Abstract
Conducting market analysis is an important aspect of starting any business. This is also true for engaging in the medical services industry. An understanding of the needs of the market, known as the market gap, which informs any existing demand is important. It is also important, as part of this analysis, that the size of the market in question be evaluated to determine whether or not favorable returns can be obtained from that particular market (Kirchhoff, 2013). An understanding of all these factors informs whether or not it is ultimately feasible for an individual or business to venture into that particular market.
Introduction
Various factors are taken into account when venturing into the medical business in a particular area. An analysis of the market needs to be carried out like that of any other business venture. This paper seeks to delve into various key issues needed to be evaluated as part of market analysis for pediatric practice. This paper will evaluate the issues of the target market and demographic, target market size, underserved needs of the target market, healthcare trends as well as the needs the practice seeks to satisfy (Kirchhoff, 2013).
Target Market and Demographics
The target market for pediatric healthcare service is ideally one that has a high population of children as opposed to adults. The ideal demographic for this, therefore, is an area that is composed of young couples ranging between the age of twenty-six and thirty-five (Kirchhoff, 2013). This is because this particular demographic either has young children or will in the very near future have children.
Size of Target market and Growth Rate
The size of the market should be one that is enough to sustain a pediatric practice over a long period. The business should also be regular. The ideal size of the market, where the market in this case represents children falling within the pediatric care age, should be more than one hundred. The growth rate of this target market should not be stagnant, but should consistently grow (Burgemeister, 2003).
Unmet and Poorly Served Needs
The study of pediatrics is a specialized area of practice. In making market analysis, it is, therefore, important to find areas that are underserved, or not served at all by pediatricians. This is because this segment of the market may currently be served by general practitioners who, though qualified, may not have the specialized knowledge of pediatricians. These areas are, therefore, ideal to open a pediatric practice (Kirchhoffer, 2013).
Healthcare Trends That May Affect Future Growth
Part of market analysis is looking to the future and determining posterity and sustainability. The healthcare industry is one that is ever-evolving and, therefore, trends that may affect the number of patients booking appointments should be identified and sufficiently mitigated. One such trend is that consultations have now increasingly gone online (Horner, Wagner & Tufano, 2011). This factor can be mitigated by ensuring that the pediatrician gains the trust of the demographic, and then incorporates the aspect of online consultations to move with the trends.
Needs/Wants the Practice Will Satisfy
The pediatric practice should focus on the need of parents who seek specialized healthcare for their children. This need does not only arise in areas where there are no doctors, it also arises in areas where there are doctors who are, in fact, general practitioners (Burgemeister, 2003). The need that the pediatric practice seeks to fill is, therefore, one for a pediatrician who has more specialized knowledge than a physician.
Conclusion
All the above-discussed factors need to be considered before initiating a pediatrician practice in any area. A candid answer to all the above questions would clarify whether or not it would be feasible to open a practice in that particular area or not. It would also provide insight into whether or not such a practice would be sustainable in the long run.
References
Burgemeister, S. (2003). Market Analysis. Santa Cruz, CA: GRIN Verlag.
Horner, K., Wagner, E. & Tufano, J. (2011). Electronic Consultations between Primary and Specialty Care Clinicians: Early Insights. Web.
Kirchhoff, S. (2013). Physician Practices: Background, Organization, and Market Consolidation. Web.