Market Analysis for PhDs

Simulation co-authors – Esse Evbuomwan, PhD candidate at Washington University in St Louis)


Simulation Objective:

Identify data sources and data quality to determine potential products or services

Associated Simulation Library:

Background

Market analysis is the assessment of a target market or product to project its potential success, understand the factors that may hinder or enable success, and determine market fit. Scientists do this all the time, but we call it something different, a literature review. 

Market analysis bridges the gap between ideas and the potential for execution and success, it also helps to provide a data driven approach to decision making.

Let’s face it, resources are limited, therefore, we must plan to judiciously use the resources available to us. One of the ways organizations ensure judicious use of their scarce resources is to verify that the products and services they provide meet a well-defined market need, can be manufactured and delivered feasibly, are profitable, and that there are minimal barriers to entry. Market Analysis is the process by which companies gather the data and insights to answer these questions. 

Just as scientists conduct literature reviews to determine if a research idea has merit, refine research questions, or troubleshoot experimental issues, businesses conduct market analyses to answer key questions that guide their strategies. Examples of market analysis goals are:

  • Company A is a biotech startup that developed a new medicine for treating rheumatoid arthritis, the medicine has been approved by the FDA. They are conducting a market analysis to better understand the target patient population and customer needs, refine their launch strategy and determine optimal pricing.

  • Company B is an established organization seeking to expand into a new market (country or region). They are conducting a market analysis to identify the economic and political factors that may impact their success in the new market.

  • Company C may want to assess how new technology like AI could impact an existing product. 

The possibility of different goals underscore the importance of defining clear objectives before starting a market analysis. Ultimately, a well-executed market analysis answers the key questions and goals established at the outset, providing clear, actionable insights that inform strategic decisions. It transforms initial questions into data-driven conclusions, ensuring that every investment aligns with your organization’s objectives and resource constraints.

The Process

  • Set a SMART goal that clearly states what product or service you aim to evaluate for local manufacturing, ensuring that your research is focused on meeting community needs and supporting your biomanufacturing business objectives.

  • Identify primary sources (such as interviews with local professors or surveys of healthcare labs) and secondary sources (government reports, international databases) that provide insights into demand, supply chain gaps, and product needs for biomanufacturing. Evaluating data source quality is a key part of this step.

  • Evaluate existing suppliers and competitors in the region, as well as external factors like regulations, trade policies, and infrastructure challenges that could affect your business. Use SWOT and PEST analyses to structure your assessment.

  • Analyze the data to uncover unmet needs, emerging trends, and obstacles in the lab and healthcare sectors that your biomanufacturing company could address. This step ensures that your offerings are relevant and impactful.

  • Based on your research, identify the specific customer groups (e.g. academic labs, hospitals, or diagnostic centers) that would most benefit from your locally manufactured products. Understanding their preferences will help you develop tailored solutions.

  • Use your data to project market growth and estimate demand for the proposed products. This step supports investment decisions and production planning for your company.

  • Prepare a clear, concise summary of your market analysis findings, including key insights, recommendations, and supporting visuals to share with potential investors, partners, or your startup team. This communication is essential for aligning your team and building support for your biomanufacturing venture.

Resources

The Exercise

You will perform these steps and complete a market analysis over 8 weeks.

For this job sim you will complete steps 1 and 2. You are a member of the Future African Scientist (FAS) working towards launching a biomanufacturing company. You want to determine what products or services will best serve prospective customers in specified regions.

Your goal is to gather high-quality information to inform your product or service strategy and lay the groundwork for future steps in your market analysis. This exercise will prepare you to critically assess the market landscape and build confidence in the data you will rely on for your decisions.

Task 1 - Define the goals

The first step in conducting a market analysis is defining a SMART goal to ensure your research stays focused, achievable, and relevant. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound.

*As a member of the FAS, your SMART goal is defined:

Within 8 weeks, we will assess the market for locally manufactured research-grade consumables by identifying 20-50 operational startups and 20-50 labs that use laboratory reagents for research, clinical, and diagnostics. We will evaluate their demand through website reviews, surveys, and secondary data sources, and analyze market data to identify unmet supply needs. 

Questions to Answer:

  1. What product or service opportunity are you investigating to support local labs or research institutions? (Specific)

  2. How will you measure whether there is sufficient market demand or opportunity to justify manufacturing locally? (Measurable)

  3. Do you have the time and resources to complete this analysis and reach a conclusion within the next few months? For example, if you will use a database for secondary research - do you have access to the database? (Achievable)

  4. How will this goal help you decide what product or service to prioritize in your biomanufacturing business? (Relevant)

  5. When do you plan to have your market analysis completed to make a business decision? (Time-bound)

  6. Finally, who will you discuss your results with to validate your findings? (for FAS, you will submit your findings to the FAS leadership for review)

Note about lab reagents:

DNA extraction kits and PCR enzyme kits (like Taq polymerase) are commonly used in diagnostic labs and research centers like KEMRI. Consider the reagents used in these kits. Other high-demand reagents may include qPCR reagent sets, ELISA kits, buffer solutions like PBS and Tris, ethanol, and even cell culture media.

Sample SMART goals for market analysis:

  • “Within 3 months, I will assess the demand for agarose gel among academic researchers in Nigeria by conducting surveys and interviews with at least 15 research labs, and analyzing procurement trends, to determine whether entering this market is commercially viable.”

  • “Within the next two months, I will assess the market for locally manufactured research-grade consumables in Kenya by identifying operational startups that use kit reagents, including enzymes and buffers, analyzing their likely demand through website review, and examining import data to pinpoint opportunities for local production.”

