Healthcare wearable devices include smartwatches, fitness trackers, smart clothing, and other tech-enabled tools that provide users with healthcare and fitness related data. These devices collect user vital signs and biometric data through integrated sensors and utilize cloud-based platforms and applications to store, share and analyze the collected information. Healthcare wearable devices help monitor patients' vital signs and activities remotely, allowing doctors and care providers to track their health status continuously between visits. Remote patient monitoring enabled by wearable devices is expected to revolutionize chronic disease management and preventive healthcare.
The global healthcare wearable devices market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Remote patient monitoring enabled by wearable devices presents a significant market opportunity. Wearable devices allow monitoring of patients with chronic conditions like diabetes, heart disease, respiratory diseases in the comfort of their home. This helps reduce costs associated with hospital visits and lengths of stay. It empowers patients to better manage their conditions and improves health outcomes. Growing geriatric population vulnerable to chronic diseases is increasing the demand for remote monitoring solutions. Healthcare providers are also adopting wearable-enabled remote patient monitoring to offer value-based care and transitional care programs. Investments in digital health programs by governments globally are further expected to drive the adoption of remote patient monitoring and propel the healthcare wearable devices market.
Porter’s Analysis
Threat of new entrants: low due to high technology and R&D cost required for machine condition monitoring solutions.
Bargaining power of buyers: moderate as buyers have several options to choose from.
Bargaining power of suppliers: low as suppliers depend on OEMs for bulk of revenues.
Threat of new substitutes: low due to lack of alternatives offering real-time monitoring of critical machine parameters.
Competitive rivalry: high due to presence of several global and regional players competing on pricing and innovation.
SWOT Analysis
Strength: technology leadership of key global players, real-time fault detection enhances equipment uptime and productivity.
Weakness: high installation and subscription cost limiting adoption, reluctance among SMEs to adopt new technologies.
Opportunity: increasing machine infrastructure in process and discrete industries, predictive maintenance boosting ROI.
Threats: macroeconomic slowdowns lowering capital expenditures, competition from alternative condition monitoring techniques.
Key Takeaways
The Global Machine Condition Monitoring Market Demand is expected to witness high growth. The global Machine Condition Monitoring Market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis shows Asia-Pacific dominates currently due to rapidly expanding manufacturing industry in China, India. Second fastest growing is North America owing to reviving oil & gas sector and stringent industry standards. Europe also presents substantial opportunities due to demand from automotive, energy, and processing verticals.
Key players operating in the Machine Condition Monitoring market are Ceec Trucks Industry, Dongfeng Motor, Cheng Li, Curbtender, Cnhtc, Zoomlion, Foton car, Fujian Longma sanitation, Dennis Eagle, Labrie Enviroquip, Faun, McNeilus Truck & Manufacturing, EZ Pack, and Bridgeport Manufacturing. The market is competitive with leading companies investing heavily in cutting-edge technologies to offer advanced solutions for predictive maintenance of industrial assets across process and discrete industries. Adoption is expected to rise sharply amid growing awareness about economic feasibility of condition-based maintenance practices.
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