Current Market
This year an estimated 252,710 women will be diagnosed with invasive breast cancer and another 63,410 will be diagnosed with noninvasive breast cancer. Thus, there is great potential in this market to generate revenue. Our target demographic is mainly women 20 years and up. The current market for breast cancer screening is expected to surpass $800 million by 2022. An increase in the geriatric female population, rise in government initiatives, and a growing awareness of early detection will garner future interest in products such as the iComfort bra.
Business Strategy
As our company moves along the initial phases and begins to move units, the profits generated will be re-invested back into the company in order to increase supply. We plan to accomplish this goal by leveraging social media platforms to advertise our device. In addition, our objective is to give our device to doctors and we believe they will love our product and endorse it to their patients. Once we are able to mass produce our product the margins will increase as the cost per unit will be decreased. We plan to start off selling our product in retail spaces, and our own website store. In the future, we hope to expand our product to other online mediums such as Amazon.
