How would you approach estimating the total addressable market for a new mobile app in the health and wellness industry?

During my final year at university, I worked on a group project focused on developing a mobile app for health and wellness. To estimate the total addressable market, we began by researching existing health apps, identifying their target demographics and user engagement metrics. We used online surveys to gather data on students' health habits and preferences, which helped us define our initial user base. By analyzing reports from health organizations, we identified broader trends in health app usage, such as the increasing interest in mental wellness and fitness tracking. Our findings indicated a significant market potential among college students, with over 60% expressing interest in using a health app. This structured approach helped us present a comprehensive market analysis to our professors, emphasizing not just numbers, but real-world applicability.

I volunteered at a local health initiative where we aimed to promote wellness in our community. To assess the reach of our programs, we conducted community surveys and analyzed local health statistics. I learned how to segment the community based on age, income, and health awareness, which allowed us to estimate how many individuals might benefit from our health-focused mobile app. By collaborating with local health professionals, we identified key demographics that showed the most interest in health apps, such as young adults and parents. This experience taught me the importance of grassroots data collection and how it can inform market size estimation for health-related products.

In my first job as a market research intern at a tech startup, I was tasked with estimating the total addressable market for a new wellness app. I combined quantitative data from industry reports with qualitative insights from user interviews and focus groups. I segmented the market by lifestyle choices, such as fitness enthusiasts and those seeking mindfulness solutions. By cross-referencing this data with social media trends, we projected a TAM of several million potential users within our targeted region. This hands-on experience not only refined my analytical skills but also highlighted the importance of combining different data sources to arrive at a well-rounded market estimation.