Over the last few years, wristbands have evolved drastically from a being a fashion accessory to an electronic device that can monitor health. Wristbands find extensive applications in the healthcare and hospitality segments in keeping the caregivers updated about the needs of the patients. In a hospital setting, the barcoded wristbands fulfill the ‘five rights’ of patient care – right patient, right medication, right dose, right time, and right method of administration. Moreover, RFID wristbands assist caregivers and healthcare professionals in scanning and identifying patients and further verifying the patient’s medications, specimens, and charts. Most hospitals have also introduced wristbands with standardized colors to identify patients with specific conditions. Frequently known as medical alert bracelets, the wristbands are classified into red, yellow, purple, pink, and green.
- Yellow-fall risk
- Purple-do not resuscitate
- Pink-restricted extremity
- Green-latex allergy
With years of experience in market research, the market assessment experts at Infiniti offered valuable and strategic insights into the market landscape of wristbands in terms of market segmentation, challenges, and the growth drivers.
The Business Challenge
A leading technology company based out of the US wanted to gain an understanding of the growth prospects of wristbands in the target regions. The client also wanted a better understanding of the adoption patterns of disposable, single-use, non-electronic wristbands in the healthcare and hospitality industry, which would help the client implement a strategic development plan and assess potential growth opportunities in the market.
Our Research Methodology
By following a blended research approach, the market research experts carried out exhaustive primary research comprising of interviews and discussions with market stakeholders across the business landscape. Our experts collated information from market leading industry experts, business executives, manufacturers, buyers, purchasers, consultants, analysts, and members of trade association. As a part of secondary research, the analysts compiled information from a broad range of public and proprietary databases such as paid industry databases, annual reports, media platforms, news aggregators, industry forums, and company presentations.
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Our Solution Helped the Client
- With the current and forecasted market size for the wristbands across multiple industry verticals
- Obtain actionable insights on the competitive share analysis, market trends, and challenges in the market
- With a detailed characterization of the current competitive landscape
- Identify the potential competitors at the regional and global level
Benefits of Our Integrated Approach
Infiniti’s market assessment solutions helped the client plan their market entry strategy and target the most relevant customer segments. The client was able to assess the adoption patterns of disposable wristbands in the healthcare and hospitality sectors. Also, the study assisted the client understand the growth potential of the market and make informed business decisions.