The global wearable ambulatory monitoring devices market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all players competing to gain a substantial presence in the market. Intense competition, rapid advances in technology, frequent changes in government policies, and regulations are key factors that confront market growth. The manufacturers compete based on cost, quality, and reliability. It is decisive for the manufacturers to provide cost-efficient and high-quality products to survive and succeed in an intensely competitive and growing market environment.
The growth of market vendors is dependent on market conditions, government support, and industry development. Thus, manufacturers should focus on expanding geographically and improving their products. They primarily focus on the development of novel products. Although international players are dominating the market, regional, and foreign players with small market shares also have a considerable presence. The international players may strengthen their presence worldwide through acquisitions and mergers during the forecast period. In addition, improvement of the global economic scenario combined with efforts to enhance infrastructure in emerging nations is fueling the market growth, thereby making it an ideal time for new players with innovative products to enter the market and increase the global market share.
The global wearable ambulatory monitoring market consists of a large number of global and local players operating in the respective regions. Although the market is quite scattered with no clear leaders in the market, there are few players that have captured significant market share in the global wearable ambulatory monitoring devices market.
With respect to the current scope of the report, GE healthcare is observed to be the top player in the global wearable ambulatory monitoring devices market owing to its strong distribution channel and wide geographic presence. In 2018, GE healthcare held a 23.4% market share in the global market. Medtronic PLC is the second major player with a 13.1% share followed by Biotelemetry which held a 10.6% share in 2018 in the global wearable ambulatory monitoring devices market.
Threat of New Entrants
The threat of new entrants in the global wearable ambulatory monitoring devices market is high. Any company trying to enter the market is required to accept the mandatory regulatory standards issued by government authorities. However, ambulatory monitoring devices involve simple portable medical devices. Thus, a large number of local players are involved in manufacturing these ambulatory monitoring devices. Although the market consists of established medical device companies and brands, no player has complete dominance over the market. The prescription and usage of the ambulatory monitoring devices depend on the commercial availability of the product and its cost. New entrants in the market primarily focus on launching the products at aggressive pricing to compete with the big players. All these factors encourage new market players to enter into the business and capture the market share.
Bargaining Power of Suppliers
In the global wearable ambulatory monitoring devices market, suppliers are raw material providers and small component providers. There are several suppliers present in the market owing to the high demand, increasing government support, and the availability of huge opportunities for the development of the market. The switching cost of these suppliers is high because suppliers tend to enter into long-term associations, partnerships, and deals with other device manufacturing companies. Also, the key companies thrive to survive in the market with their brand identity and the quality of the product. Therefore, the overall bargaining power of suppliers in the global wearable ambulatory monitoring devices market is medium.
Threat of Substitutes
The threat of substitutes in the global wearable ambulatory monitoring devices market is low. Heart monitoring is an extremely important aspect of patient care in patients suffering from cardiovascular diseases. Over the period, highly advanced monitors have been introduced in the market. However, all the existing cardiac monitoring technologies are still being used and is not substituted by the new ones. In terms of accuracy of the data, there are hardly any substitutes available in the market such as standalone ECG monitors. Thus, the threat of substitutes replacing the wearable ambulatory monitoring devices is quite low.
Bargaining Power of Buyers
The bargaining power of buyers is medium to high in the global wearable ambulatory monitoring devices market. This is increasing due to a rise in the number of choices of the products and low switching costs for the buyers. Thus, several manufacturers are trying to come up with innovative techniques along with competitive pricing to withstand the competition. Also, the end user’s inclination towards innovative products in the market irrespective of the brand value are shifting the bargaining power of the buyers in the industry.
Intensity of Rivalry
The degree of competition in the global wearable ambulatory monitoring devices market is high. Companies involved in this market are trying to introduce more advanced equipment for differentiating their product from their rivals. Moreover, manufacturers also focus on the enhanced safety and quality of the devices to increase the demand for these products in developed countries as well as in developing regions. To overcome the competition, players are engaged in partnering with established organizations.
