Market and Competitors

The Market Strategy

With the NeoMates’ strong ties to the Children’s Hospital Orange County (CHOC) and the Innovation Lab, the team has designed a class 1 neonatal phototherapy mask that has already received positive feedback from both engineers and clinicians. After many iterations of prototyping and testing, the NeoMates developed the BiliBeanie, a stable and effective neonatal phototherapy mask that will be in demand in a growing, global phototherapy equipment market.

Product Development Timeline
The Business Model

The business model, as seen above, was developed by the Innovation Lab and followed by the NeoMates to develop the BiliBeanie [1]. The NeoMates, with support from CHOC and the Innovation Lab, discovered there is a clinical need and market opportunity for the BiliBeanie. The team has developed a working prototype of the product and is in the process of testing the device. The NeoMates hope to continue the marketing and commercialization steps of the business model in the future.

Consumers Consumers

By marketing the BiliBeanie to 4 different types of consumers, the BiliBeanie can access a growing global phototherapy mask market. The Innovation Lab is partnered with 6 national health systems, to which the NeoMates plan to commercialize the device first. From there, the Bilibeanie will be marketed to medical equipment suppliers and other hospital networks nationwide. The NeoMates hope to then expand commercialization to international health systems to reach a global market.

Phototherapy Equipment Market Value

With North America leading the phototherapy equipment market and the EMEA (Europe, Middle East, and Asia) regions expecting a market growth of 37% by 2023, the BiliBeanie will be entering a growing market [2]. In 6 years, the market value is expected to grow by $235 million and reach $717 million. These market statistics illustrate that the BiliBeanie is in an excellent position within the phototherapy equipment market.

Competitor Analysis

Cost Analysis

Other competitve producs are estimated to cost anywhere from $1.90 to $2.20 per device and the BiliBeanie is expected to cost $2.04 per product for the consumer. By keeping the cost similar to other products in the market, the BiliBeanie introduces an improved quality of phototherapy masks that can be easily integrated into the healthcare system while also increasing the standards for neonatal phototherapy treatment.

The Advantages of the BiliBeanie

Competitors Chart

The BiliBeanie provides an innovative solution to the clinical need with the following advantages:

  • Single Piece - It is easy for the nurse to put on the baby and adjust it if necessary, without the hassle of multiple parts.
  • No Velcro - It does not use easily-caught velcro that can decrease ability of the mask.
  • No Adhesives - The usage of ear anatomy removes the need for stability adhesives, preventing skin irritation.
  • Max Surface Area for Light Penetration - The nylon material helps most of the neonate’s head get exposure to the phototherapy treatment.

References

[1] “Innovation Lab,” The Innovation Institute, 24-Mar-2020. [Online]. Available: https://ii4change.com/innovation-lab/. [Accessed: 13-May-2020].

[2] R. and Data, “Phototherapy Market To Reach USD 717.3 Million By 2026: Reports And Data,” GlobeNewswire News Room, 15-Jul-2019. [Online]. Available: https://www.globenewswire.com/news-release/2019/07/15/1882600/0/en/Phototherapy-Market-To-Reach-USD-717-3-Million-By-2026-Reports-And-Data.html. [Accessed: 25-Feb-2020].