Market Analysis of Healthcare Wearable Products for Philips Healthcare

Introduction

The study is all about the increased demand and global requirement of healthcare wearable material in the market. NHS cost rising is being seen for the study to complete properly. Additional negative trends in vacancy rates can be easily seen for the product to be manufactured in industry that increased the pressure in their sale. Philips healthcare is the organization that is preparing a product for the healthcare system. These products are wearable one and highly required for the monitoring purpose for the patients. These involve the use of artificial intelligence and advanced tools for the people to attract. This requires proper segmentation for the market values. Targeting decision and marketing mix is discussed so that the proper marketing value can be gained by various method in this process.

The self management apps and wearable devices need management properly so that positive and negative aspects of those marketing can be understood in this study. This wearable device market size is the biggest one and also requires the growth of the market to be focused properly.

The growth of industries for healthcare and remote patient monitoring is being initiated properly by this method easily. These wearables can increase the economy for the healthcare industries.

Market growth can be understood in an ethical way due to the rising safety concern for food and beverages and for the rising concern related to the microbial contamination present in the food (Denton, 2010). The wearable devices market is required to be analysed properly so that problems faced by them can be understood easily. The product demands are generally increased due to the fitness and the sports advertisements. Various of the technological aspects are required to be discussed in this study so that its implications can be understood properly.

Continuous monitoring of the disease and physiological health can be observed here in this case. The large share of this market is seen to be present in the sport and fitness segment. Moreover this market is necessary so that the tracking health progress can be gained. These devices market value is defined by the following graphs present.

Fig 1: graph for medical healthcare

The market of these wearable devices can be managed easily by the strategy and some plans for the healthcare industry. A developed healthcare infrastructure and introduction of technological aspects can be helpful in the market aspect of these wearable devices in the healthcare industry. Medicare and medicaid are the prime reason for the segmentation of these wearable devices. A substantial growth in the near future can be one of the important aspects of this wearable measurable device in future (Iris.sssup, 2019).

The market dynamics are required to be looked out so that the business can be initiated properly. Technological advancements can be one of the beneficial methods that can help the market to be performed in a positive way. The other method for the segmentation of this market is by lowering the price of these wearable devices and using the reimbursement method for the marketing. As many sections of society are unable to afford these high cost products and thus it is required to manage properly for these people. A growth for awareness regarding the product can be easily seen and thus the preference is given to home healthcare which is a self monitoring method. Limited battery life of these devices is required to be managed properly so that a large number of people can buy and enhance the marketing aspect of these products (Cipale, 2019). Thus the pharmacies, online markets and hypermarkets are required to be seen to encourage this wearable devices and accessories.

The targeted decision chosen here is to launch the products in the market by the use of technology such as artificial intelligence. Patients' crucial signs are being investigated by the help of managing apps and wearable devices that are required in the healthcare systems. The targeted decision for wearable devices and application for the health care system can be enhanced by the help of artificial intelligence and in doing various of the steps are required to be followed so that these products can reach the market or customers easily. According to the two choices made can be reached by the help of certain steps involved in the decision making procedure. The first process can be using the online marketing procedure and the social media so that the product can be reached to the large number of people available in the market (Brew-Sam, 2019). Then the utilisation of proper knowledge regarding artificial intelligence in manufacturing of the product is highly required so that an ethical and efficient product can be formed. The challenges in the demand and supply are also required to be focused so that the healthcare centre can be focused properly.

There are around seven marketing tools that can be used in the product to be incorporated in the market. These seven marketing mixes are price, place, product, process, physical environment, people and promotion. Price is required to be arranged properly so that it can reach various classes of the society. It is arranged so that it can reach from rich to even the poors so that they can analyse their health easily. Its existence and reach to every market must be preceded properly so that it can be found to the rarest places also. The main thing is the quality of product that will be liked by the customers available. Its features are to be initiated properly so that a good quality and customer satisfied material can be processed. Processing and manufacturing of these wearable products are required to be done properly so that defective products shall not be initiated in the market (Apps.who, 2020).

Moreover defective products can lead to loss for the revenue generation.

The physical environment is required to be analysed properly so that the need of these products in the market can be understood and then the production can be formulated in such a way. Then the people and the number of requirements for these products are seen properly so that production can be managed. Finally comes the promotion that is much more important than the other ones. Without promotion the product will ot be able to gain name in amekt. Through promotion the product will reach each and every customer. Various methods are available for the promotion of these materials and thus can help in attracting a number of customers for the new market value.

