Personal Healthcare Devices - Wearables & Sensors Procurement Intelligence
The demand for procurement of personal healthcare devices - wearables & sensors is being driven by the increasing adoption of remote patient monitoring solutions and the implementation of technology such as IoT and AI into wearable devices. The market is anticipated to grow at a CAGR of 11.2% from 2024 to 2030.
Wearable fitness technology has made a significant space for itself in the healthcare industry, such that smartwatches and FitBits are considered the mainstream of the industry. Some of the healthcare wearables include blood pressure monitors, glucose meters, ECG monitors, and fitness trackers. The demand for these wearables is rising as consumers showcase interest in keeping track of their health and vital signs. In addition, factors such as advancements in technology enabling more accurate health monitoring on-the-go, and increased focus on preventive healthcare are driving the growth of the market.
Order your copy of the Personal Healthcare Devices - Wearables & Sensors category procurement intelligence report 2024-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Personal Healthcare Devices - Wearables & Sensors Procurement Intelligence Report Scope
The Personal Healthcare Devices - Wearables & Sensors category is expected to have pricing growth outlook of 5% - 9% increase (Annually) from 2024 to 2030, with below pricing models.
- Subscription-based pricing
- Volume based pricing
- competition-based pricing
Supplier Selection Scope of Report
- Cost and pricing
- Past engagements
- Productivity
- Geographical presence
Supplier selection criteria of Report
- Type of monitoring devices
- advanced technology-enabled devices
- diseases tracked
- data privacy
- technical support
- personalized devices
- geographical presence
- years in services
- regulatory compliance
- operational and functional capabilities
- others
Personal Healthcare Devices - Wearables & Sensors Procurement Intelligence Report Coverage
Grand View Research will cover the following aspects in the report:
- Market Intelligence along with emerging technology and regulatory landscape
- Market estimates and forecasts from 2022 to 2030
- Growth opportunities, trends, and driver analysis
- Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
- Porter’s 5 forces
- Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
- Engagement and operating models, KPI, and SLA elements
- LCC/BCC analysis and negotiation strategies
- Peer benchmarking and product analysis
- Market report in PDF, Excel, and PPT and online dashboard versions
Personal Healthcare Devices - Wearables & Sensors Procurement Cost and Supplier Intelligence
Suppliers in the market also include components suppliers used in devices such as sensors, batteries, and microchips. These suppliers have moderate bargaining power due to their specialized nature. However, the overall impact is mitigated by the availability of multiple suppliers and standardization in the industry. Suppliers holding essential patents for key technologies may exert some influence over device manufacturers, especially if alternatives are limited.
Material costs, labor, equipment, research and development, and software are some of the expenses incurred in manufacturing personal wearable and sensor healthcare devices. Other costs include rent and facilities, packaging and shipping, and software update costs. Wearable healthcare devices need chips, sensors, batteries, and other accessories that must be replaced periodically. These accessories costs, when combined with the device lifecycle, usually account for a high cost of ownership. ‘Manufacturing equipment’ for producing wearable health monitoring devices can cost between USD 100,000 to USD 1 million. The average cost of research and development of monitoring devices can range from USD 1 million to USD 10 million in the U.S.
List of Key Suppliers
- Fitbit
- Garmin Ltd.
- Medtronic
- MedioTek Health Systems (VinCense)
- Omron Corporation
- Apple Inc
- Polar Electro
- Withings
- AliveCor Inc.
- Sotera Inc
- Embr Labs
Add-on Services provided by Grand View Research Pipeline:
- Should Cost Analysis
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
- Rate Benchmarking
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
- Salary Benchmarking
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
- Supplier Newsletter
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving – market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
- Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
