Market analysis
Understand your target market to make the right decisions
For more than 30 years, our specialized team has been supporting private and public sector players in carrying out qualitative and quantitative market analyses on any type of product or service, whether established or new, and on numerous geographies.
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The key success factors of a market analysis
A market analysis is necessary to assess the market potential, or future sales, of a new product or service. It is one of the key elements of the business plan, and consequently of development financing. Conducting a market analysis requires an in-depth understanding of the product/service and its ecosystem, and a sound methodological framework. There are a number of key success factors for carrying out quality market analysis, three essential factors being:
The first criterion for data relevance is accuracy: the aim is to estimate the market for a specific product or service in a reliable way by going further than generic market data published by poorly controlled sources. If we start with generic data, a top-down approach is often too crude and should be complemented by a much more precise bottom-up approach.
The second criterion of data relevance is linked to the very origin of the insights gathered. Obviously, to estimate demand for a given product or service, we first need to identify who the customers are. But who exactly does the term customer refer to? Users, prescribers, influencers, buyers, decision-makers… all these people can be different, and each can have an impact on future sales! A good market study must therefore be based on a precise understanding of the “customers” involved and their respective expectations.
How can I assess my market potential? Who will make the buying decision?
The aim of market analysis is not only to quantify market potential, but also to understand its functioning and the actual expectations of its stakeholders. Knowing that 40% of target customers would be buyers is all well and good, but knowing why is even better! Analyzing the receptivity of the target audience in qualitative terms allows the company to identify the strengths or weaknesses of its offer, and then adapt its value proposition to maximize its impact. Furthermore, even if customer segmentation can be carried out using either a quantitative or qualitative approach, it is always best to characterize and enrich it with a qualitative analysis of customer expectations.
What aspects of my offer would be relevant to challenge? How can I tailor my offer and messages according to customer segments?
The scope of a market study must be broad, so as to understand the stakes of all companies in the value chain of the product/service under consideration, both upstream and downstream. Moreover, competitive research should not be limited to direct competitors, but should also consider indirect competitors and tomorrow’s competition, whether it comes from products under development by current competitors, disruptive technologies or newcomers. The impact of regulations and their potential evolution must also be taken into account in many markets. Finally, market research findings must include sectoral trends and global macro-trends, for added robustness.
To which competitors is it relevant to compare ourselves to? What launch window should be targeted, considering market trends?
How we support you in your market analysis
Alcimed carries out market studies for private, public or para-public actors, on any type of product or service, whether established or new, and on many geographies. We carry out exploration work for our clients aimed at analyzing, measuring and understanding the real functioning of a market, estimating its size and dynamics.
We thus investigate all available data and decipher market trends, in order to enable you to best position your company, products or services. An in-depth market study or a flash market study, a study of a pilot market or geographical clusters, barometer (periodic monitoring of key indicators of a market) or long-term market observation, we adapt our methods according to your stakes and needs.
What they say
"Alcimed has the capacity to provide answers accross the world thanks to multicultural teams in their own offices."
Renaud JONQUIERES
Sr Vice President R&D Portfolio and Open Innovation
"When you define a strategy, you don't have all the answers, and sometimes even not all the questions!"
Fabien DELAERE
Impact Valuation Director, Healthcare Department
"The Alcimed team has allowed us to structure the project appropriately, to plan it in the best possible way, and to make sure that every single step of the project was successful."
Federico Bianco
Head of the Special Care Unit
"We wanted to support our customers with charging infrastructure, so it was important for us to approach Alcimed to get an exploratory view of the market, and to find out where we should position ourselves in the value chain."
Laurent Javey
Services & Network Development Director, France
Examples of recent market analyses carried out for our clients
Market study: access strategy for the syringe market in China
We helped a leading pharmaceutical company to evaluate the potential of a start-up company that had developed a new offering based on a connected bracelet for fertility measurement.
To do so, we performed a due diligence of the targeted start-up, analyzing in particular the user experience and the medical interest perceived by gynecologists for their product.
Our project validated our client’s interest in investing in the start-up and highlighted improvements in the marketing and commercialization of the device.
Market analysis: market study at different geographical scales for an inter-professional committee
Support of an interprofessional committee in the characterization of the market of its members.
We have conducted several market studies aimed at characterizing all the markets targeted by the interprofessional members: mapping of clients, snapshot of their current issues and needs, analysis of key trends in these markets and prospective outlook. We have also carried out studies on a large scale (international comparison) and on a local scale, i.e. focused on French regions (Rhône-Alpes, Limousin, PACA, Grand Est…).
These studies have enabled our client and its members to adapt to the dynamic markets discovered and to be inspired to innovate in their practices.
Qualitative market study: establishment of a valorization strategy for a research institute
Support of a public research institute on the definition of its valorization strategy. After having segmented our client’s business activity into 36 areas of activity, Alcimed selected 14 strategic areas with high potential for economic valorization.
Following this work, we carried out 14 market studies (context elements, positioning on the value chain, identification of major principals and competing public institutes, ID cards of major competitors, market drivers and locks, maturity, SWOT analysis) in order to define a strategic framework for defining the institute’s economic valorization strategy: main partners and projects, typology of partners, key valorization information, major potential customers, target countries/areas, key offers to be put forward, key success factors and valorization pathways.
