Wearable Technology for Healthcare Management

Running head: FEASIBILITY – MEDICAL WEARABLE 1
Feasibility Study -Wearable Technology for Patients with Haemoglobin Disorders
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FEASIBILITY - MEDICAL WEARABLE 2
1.0 EXECUTIVE SUMMARY
The main aim of the project is to come up with a wearable device for people who suffer from
thalassaemia and sickle cell disease, which are the known hemoglobin disorders. These diseases
are chronic and the conditions are managed. This is because bone marrow and stem cell
transplants are not affordable for many people. Most patients end up in hospital once they get
chronic attacks and mostly do not have a way of predicting that they are about to fall sick. The
diseases lead to anaemia hence mostly lead to blood transfusions, yet if detected early can be
managed through certain foods or drugs (Galanello, 2013). The diseases can also lead to other
complications like strokes, very painful episodes, chronic wounds, jaundice and bacterial
infections. The wearable device will be a thin strip wearable on the arm of a patient and will
have small chips attached. It will constantly monitor the condition of a patient and raise an alarm
if there are any changes to the body that may lead a patient into a crisis. This paper is a
feasibility study, which looks at various aspects like the minimum viable product, market
analysis and financial projects, to determine if the project is viable.

FEASIBILITY - MEDICAL WEARABLE 3
Table of Contents
1.0 EXECUTIVE SUMMARY...................................................................................................................2
2.0 MINIMUM VIABLE PRODUCT.........................................................................................................5
2.1 Lean Start up Version........................................................................................................................5
2.1.1 Vision.........................................................................................................................................6
2.1.2 Steer............................................................................................................................................6
2.1.3 Accelerate...................................................................................................................................6
3.0 BUSINESS MODEL CANVAS............................................................................................................7
4.0 VALUE PROPOSITION CANVAS......................................................................................................8
4.1 Value Proposition..............................................................................................................................8
4.2 Customer...........................................................................................................................................8
4.3 Brief Discussion on Fit between Customer Profile and Value Proposition........................................9
5.0 INITIAL FINANCE ESTIMATES........................................................................................................9
5.1 Initial Market Segment Estimates......................................................................................................9
5.1.1 Market Analysis Summary.........................................................................................................9
5.1.2 Market Segmentation................................................................................................................10
5.1.3 Market Analysis........................................................................................................................11
5.2 Initial 1-3 Year Revenue Estimates..................................................................................................11
5.3 Initial 1-3 Year Profit and Loss Statements.....................................................................................12
5.4 Estimated Initial Funding level Request..........................................................................................13
5.5 Initial Additional Required Resources.............................................................................................14
6.0 CONCLUSIONS.................................................................................................................................14
7.0 REFERENCES....................................................................................................................................15
8.0 APPENDICES.....................................................................................................................................15
8.1 Statistics on Global Wearable Devices Market................................................................................15
8.2 Design Principles of Wearable Devices...........................................................................................15
8.3 Global Outlook on Medical Wearable Devices................................................................................16
8.4 Wearable device with sensor example.............................................................................................16
8.5 Wearable wrist band example for heart rate monitor.......................................................................17
8.6 Wearable technology for hemoglobin disorder patients project milestones.....................................17

FEASIBILITY - MEDICAL WEARABLE 4
Wearable Technology for Patients with Haemoglobin Disorders
2.0 MINIMUM VIABLE PRODUCT
The minimum viable product is a version of a new product allowing the team to collect
maximum amount of information about customer needs. The minimum viable product in this
case will be a very slim wrist device made of simple biodegradable material and it will be
connected to a mobile application. The biodegradable material is very affordable hence; it will
ensure viability while at the same time reducing costs (Moogk, 2012). It will detect any kind of
discomfort experienced by patients with hemoglobin disorders through a sensor.
2.1 Lean Start up Version
Lean start-ups are developed in three processes, setting a vision, steering and accelerating. The
same procedure
2.1.1 Vision
Good Life Hematology Centre will come up with a vision of exactly how they want the product
to look like and draw a prototype of the same. They will define what exactly they want the
product to do, which in this case is to monitor vital signs of patients who suffer from hemoglobin
disorders so that they can manage the condition before it further escalates (World Health
Organization, 2013). The company will then do a market survey to learn how such devices
operate and the kind of technology and software that would be required. A prototype will then be
made to experiment whether the idea is viable enough (Blank, 2013). The vision for the company
in this project is, “Re-defining health care for patients with hemoglobin disorders.”
2.1.2 Steer
Once Good Life Hematology Centre has seen how the prototype works, they will then leap into
the project. Here, a few samples will be produced and they will be sampled on patients who
suffer from sickle cell anaemia and thalassaemia to see how they work. Feedback will be taken at