The health care system does have a lot of challenges and complexities regarding the products and the patients that are available in the market. The epidemics used in healthcare systems are generally found to be having fuzier boundaries in healthcare and are responsible for the predisposition and different lifestyle choices. The disillusionment and frustration are generally involved in this part for understanding the healthcare system. The traditional way of curing is being avoided nowadays in this field of healthcare and is required to be followed. The internalized actions are being described properly in this case. Patients' desire to accommodate properly in the diagnosis is seen to be involved in the cure systems. The biggest challenge is innovation that is required to be involved in this industry so that a lot of patients can gain good support for their check ups (Marakhimov, 2017). A better facility and physician availability is affecting the market in a good way.

The international healthcare management can be seen to be involved for the NHS management. The best practices and experience can be seen to be involved in the cure system in healthcare. Successful and right information can be drawn by the help of this successful or sustainable revenue system in the UK. A strong link across the overseas market and business can be formulated by the help of this NHS methodology. System and infrastructure and demand of healthcare systems can be understood by the help of the NHS systems in healthcare. Around E5bn is able to be secured in the UK economy and around E235 million in public securities. The revenue generated from these is seen to be improving and the quality of services regarding healthcare is also an effective one. The five Rs that are reputation, revenue, research, recruitment and reach can be understood by the help of this NHS implementation (Asimakopoulos, 2017). A general service proposal is available for the healthcare system to be maintained so that they can help in the establishment of the NHS. Healthcare solutions are generally required to be presented in the marketing systems for the international section to be proceeded.

Most important part of managing the risk and milestones available in the marketing purpose of healthcare can be seen in this aspect of NHS study. Thus the product offerings can help the major organization and control that they do have in the market. The cancroids over the products and healthcare systems can be evaluated by the help of these NHS methodology available in the healthcare system. Pattern is presented for the self evaluation of the healthcare system in the NHS. Expectations for patients are managed easily in the healthcare system. Moreover involving a lot of people in the healthcare system can be seen to be involved in the healthcare service in this case (Assets.publishing, 2020).

The healthcare delivery system is to be understood here in this case for delivering value to the customers. Sustainable competitive advantage can be useful for the customer to focus on the marketing aspect present here. The value proposition can be positioned around the customer's needs and values that are available in the market. The sustainable competitive advantage can be seen to be a notion for customer sustainable development and thus the market strategy and pricing value model are required to be initiated properly by this method. A framework is designed for the service and for the intangible or subjective value that is present for the product. The products are represent that is poorest for paying the maximum price available. Strength of buying any product is a customer is a function of the value provided to the customer available.

Underprice and overpriced materials are available to be discussed for the selling of products (Flott, 2017). A targeted market is being set for the establishment of the delivery system in the healthcare industry. Quality improvement strategies are available so that the market and selling method can be gained here. Innovation in healthcare and delivery systems can be initiated properly by the help of this method. Improvement is a key attribute that is available for the health innovation to be discussed properly in this study.

The product has a lot of profit and is beneficial for the solution to be taken in the healthcare industry. In the competitive words this has value and will be a customer satisfied product. The supply chain and the production is required to be analysed and focused properly in this case so that product solutions can be maintained in the market properly. The value proposition can be applied to supply chain management and the better output can be oriented to in this case. The demand service collaboration applied for the supply chain of service available. A strategic approach for bundling the customer value proposition form demand side and from the supply side operation can be created in order to create a value from the product (Martinez Hernandez, 2017). A framework for the same purpose can be understood so that the market value can be easily evaluated in this case.

Fig 2: Value proposition

Various managers or the people having crucial roles in the business are present here for analysing the proper business management procedure. The facilitators that are human resource are the prime one in the business to initiate the business properly. Supply chain in the business here provides the cost efficient delivery for the business available. The clear scope and definition can be created by managing the supply chain of products. Customer requirement on cost efficient one is seen in this case for the product to be established for customers. Facilitators and inhibitors are the two present in developing the value proposition in the market available. Economic value is required to be understood for the customer receiving the product in the market. Economic value to the customer is presented so that the additional value to the product can be evaluated in this case for the constrainers. It can be said as a strategic solving method for the business and the products that are available. This model is beneficial for the business to run properly in the various industries available. The right reference of the product is required to be focused properly in this case so that customer switch for the product can be achieved easily. Charging the product according to the need and the customers requirement is highly seen in this case.

The technological breakout can be essential one for the product and supply management procedure in the marketing aspect of these healthcare systems. A good quality material and opportunity initiation is one of the things required for the proper output in the organization. The total benefit and loss can be evaluated in this phase for the products and the supply chain management. The discrepancies in local wages are required to be sorted out so that the business can be managed and initiated properly. Six sigma strategy is present for the market and supply chain of healthcare to run properly and to get a good business phase in this case (Mckinsey.com, 2020).

Conclusion

Thus it can be concluded that the philips healthcare that is producing a product for the healthcare system is highly effective for the people existing. In order to encourage these products and get proper attraction of customers the marketing mix is described in the above task. The marketing segmentation required is also being described properly.

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Reference List

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