Constant technological advances expected in areas such as at-home care, facilitated by the growing popularity of wearable devices and virtual hospital wards, provide even greater opportunities for digital health companies to make their mark on this ever-evolving market.
However, this also creates significant competition. The global digital health market is projected to reach a value of $171.9 billion by the end of 2024, while showing an annual growth rate of 8.49% between 2024 and 2029.
To keep up and stand out in such a fast-paced industry, budding entrepreneurs must move quickly during the planning and production process—and that’s where rapid product testing comes in.
Keep reading as we explain the importance of effective product testing and explore one of the key techniques to achieve a fast and reliable assessment process.
What is Product Testing and Why is it Necessary?
Product testing allows businesses to find out how consumers may react to their new product, service, or feature, and create something that satisfies market demand. Using successful product testing techniques can provide insights into:
- Target consumer needs and priorities.
- What consumers like about your product.
- Improvements that could be made to your product.
- How consumers interact with the product.
These insights can help you develop a profitable business by finding out if the initial idea is viable and whether your product truly addresses the pain points of your target consumers. Studies show that almost half of all startups fail within their first 5 years, so product testing is a necessary step for success.
Effective product testing helps you market your creation well and use your resources — both money and people — efficiently to develop the best ideas. It also gives you the chance to collect clear data, including statistical and market analysis, that can be used to show potential investors that your new product is worthy of their hard-earned capital.
Accelerating the Product Testing Process with Generative AI
The artificial intelligence healthcare market is expected to grow at a CAGR of 38.5% from 2024 to 2030. More and more companies are now harnessing the power of AI for data processing, drug creation, and diagnosis assistance.
Generative AI is also very useful for product testing. It can create realistic test environments to check the quality and reliability of digital health products. This is especially important in online healthcare, where issues like privacy, security, platform compatibility, and data management are critical.
For example, generative AI can help entrepreneurs generate synthetic patient profiles without requiring access to confidential medical records, or needing to recruit potential users who may be suffering from ill health.
Generative AI allows companies to create products and services that improve the efficiency of patient treatment and monitoring by making healthcare more accessible to wider populations. And with more than 30 successful digital health creations and investments under their belt, that’s exactly what global leaders Kilo Health are aiming to do too.
The digital health giants use everything from AI to virtual reality to help consumers around the world lead healthier lives, through products such as wearable vagus nerve stimulation devices, personal mental health app assistants, and daily habit trackers.
They also bring products from the idea stage to launch in just weeks, instead of the years it usually takes, thanks to their expertise in quickly scaling startups globally. As the second-fastest growing company in Europe, Kilo Health uses generative AI and other methods for rapid product testing.
Learn more about their approach on the company’s website.
