Market and Competitors
Market Potential
Being a niche company, Waveflow’s market potential is very promising because there aren’t many other hand-held EEG diagnostic devices currently on the market; therefore, we will dominate because we are creating the market. The current EEG device market size is around $956.1 Million USD with a future potential market size of $1591.8 Million USD by 2026 [1]. It has a growth rate of 8.7% (CAGR)[1]. With our focus niche of neurologists and EEG technicians at hospitals and clinics, we will target health insurance companies such as UHC, Anthem, Cigna, Aetna, BCBS for pricing with the TC code 95700 for time based EEGs modifying the 8 electrode minimum.
As a UCI start-up company, our team will have connections with UCI medical center as well as other nearby hospitals such as Hoag Hospital and Kaiser Permanente. From these initial hospitals, we can branch out to further hospitals. Our device will be marketed at an affordable price in the mid hundreds, and seek to maintain a revenue stream with a diagnostic software suite.
Business Model
Waveflow will be distributing initially to large health insurance companies to gain revenue through CPT code usage and wholesaling to hospital groups such as Hoag, Kaiser, and ProHealth Partners. Retail sales will be for privately owned neurology clinics.
Our Advantages
Our device is not designed to provide continuous monitoring of the patient’s EEG signal, in contrast to our competitors. Rather, it aims to provide rapid measurement for neurologists to determine whether a patient requires immediate medical attention or long term EEG monitoring.
