The health technology has undergone significant changes one being the introduction of the modularized medical band. People are slowly becoming accustomed to the device which has proved to be quite helpful. The product has the potential to improve public health in a significant margin.
Limited target market
The target market for the modularized medical band are patients who need their pulses, sugar levels, heart rate, and other functions. All those are characteristics of people with lifestyle diseases which affects middle-aged people mainly from the age of 45-60. For this reason, it will become difficult for older people to adapt to the device as they are not familiar with such technological method. This is evident as reports from the e-market show that less than 11% of the people in that age bracket use the product. The device may be complicated for them to use especially those above 60 years old.
Overpricing and Emergence of many brands of modularized medical band
The modularized medical band is not a cheap device to buy. Overpricing will limit the number of customers purchasing the product which will lead to stagnation of the product in the market. There has been the emergence of any brands in the health technology market. Some of these brands are not of a quality to perform the services they are meant to efficiently. When such products become concentrated in the market, it says that counterfeit products will also be present. This will make the target market for the product lose faith in it. Fake products will be sold cheaply in the market compared to quality products which will lead to losses to companies that manufacture quality products. The product is also not favorite among some doctors as they argue that the device does not produce accurate results.
Expanding the target market
Lifestyle diseases have continued to increase affecting a significant number of people due to the current lifestyle practices. Chronic diseases are also on the rise which creates more market for the modularized medical band. These type of conditions have no specific age groups which in turn ensures that the health technology industry or instead the modularized medical band is relevant and active. This wearable brand will help hundreds of people who are suffering from such diseases since they will know when to get immediate medical attention. People are becoming more concerned about their health, and this will be a good reason for them to acquire fitness brands.
There is the development of technology in the health industry sector which will improve the efficiency of the band making it more accurate. This will be a differentiating factor among competitors, and it will work for the good of the consumers especially those with sensitive chronic diseases. Consumers will be able to manage their health as well as their healthcare costs. Organizations have also been partnering with programs and even health insurance agencies to provide devices for consumers at a more affordable price. Healthcare systems continue to partner with organizations to encourage fitness tracking of their employees. This will increase the target market and reduce hospital visits for many people.
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