiz will produce more scientific publications in 2019.
In the stakeholder outreach, Sleepiz managed to conclude partnerships with medical device manufacturers, key component suppliers, and began talks with distributors and health insurers. Over the last year, Sleepiz has established over 20 partnerships with clinics, research institutions, suppliers and customers in eight different countries across Europe. Through thorough technological surveys, a detailed cost mapping was completed, and production cost could be accurately estimated for different volumes, validating the economical pricing policy of the solution.
The feasibility study enabled deeper insight into the market and led to the adjustment of several hypothesis. During the market analysis a more comprehensive market application potential came to light – highlighting the strong need and demand for our high-impact solution.
