TFM

A brief discussion on the market of our device

Fluid management devices represent an unmet need in all hospitals that utilize IVs or dialysis. Current monitoring methods involve time-intensive and tedious manual measurements, serving as an unnecessary burden for nurses. That is why for our prototype, our target market consists primarily of nurses and primaryc clinicians, as our device represents a more time manageable and quantitative solution to fluid management, reducing their work load while improving patient outcomes.

The succesful implementation of our work would see us enter a lightly touched, but lucrative market. Currently there are very few bioimpedance devices utilized for fluid management, as a majority of those existing on the market are optimized for hydration readings. The global patient monitoring device market is expected to reach $23.8 billion dollars by 2020. Additionally, the compound annual growth rate from 2015 to 2020 for this same product market was found to be 7.1% So it is hope that the groundwork laid out with our projection can be utilized in a monitoring device which can meet market demand.

Why it has value

Our proposed business model consists of a one-time purchase of the bioimpedance device from Impedimed along with our novel single-use electrodes. Although these electrodes are currently more expensive than the market alternatives this is largely due to limitations in our small scale production and the materials we utilized to protoype. In actual manufacturing setups it is our belief that the cost of the electrodes could be reduced to market level and the improved performance provided by our design would add value as accurate and consistent readings are vital to the healthcare industry.