Industry Background:
The healthcare industry has been one of the industries to rapidly adopt the connected healthcare devices so as to help the providers to offer a much better standard of care meanwhile also improving the efficiency as well as lowering the operational costs. The wearable healthcare devices allow the providers and the related facilities to stay connected with the patients and therefore helps, the consumers to gain better visibility into their health. These devices help the individuals to monitor the various fitness, health, and wellness factors for the purpose of tracking their progress towards reaching the set health goals. Those with health conditions and are needed to be closely monitored can use these wearable devices for tracking the health indicators on a daily basis. The fitness-tracking gadgets are nowadays selling out, the home exercise classes are becoming more popular and industrial robot designers are turning towards making sanitation bots. The COVID-19 pandemic has started a seismic wave regarding health awareness and anxiety, which is, in turn, energizing a new category of virus-fighting technology. The distress of infection has enhanced the adoption of more and more apps and wearables as a mode to feel better and protected. Having accurate and immediate feedback about the blood pressure, body temperature, and other vital health signals help in restoring the people’s senses into control. The users, guarantors, and health-care providers have started to take these health-tracking devices and apps very seriously as a tool for the preventive and proactive preservation of the patient’s health. This, in turn, would lead to a furthermore serious collaboration amongst the device makers and the healthcare institutions. Huami Corp, the creator of Xiaomi’s very popular fitness-tracking bands, has also looked back on to the sleep data that it had from the 115,000 users in Wuhan, which was found to be the epicenter for the COVID-19 outbreak and it’s neighboring Anhui province since July 2017 to February 2020. The company analyzed a visible deviation in the reported sleeping heart rate, which was peaked on January 21st, 2020, which was weeks earlier than in the previous years. The fitness app and gadgets provider Chengdu Music Information Technology Co., which is trading under the name Codoon, has also observed that the number of its users that are exercising at home has almost tripled. Hence, responding to the users and the government demand, the company has now also added a thermometer function into its fitness watches., and The European USD 125 billion medical device market is also facing significant pressure due to the deadline for the MDR requirements emerges closer, which are to come into effect on May 26, 2020. The new European Medical Device Regulation (MDR) was earlier announced on May 25, 2017, and the manufacturers were approved of a three-year transition period for meeting up to the new requirements. The MDR requirements are said to take effect on May 26, 2020, but the implementation of this new regulatory framework has been very complicated due to the occurrence of COVID-19. The novel coronavirus is said to have a long-lasting influence on the economy and other functionalities. Furthermore, after the COVID-19 pandemic diminishes, it is very much possible that the offline health-care would be shifted towards online training and home health-care, which is to be fueled by the changes in the people’s value for family and healthcare. The medical device industry is facing major challenges in inheriting any new requirements since the manufacturers are now spending a considerable amount of time and resources for ensuring that the current distribution flows are not disturbed. These efforts, however, are now getting chaotic as the industry with the rest of the world is in a battle of survival against the furious novel coronavirus disease. COVID-19 continues to interrupt business all around the world, causing many of the medical device manufacturers to move their priorities towards aid-relief efforts. As demand increases for the life-saving medical equipment, the manufacturers are witnessing a reduction in the diagnostic and treatment inventory of medical devices.This growth is primarily driven by Growing Demand for Round-The-Clock Monitoring, Growing Awareness of Physical Fitness and Increasing Per Capita Income and Geriatric Population.
Globally, a noticeable market trend is evident Rising Preference for Wireless Connectivity among Healthcare Providers. Major Players, such as Fitbit (United States), Philips (Netherlands), LifeWatch (Switzerland), Garmin (Switzerland), Omron (Japan), Drägerwerk (Germany), Nokia Technologies (United States), Jawbone (United States), World Global Network (United States) and Xiaomi (China) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On April 30, 2019 - Garmin International, Inc., a unit of Garmin Ltd., has announced menstrual cycle tracking, helping women make the connection between their current cycle phase, physical and emotional symptoms, and overall wellbeing. and On April 30, 2019 - Garmin International, Inc., a unit of Garmin Ltd., has announced a new Forerunner lineup that brings integrated music capabilities, full-color mapping, and advanced training, safety and tracking features to its popular GPS running smartwatches. Designed with the runner in mind, the new Forerunners such as Forerunner 45, Forerunner 45S, Forerunner 245, Forerunner 245 Music and Forerunner 945. It will not only track a run, but will monitor stats, crunch the numbers and get to know all about an athlete’s performance, training history, goals and more.
Market Drivers
- Growing Demand for Round-The-Clock Monitoring
- Growing Awareness of Physical Fitness
- Increasing Per Capita Income and Geriatric Population
Market Trend
- Rising Preference for Wireless Connectivity among Healthcare Providers
Restraints
- Issues Related to Data Security and Privacy
Opportunities
Rising Awareness and Preference for Home Healthcare and Introduction of Technologically Advanced Products
Challenges
Limited Battery Life of Products and Difficulty in the Design of Devices
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Customization in the Report
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- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
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Against this Challenging Backdrop, Wearable Healthcare Devices Study Sheds Light on
The Wearable Healthcare Devices Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Wearable Healthcare Devices industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Wearable Healthcare Devices industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.