Wearable Medical Device Market Key Growth Strategies Adopted By the Top Companies
Prominent players in the wearable
medical device market include Fitbit Inc. (U.S.), Philips Healthcare
(Netherlands), Garmin Ltd. (Switzerland), LifeWatch AG. (Switzerland), Omron
Corporation (Japan), Drägerwerk AG & Co. KGaA (U.S.), Withings SA.(France),
Jawbone Inc. (U.S.) and Polar Electro Oy (Finland).
According to research report wearable medical devices
market is expected to reach USD 14.41 Billion by 2022 from USD 5.31 Billion in
2016, at a CAGR of 18.3% during the forecast period
Know more: https://www.marketsandmarkets.com/Market-Reports/wearable-medical-device-market-81753973.html
For estimating the size of the wearable medical device
market, the segmental market revenues were obtained from secondary sources
through extensive primary interviews. The segment-level markets were then added
up to reach the total market size of each segment (type, distribution channel,
End use, and applications). The wearable medical device market size was derived
by adding the markets of all these segments. The total market derived through
the bottom-up approach was again validated through secondary sources and
interviews.
The key growth
strategies adopted by the top companies (profiled in the report) include partnerships,
collaborations, and agreements; new product launches and approvals; expansion,
and acquisition.
Companies are focused on various organic and inorganic
growth strategies such as collaborations, and agreements; new product launches
and approvals; expansion, and acquisition. These strategies helped the market
players to build a robust position in the market, which helped in increasing
demand of customers, and to expand their presence in the global market.
This research study involves the use of extensive
secondary sources; directories; databases such as Hoovers, Bloomberg Business,
Factiva, and Avention; white papers; annual reports; company house documents;
and SEC filings of companies.
Some of the recent developments by major players are;
In September 2016, Fitbit announced the global
availability of the Fitbit Charge 2 wristband for continuous wrist-based heart
rate tracking. This has helped the company to increase its product offerings.
Furthermore in August 2016, Philips Launched a line of wearable medical
devices, including the Philips health watch, connected scales, a blood pressure
monitor, and connected ear thermometer. This helped the company in expanding
its product offerings. In May 2016, Garmin International Inc. launched the
vívosmart HR+, an activity tracker. This enables the patient to monitor their
heartrate 24/7 and keep a track of the steps taken, distance covered, calories
burned, and floors climbed. This helped the company to increase its portfolio.
The overall market size derived by the bottom-up approach
was used in the top-down procedure to estimate the size of the wearable medical
device market through the percentage splits obtained from secondary and primary
research for each product segment
The overall growth strategies mapped from 2013 to 2016
includes acquisition, agreements, collaboration, contracts, expansion, new
products launches, and partnerships. New product launches and approvals
accounted for largest share of the strategies adopted by the key players in the
wearable medical device market. Companies adopted these strategies to offer
it’s in order to strengthen their customer base, and to build up a robust
position in market shares. Major players adopted this growth strategy include
Fitbit Inc. (U.S.), Philips Healthcare (Netherlands), LifeWatch AG
(Switzerland), Garmin Limited (Switzerland), and Omron Healthcare (Japan).
Contact:
Mr. Shelly Singh
MarketsandMarkets™
INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Comments
Post a Comment