Wearable Technology in Healthcare
The advent of wearable technology in the healthcare sector is seen as another inevitable phenomenon arising from the digitalization of the healthcare market. Wearable technology in healthcare has evolved from being just fitness and wellness devices to an efficient mechanism, which can directly influence medical conditions, improve diagnosis, and the ultimate healthcare. Wearable devices have now become an integral part of the healthcare infrastructure and are now assisting pharmaceutical companies in expanding their clinical trials, engaging with healthcare insurance companies to incentivize healthier living, and empowering patients by giving them access to their own medical data.
Healthcare Market Challenges
However, the healthcare market’s growth is not bereft of challenges, which includes accuracy of equipment and consumers’ lack of confidence in wearables, and optimization of design and user experience. At times, consumers lack the necessary user education that is required to understand the functionality of the healthcare devices. Obtaining regulatory and insurance approvals serve as another major roadblock for the smaller healthcare wearable companies.
Healthcare Market Growth Potential
Recent studies highlight the unabated penetration and growth of wearable technology in healthcare owing to rising healthcare awareness, the growing need for effective management of chronic diseases, and new innovations in health management devices. Also, regions across the globe have their own set of specific requirements for the use of wearable technology in healthcare.
Role of Market Research in Understanding the Impact of Wearable Technology in Healthcare
A promising infrastructure and market viability of the product needs to be complemented with an accurate vision of the real-time market scenario, which can help manifest into a well-devised and profitable business strategy.
Globally, digitalization is a phenomenon that has been tapped by scores of technology enterprises to introduce wearable technology in healthcare. But this growth has made the competition fierce and resulted in an extremely dynamic market. In such a scenario, a robust market research report is indispensable to identify growth opportunities, lucrative investment areas, and specific target areas. The market research report can also help in the brand positioning of a company in terms of the competitors and help outline a visionary and a predictive market strategy.
In a recent engagement study, Infiniti’s market research report helped a medical wearable devices manufacturing company identify areas of investment and achieve significant brand visibility along with increased EBITDA margin.
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Client’s Challenge
The client lacked an understanding of the dynamic market which was heavily impacting the market performance of their wearable devices and their level of competitiveness. The client was not able to target the core areas of investment in accordance with the demand, which was disrupting a profitable business opportunity. Additionally, user and security concerns were also acting as major roadblocks in convincing certain consumer groups of the benefits of using wearable technology in healthcare.
The Outcome
Infiniti’s market research experts took a qualitative and a quantitative approach in creating a comprehensive market research report to add new dimensions to the client’s business model. Infiniti’s research methodology in creating the market research report assisted the client in various areas and identified the attributes which were either making or breaking the brand image. This was achieved by subjecting healthcare personnel, patients, and health enthusiasts to surveys and questionnaires. These real-time market inputs offered major pointers to the client to remodel their product as well as the marketing strategy. The market research report also helped to design a 360-degree brand campaign, which aimed at reaching out to the core customer groups; thereby, fulfilling the unmet demands arising due to the use of wearable technology in healthcare.
The robust market research report helped the client make informed market decisions and implement the same in designing a cohesive and predictive market strategy. It helped the wearable devices supplier in expanding their product portfolio in a profitable way and enhancing their market footprint.
Market Research Report Insights
Infiniti’s market research report offers end-to-end market solutions to clients to facilitate a better understanding of the market dynamics and tailor their business strategy in accordance with it. The use of primary and secondary research methodologies along with qualitative and quantitative data collection procedures allow functional insights on competitive share analysis, challenges faced by specific companies, and key players in the target region, which allowed them to gain a bird’s eye view of the competitive market ecosystem. The market research report used advanced tools which enabled the clients to make timely decisions in response to the market health; thereby, securing brand stability even in a volatile and dynamic market.
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