Transforming Healthcare: Meet the 8 Most Promising Wearable Medical Device Companies in 2023

Wearable medical devices can be worn by people to track and monitor their health and fitness levels. They can be easily worn by individuals as a patch, bracelet, or watch, depending on their design.

The leading wearable medical device companies are-

Fitbit Inc.

Market Position or History

In 2020, Fitbit acquired a startup called Twine Health, which is a health coaching platform that helps people manage chronic conditions such as diabetes and hypertension. This acquisition allowed Fitbit to expand its capabilities in the healthcare market and offer more comprehensive health solutions to its customers.

Business Overview and Strategy

Eric Freidman and James Park established the company on March 26,, 2007. Its headquarters are located in San Francisco, California. It predominantly designs and manufactures wearable fitness technologies and products. The company's products include fitness trackers, smartwatches, and accessories that track various health metrics such as steps taken, calories burned, heart rate, and sleep quality.

Fitbit's vision is to empower and inspire people to live healthier, more active lives by providing them with the tools and motivation they need to achieve their fitness goals.

Strengths

• The company has a global presence, with products available in many countries around the world.
• It takes data privacy seriously and has implemented robust measures to protect user data.
• The company's products are designed to be easy to use, which appeals to consumers who are new to fitness tracking.
• It has formed partnerships with healthcare providers to offer its products as part of health and wellness programs.

Weaknesses

• It faces intense competition from other wearable fitness technology companies, which may impact its market share.
• The company relies heavily on its fitness tracker products, which could be a weakness if demand for this product line declines.
• Its products can be relatively expensive compared to other fitness tracking devices, which may deter price-sensitive consumers.
• Some Fitbit devices may not be fully waterproof, which limits their use for swimming and other water-based activities.

Apple Inc.

Market Position or History

In 2021, Apple Inc. announced the acquisition of Vilynx Inc. The company is slated to use Vilynx's technology to improve the video content recommendations and search capabilities of its products, including health and fitness videos.

Business Overview and Strategy

With its headquarters in California, United States, the company was established on April 1, 1976. Steve Jobs, Steve Wozniak, Ronald Wayne, and Mike Markkula are the primary founders of this company. It designs, develops, and sells computer software, customer electronics, and online services. It also offers a wide range of wearable medical devices.

Apple's mission is to create innovative products and services that enhance people's lives and provide them with a seamless, integrated technology experience.

Strengths

• It is one of the most recognizable brands in the world, known for its innovation, design, and high-quality products.
• Apple has a loyal customer base that is willing to pay a premium for its products and services.
• The company has a well-developed and efficient supply chain, which helps it to quickly bring new products to market.
• It has a diverse product portfolio that includes hardware, software, and services, which helps to mitigate risks.

Weaknesses

• Apple has a limited presence in emerging markets, which could limit its growth potential.
• Its products may not offer as much customization as some consumers may prefer.
• It faces litigation risks related to intellectual property, privacy, and antitrust, which could impact its financial performance and reputation.

General Electric Company

Market Position or History

In 2020, GE Healthcare acquired UPMC's cardiology imaging software, which enables clinicians to more easily diagnose and treat heart disease, to enhance its cardiology solutions offerings.

Business Overview and Strategy

Headquartered in Boston, Massachusetts, United States, the company was founded on April 15, 1892. It offers a wide array of products and technologies catering to the needs of industries such as aviation, healthcare, renewable energy, and finance.

General Electric is focused on driving digital transformation in its businesses and developing new technologies and products that help customers optimize their operations and achieve greater efficiency and productivity.

Strengths

• It has a strong brand reputation in various industries, which helps to attract customers and investors.
• The company has a diverse portfolio of businesses and products, which allows it to operate in multiple industries and reduces its reliance on any one business.
• It has operations in over 100 countries, giving it a large global footprint and access to a wide range of markets and customers.

Weaknesses

• GE operates in highly competitive industries, which can make it difficult to maintain market share and profitability.
• It has faced some reputation challenges in recent years, including regulatory investigations and allegations of accounting irregularities, which could impact its brand reputation and customer confidence.
• The company has faced significant financial challenges in recent years, including declining revenues and profits, as well as a significant amount of debt.

Eli Lilly and Company

Market Position or History

In February 2021, Lilly announced its acquisition of Prevail Therapeutics, a company focused on developing gene therapies for neurodegenerative diseases such as Parkinson's and Alzheimer's.

Business Overview and Strategies

With its headquarters in Indianapolis, Indiana, United States, the company was set up in 1876. It specializes in the research, development, and manufacture of pharmaceutical products and medical devices with a particular focus on the treatment of diabetes, cancer, and other serious diseases.

The prime vision of Eli Lilly and Company is to enhance the lives of the masses by improving their health outcomes. It has set ambitious goals to reduce its environmental impact and improve access to healthcare for underserved population.

Strengths

• It has strong focus on its research & development vertical.
• It has a diverse product portfolio to cater to the needs of the healthcare sector.
• The company has a significant global presence and operates in more than 120 countries.
• It has a solid financial track record and has consistently generated strong revenue and profits.

Weaknesses

• While it has a diverse product portfolio, it still depends heavily on a few key products for the majority of its revenue.
• The pharmaceutical industry it primarily operates in is subject to intense regulatory scrutiny, which can lead to delays or even the cancellation of drug development programs.
• It is highly susceptible to sudden economic downturns and geopolitical tensions.

