Wearable Medical Device Market Overview
The global market for wearable medical device is projected to experience positive growth over the coming years, driven by the growth in the medical devices, pharmaceutical, and biotechnology industries. In addition, technological advancements and increasing integration of technology and healthcare are accelerating the acceptance of wearable medical device across the globe. However, the rising costs of wearable devices and risks regarding the access and security of data collected by third-party healthcare service providers are expected to restrain the wearable medical device market growth. To counter these rising challenges, leading companies in the wearable medical devices market are focusing on improving data security, reducing costs, and enhancing quality.
Top Markets: The United States holds the largest share in the global wearable medical device market, followed by Europe. The experts at Infiniti Research predict that Asia-Pacific regions, including China, Austria, and South Korea will witness steady growth over the next two years.
Top Segments: Diagnostic Devices, Sleep Monitoring Devices, Electrocardiographs Fetal and Obstetric Devices, Neuromonitoring Devices, Therapeutic Devices, Insulin/Glucose Monitoring Devices, and Rehabilitation Devices.
Key Wearable Medical Device Market Challenges Faced by the Client
Our client, a wearable medical device manufacturer in the US, was looking to expand their business operations to Asia. Rather than targeting the entire Asian region, they wanted to focus on select Asian countries. To do so, they wanted to understand the prevailing market dynamics in the wearable medical device segment to devise an informed expansion strategy. They partnered with Infiniti Research to leverage their expertise in offering target market analysis.
Other major challenges faced by the wearable medical device market client were:
Challenge #1: Advanced information technologies in medical devices have transformed the wearable medical device industry. However, advanced wearable medical devices increased cyber threats. The client, therefore, wanted to identify the market risks in target regions and understand their severity before making expansion plans.
Challenge #2: As succeeding in a highly saturated marketplace was becoming tough, they wanted to know the existing players in their target markets and thoroughly analyze their future strategies.
Challenge #3: To evaluate the company’s long-term success rate, the client wanted to estimate the potential for wearable medical devices across various target regions.
Our Integrated Approach
The experts at Infiniti Research conducted 100+ interviews with market access experts, business executives, medical device companies, and financial analysts.
As a part of the target market analysis engagement, the experts also provided the client with:
- Detailed insights into customers across various channels with our consumer research expertise
- Detailed insights into various risks facing companies in the wearable medical device market across various target regions
- Market potential assessment to help the client estimate the potential for their wearable medical devices across the new regions
- Target market segmentation to focus on niche customer segments
- Market opportunity assessment to identify the growth opportunities across various regions
Besides, Infiniti’s target market analysis engagement involved:
- Development of an actionable market expansion strategy to select Asian countries
- Assessment of leading wearable medical device companies’ offerings
- Recommendation on physicians needs and requirements regarding medical devices
- Validation of gathered data through an additional set of open- ended discussions with industry experts to ensure accuracy
- Generating recommendations for the client to re-align its business strategies for competitive advantage
By leveraging Infiniti’s target market analysis engagement, the wearable medical device market client was able to:
- Identify the Asian countries to target on to generate maximum profitability
- Analyze and prioritize the market risks facing companies in the wearable medical device market. Our experts also helped the client to devise a robust risk management plan to safeguard the company’s data
- Identify the cost-effective technologies leveraged by their competitors and advance wearable medical devices
- Identify the niche customer segments to focus on to market their products
- Successfully establish their business presence in Asian regions, including South Korea, Indonesia, Turkey, and China.
- Enhance overall profits by 39%