Life Science Industry Market Research

Technology Forecasting

Forecasting New Technologies

In recent years, the life science industry has and continues to see amazing growth in the number of emerging technologies introduced and their effect on scientific research around the globe. However, the process of introducing a new technology or further developing an existing one is often long and costly, as it depends on years of research by countless individuals in multiple fields. BioInformatics uses technology forecasting to gain a better understanding of how new technologies will be received in the market and to determine the potential for growth before making a large investment. The forecast can be updated regularly to account for changes in the market and receptivity to the technology.

Case Study: Which Genomics Technology(ies) Will Dominate In the Near Future?

In order to make key decisions regarding optimization of existing and development of new genomics technologies, a client was interested in gaining a better understanding of the utilization of and need for genomics technologies. Of specific interest to the client was the adoption of next generation sequencing and whether this technology could replace more traditional genomics technologies. To accomplish these tasks, BioInformatics worked with the client to develop a technology forecast using proven market research methodologies.

As part of this comprehensive technology forecast, BioInformatics designed a customized research strategy comprised of both primary (quantitative and qualitative) and secondary research. The quantitative research consisted of an online questionnaire, which asked detailed questions about the genomics technologies previously and currently employed.

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The qualitative component of this research consisted of several focus groups of 8 to 10 participants each and an in-depth interview with a recognized subject matter expert. Respondents were asked several questions both in a group setting and as individuals on their current and expected use of genomics technologies. Quotations regarding next generation sequencing from several respondents are presented below:

  • "Eventually, once we're able to do next generation sequencing cheaply, I think it is going to dominate as probably one of the main drivers of our research"
  • "I think that with next generation sequencing, as with everything, ultimately the cost will come down. I think that's really the main issue with wider adoption at this point, the cost of the technology and the cost of the consumables as well"
  • "Next generation sequencing is sexy, and if you don't have it in your grant proposals now, I think you have less of a chance of getting funded"

The combination of research methodologies described above allowed for a well-rounded technology forecast rooted in solid data collection and analysis. The client is using these findings to better structure their research, development and marketing strategies for the coming years.

The Market | Market Attractiveness | Market Forecasting

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"Thank you for all of your work, you and your team. This is great! After reading the transcripts and the summary, I find all of the conclusions to be consistent, logical and reasonable. " - Business Development Manager, Nonprofit Biological Resource Center

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