Market and receptivity analysis: launch of a solution on the 'Single-Pilot Aircrafts' market
For a client in the aeronautics industry, we conducted a market and receptivity study on the ‘Single-Pilot Aircrafts’ market with a view to using a new technology for aircraft command & control.
The objective of the study was to identify the most relevant use cases and to define the market viability of this technology. At the end of the project, we identified the two most promising segments and some partners who were motivated to work with our client on the deployment of its solution.
Market study : conducting a prospective study and a “win-game” exercise on the evolution of competition
Our team conducted a comprehensive market study to help a client in the healthcare industry with the preparation and facilitation of a prospective exercise regarding competition evolution by teams around the world. Our client was in a particularly competitive market environment and wished to project with its teams the evolution of their competitors in order to work now on action plans of differentiation and gain or maintain market share.
To do so, our team first analyzed the portfolios of the major competitors and their dynamics, then analyzed the other companies in the ecosystem, who could either develop specific solutions or technological bricks, or hold strong positions on a niche sub-segment of the market. We then analyzed potential new entrants, based on market trends.
With this market study, our team co-defined prospective scenarios with our client, in preparation for the facilitation of a global workshop in a “win-game” format, enabling the teams to be involved in identifying the strongest threats and defining actions to be implemented now to prepare for them proactively.
Market research and competitive analysis to prepare the launch of a new medical device in China
Our team supported a medical device player in preparing the launch of one of its products on the Chinese market. In order to finalize its launch roadmap, and to validate its market positioning, our client called on our team to conduct a market study on competing offers in China.
To do so, our team conducted an in-depth bibliographic review, complemented by interviews with buyers and users of medical devices such as our client’s, in order to gather their knowledge of the current market offering and their expectations with regards to a new solution entering the market.
Our market study enabled our client to refine the positioning of its product and finalize its targeting plan and launch sequence.
Market analysis: supporting a pharmaceutical company in its transition to a new value proposition
One of our clients, a player in the pharmaceutical industry, was looking to make a transition to a new value proposition likely to induce profound changes in its commercial functions.
We helped them broaden and challenge their current vision by exploring the models of other companies, notably through a comparative competitive analysis and sharing of experiences, and by analyzing the needs and expectations of their customers.
Our team organized several workshops with our client’s teams in order to produce a complete set of specifications for the future business and the associated roadmap for the upcoming transition.
Market analysis and receptivity study for the launch of a new Managed Security Services (MSS) offer in the cybersecurity market
We helped a cybersecurity client with the first SPRINT of a hybrid project. In order to refine its new MMS offer and identify the most receptive targets in various markets, our client called on our team to carry out a market and receptivity study.
The project consisted of an initial quantitative market research aimed at quantifying the market, followed by a qualitative study to assess receptivity with a focus on interviews with key decision-makers within different industries.
Thanks to this study, the client was able to identify priority customers, better understand their needs and expectations, and establish its legitimacy amongst future customers.
Market research around by-products and waste valorization in building insulation
As part of its circular economy approach, our client wanted to study a potential investment in a start-up capable of transforming one of its by-products into insulating panels.
Our team therefore carried out a market analysis looking into the interest in insulating panels made from this specific material on a European scale, and identifying the specific applications that could be envisaged.
This allowed the customer to understand the most relevant applications for its product, the corresponding market, the properties of its material of particular interest and those to be achieved to satisfy market needs. Moreover, initial potential partners interested in co-developing and distributing the product were identified.
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Founded in 1993, Alcimed is an innovation and new business consulting firm, specializing in innovation driven sectors: life sciences (healthcare, biotech, agrifood), energy, environment, mobility, chemicals, materials, cosmetics, aeronautics, space and defence.
Our purpose? Helping both private and public decision-makers explore and develop their uncharted territories: new technologies, new offers, new geographies, possible futures, and new ways to innovate.
Located across eight offices around the world (France, Europe, Singapore and the United States), our team is made up of 220 highly-qualified, multicultural and passionate explorers, with a blended science/technology and business culture.
Our dream? To build a team of 1,000 explorers, to design tomorrow’s world hand in hand with our clients.
Alcimed carries out consulting missions in a variety of fields and on topics as diverse as the uncharted territories of our clients! Our projects and the methodological approaches we develop are based on the specific needs and contexts of our clients. We for example support our clients in defining their R&D or innovation strategy, in studying their target markets, in identifying and exploring new opportunities, in investigating innovative technologies, in defining their sales and marketing strategies, in integrating CSR or data science into their practices, or in imagining the future of their activities.
A market analysis is a study that provides an understanding of the offer (competitors and existing offers) and demand (potential buyers and users) of a target market. This analysis also aims to estimate the potential of the market and decipher trends (regulatory developments, changes in customer behavior, arrival of a new technology, etc.). A market study validates the opportunity of entering a target market, and assesses the level of sales you can generate to support your decision or convince investors.
One possible segmentation is the distinction between primary and secondary market analysis:
- Primary market analysis is based on the direct collection of data from the target audience, providing access to insights that are specific and difficult to access, and tailored precisely to the client’s question.
- Secondary market analysis involves the use of existing data available in articles, reports or public databases.
Alcimed combines primary analyses to provide the client with high-quality, tailored insights, with the most relevant secondary analyses.