Wristbands or smart wearables have unparalleled benefits on the everyday lives of athletes, young adults, and healthy ageing population as they drive the users to exercise on a regular basis, thereby significantly reducing healthcare costs. These handheld monitoring tools are used to identify and track changes in body signatures for various organs. Thermal printed wristbands, laser printed wristbands, non-printed wristbands, smart clothing, activity monitors, and RFID wristbands are a few examples of the new wave of wearable gadgets entering the market.
Although the smart wristbands market is growing rapidly, factors like high cost and complex usage instructions are leading many to opt out from buying one. The primary focus of the manufacturers in this market segment is to come up with new technologies to integrate smart wearables and its information processing systems to make them compact and easy-to-use. According to a recent research market assessment study, smart wearables are not completely accurate and reliable. Infiniti’s market assessment offers insights on the market trends, demand drivers, challenges, and major players and actionable solutions to effectively enter the wristbands market.
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The Business Challenge
A leader in barcode printing and RTLS technology wanted to understand the wristband market in China including the current, historical, and forecasted market values. With an objective to add value to both users and healthcare partners, the client needed an effective strategy to tackle regional competitiveness and challenges in the current market scenario. As part of the market assessment, the client wanted to gain insights on the served available market (SAM) for wristbands broken down for all business verticals and the total wristband sales by all vendors.
Our Research Methodology
Infiniti’s market assessment experts used a blended approach consisting of in-depth primary and exhaustive secondary research followed by data analysis and insight development for this engagement. By developing custom models for the different business verticals with a market assessment study, the team shared the estimated total available market with the client. And for assessing served the available market, we conducted in-depth primary market research involving the wristband manufacturers within the different regions.
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Our Market Assessment Solutions Helped the Client
- Obtain insights on competitive share analysis, market trends, and challenges for wristband market
- Understand served available market and a total available market for wristbands in the healthcare and hospitality sectors
- Identify competitors’ current market share and market position
Benefits of Our Integrated Approach
The market assessment proved to be extremely beneficial to the client and offered a holistic overview of the wristband sector in China. The market assessment study comprised of served available market (SAM) and the total available market (TAM) for wristbands in the healthcare and hospitality industry. A comprehensive insight on patient ID/safety mandates for the wristband sector in healthcare and hospitality was provided, in addition to other notable trends. Growth drivers, challenges, major trends, and business vertical assessment was covered in the study at a global and regional level. With market assessment study, the primary expectations and trends impacting the market from the manufacturer’s perspective were addressed.
For the competitive assessment, the team identified over ten competitors and assessed their market share, market position, and their successful distribution channel. Additionally, with market assessment study, we offered insights on competitive share analysis, market trends and challenges, and key players in the target region.