Nike Inc.

Market Position or History

In 2018, Nike acquired TraceMe, a technology startup founded by NFL quarterback Russell Wilson. TraceMe specializes in developing mobile applications for celebrities and athletes to connect with their fans.

Business Overview and Strategy

Bill Bowerman and Phil Knight established the company on January 25, 1964. It is known for designing, developing, and manufacturing a wide range of products including healthcare wearables, apparels, equipment, and accessories, among others.

Nike's vision emphasizes its belief that everyone has the potential to be an athlete, regardless of their physical abilities or limitations. The company aims to continuously innovate and improve its products and services, making them accessible to fitness enthusiasts of all levels and backgrounds.

Strengths

• It has emerged as one of the most recognizable brands in the world, known for its quality athletic products and innovative marketing campaigns.
• The company has a strong global distribution network, with retail stores and online channels in over 190 countries.
• It is committed to sustainability and has made significant efforts to reduce its environmental impact and promote ethical practices.
• It invests heavily in research and development, allowing it to continually improve its products and introduce new technologies.

Weaknesses

• It relies heavily on external suppliers for its manufacturing, leaving it vulnerable to supply chain disruptions and quality control issues.
• It faces intense competition from other athletic apparel and footwear companies, such as Adidas and Under Armour.
• The company has faced criticism over labor practices at some of its suppliers, which can damage its reputation and impact its supply chain.

Medtronic Plc

Market Position or History

In January 2020, Medtronic Plc announced the acquisition of Klue, a startup company that developed a mobile health app for people with diabetes to track their meals and glucose levels. The acquisition is aimed at integrating Klue's technology with Medtronic's diabetes management products to improve patient outcomes.

Business Overview and Strategy

The company was founded by Palmer Hermundslie and Earl Bakken in 1949. Its headquarters are located in Minneapolis, Minnesota, United States. It develops a wide range of medical devices and therapies, including cardiovascular products, wearables, diabetes management systems, neurosurgery products, surgical technologies, and spinal and orthopedic products.

Medtronic's vision and mission are aligned with its core values of integrity, innovation, inclusiveness, and excellence. The company is dedicated to improving the lives of patients and transforming healthcare through the development of innovative medical technologies and therapies.

Strengths

• It has diversified revenue streams across various medical specialties and geographies.
• The company employs experienced and skilled workforce with a strong commitment to quality and patient care.
• It has a strong focus on sustainability and social responsibility in its operations and business practices.
• It offers a wide range of innovative and high-quality medical products and therapies.

Weaknesses

• It has high dependence on certain product lines, which can be affected by changes in regulations and market demand.
• It is vulnerable to legal and regulatory risks, which can result in reputational and financial damage.
• It depends on third-party suppliers and distributors, which can affect supply chain reliability and cost.

Vital Connect

Market Position or History

In 2021, Vital Connect partnered with PhysIQ to integrate its biosensors with PhysIQ's artificial intelligence analytics platform, which is designed to improve patient outcomes and reduce hospital readmissions.

Business Overview and Strategies

Headquartered in California, United States, the company was established in 2011. It specializes in creating wearable biosensors and remote monitoring solutions.

Vital Connect's mission is to empower people to take control of their health and wellness by providing them with easy-to-use, accurate, and reliable medical-grade wearable devices. The company's products are designed to enable remote monitoring of patients, allowing healthcare providers to monitor their patients' vital signs and detect any changes or anomalies in real time.

Strengths

• The company's products are known for their accuracy and reliability, making them a trusted choice for healthcare providers.
• Its wearable devices are designed to be user-friendly and require minimal training for patients and clinicians.
• It has established partnerships with several prominent healthcare providers, including the Mayo Clinic and Kaiser Permanente.

Weaknesses

• It is subject to strict regulatory requirements, which can be a challenge to navigate.
• Its products rely heavily on technology, which can be vulnerable to glitches and technical issues.
• The company’s products can be expensive, which may limit their accessibility for some patients and healthcare providers.

Garmin Ltd.

Market Position and History

In 2020, Garmin Ltd. announced the acquisition of Firstbeat Analytics Oy, a Finnish company that specializes in physiological analytics for wearables and other devices.

Business Overview and Strategy

The company was founded in October 1989 by Gary Burrell and Min Kao. It develops GPS technology for use in aviation, automotive, outdoor, and sports activities. It has also tapped into the medical wearable industry with products such as fitness trackers, smartwatches, and GPS-enabled sports watches. The company has also developed software and apps for a variety of industries, including aviation, marine, automotive, and outdoor recreation.

Garmin's vision is to continue to be a leader in innovation and technology, providing their customers with reliable, cutting-edge products that enhance their lives and enable them to pursue their passions with confidence.

Strengths

• It carries extensive expertise in in GPS technology.
• The company has a strong distribution network spread across the globe.
• It has been showing consistent growth and profitability.

 Weaknesses

• It is vulnerable to economic and political instability in international markets.
• It depends on key suppliers for critical components.
• It is susceptible to cybersecurity threats and data breaches.
• It has limited manufacturing capabilities in-house, leading to potential supply chain disruptions.