Resources:

Task 2a - Gather Secondary Data from Reliable Sources

Now that you’ve defined a SMART goal focused on determining what products or services would best serve your community, the next step is to identify the data you’ll need to answer that question. Data can come from primary sources (information you collect yourself, like surveys and interviews) or secondary sources (information collected by others, like government reports, academic studies, and industry publications). 

Focus on secondary sources in your initial assessment.

In Africa, reliable data can sometimes be hard to find, so you may need to combine multiple sources or adjust international data to local conditions. Gathering this data is essential to making informed decisions about which products or services will truly meet your community’s needs.


Revisit your SMART goal from Task 1 and identify questions to answer to determine which products or services would best serve your community. For example:

  • “What are unmet needs in research institutions or health facilities that could be addressed by locally produced products?”

  • “How many competitors are already offering similar products, and how much market share do they hold?”

  • “What are the growth trends in this market segment, and how large is the customer base?”

Then, search for relevant government reports, international databases, and interviews with local experts. For example, if you’re exploring enzyme production, search specifically for “enzyme market size Nigeria for clinical and research use” or “demand for lab reagents Africa.” Local universities, non-governmental organizations (NGOs), ministries, and trade associations are often valuable resources. Use the World Bank Data Portal to understand the economic environment, the WHO Global Health Observatory to gauge disease burden and lab testing capacity, and the African Development Bank Statistics to explore trade and investment trends relevant to local manufacturing opportunities.

Questions to Answer:

  1. Which secondary data sources might provide insight into the size of the market, existing competitors, regulatory requirements, or overall demand in your country? (e.g., government health reports, WHO data). Insights from here will narrow down your primary data search (Task 3 below).

  2. Which primary data sources could help you understand the needs, preferences, and pain points of your community related to the product or service you’re investigating? (e.g., surveys of local researchers, interviews with stakeholders)

  3. For each source, describe:

  • Type of data (e.g., market size, competitor landscape, customer preferences, regulatory environment, production capacity).

  • Collection method (e.g., survey, interview, online search, academic database, government website).

Resources:

Task 2b - Evaluate Data Source Quality

Once you’ve identified potential data sources, you need to assess their quality. Not all data is equally trustworthy or relevant. A poor-quality source can mislead your analysis and harm business decisions. This is especially important in the era of generative AI.

Questions to Answer:

For each data source identified in Task 2a, assess:

  • Credibility: Who collected these data? Are they reputable?

  • Timeliness: When was the data collected? Is it recent enough to be relevant?

  • Relevance: Do these data help answer your SMART goal?

  • Limitations: Are there any potential biases, missing data, or narrow scope that might affect how you use this source?


When evaluating your data sources, ask yourself: “Can I trust this source to inform my business decisions?” Look for the organization behind the data: government agencies and academic institutions are often credible, but some industry reports may have biases. Also, check the publication date: is it recent enough to reflect the current market? Finally, think about whether the data answers the questions your SMART goal poses. If not, consider finding another source or supplementing it with interviews or surveys. If you use generative AI, double check your sources because they might hallucinate.

Resources:

Video on data credibility (YouTube, Win Win Scientific)

Task 3 - Collect Primary Data

Now that you have narrowed down your focus using secondary data sources, the next step is to conduct interviews and surveys to hear directly from your prospective customers. Use the survey document provided below as a guide to develop your surveys. K, keep your SMART goals in mind. 

*FAS members, identify key laboratories and startups and conduct a survey, you can perform this in two ways:

  1. Give lab directors and lab managers the survey document and ask them to fill it out in your absence. Make sure the survey taker is someone who makes financial decisions for the lab, or has an understanding of how and where reagents are procured.

  2. Conduct an interview that will provide answers to the questions in the survey.

Resources:

Make copies and fill out for each interview

Deliverables

Task 1

The FAS SMART goal is defined above. Create an individual SMART goal for yourself and your small group

Task 2a

A table containing:

  • Data Source Name/Description

  • Secondary or Primary*

  • Type of Data

  • Collection Method

  • Summary of key information

*Primary data sources will be updated at the end of Task 3

Task 2b

A short paragraph assessing each data source’s quality using:

  • Credibility

  • Timeliness

  • Relevance

  • Limitations

Task 3

A spreadsheet populated with the information from your interviews and/or surveys. 

  • Task 2a table updated with primary sources information. Note: this will be a shared document between all the participants. Please input data on the tab associated with your assigned country.

Additional Tasks

A professional in the field of technology transfer may also perform:

  • Presentations to business partners and scientists

  • Conduct feasibility studies

  • Develop data collection tools: design surveys, questionnaires, or interview guides to gather targeted information from stakeholders.

  • Create budget and analyze cost: estimate the financial requirements and ROI of potential market opportunities.

  • Conduct scenario planning: develop best-case, worst-case, and most-likely market scenarios to inform strategic decisions.

Skills Used to Perform this Task

  • Written communication: clear and concise writing; technical writing

  • Goal setting: defining clear, actionable objectives.

  • Market research: locating, categorizing, and describing data sources.

  • Critical analysis: evaluating data credibility and relevance.

  • Data literacy: understanding different data types and collection methods.

  • Stakeholder engagement: interviewing and building and maintaining relationships

Skills Used in the Field

  • Broad technical expertise (STEM field)

  • Critical/analytical thinking

  • Project management

  • Communicating & relationship-building with clients

  • Presentation skills

  • Time and project management

  • Market research

  • Effective writing for technical and non-technical audiences