- Significant Opportunities Exist for Easy-to-use, Patient-friendly Devices that Enable Rapid and Effective Diagnosis
LONDON, June 15, 2012 /PRNewswire/ -- The multiparameter patient monitors market, both in Western and Eastern Europe, is at a stable growth stage. The pressing need for devices that aid effective diagnoses of cardiovascular diseases is a major factor fuelling market growth. An ageing population, along with unhealthy lifestyles, has boosted demand for multiparameter devices. However, growth in some regions is slow because it is largely a replacement market.
New analysis from Frost & Sullivan (http://www.patientmonitoring.frost.com), Western and Eastern European Multiparameter Patient Monitors Market, finds that the market earned revenues of $488.6 million in 2010 and estimates this to reach $647.5 million in 2017. The research focuses on the multiparameter patient monitors used in application care settings such as critical care, perioperative care, emergency care, alternate care, transport care, non-critical care and MRI settings.
"The most important driver in the market is the need for easy-to-use and patient-friendly devices that enable rapid and effective diagnoses of patients' vital parameters," notes Frost & Sullivan Senior Research Analyst Akanksha Joshi. "The need for accurate diagnoses that will help reduce costs for both patients and hospitals is also promoting market expansion."
There has been a steady increase in the number of people over the age of 65 across Europe. The occurrence of chronic illness, heart disorders and hypertension is also on the rise. Further, unhealthy lifestyles have made even younger people prone to diseases.
"Such trends are generating demand for devices that monitor a patient's vital parameters at all instances – bedside, critical care and during emergencies," explains Joshi. "Multiparameter patient monitors fulfil these needs by offering rapid and accurate diagnosis."
Currently, there is great demand for a pioneering technology with efficient networking and integrating capability. This would assist in optimal therapy management by providing rapid diagnoses.
Uneven reimbursement patterns present a challenge to market prospects. Diverse reimbursement rates across Europe make it difficult for manufacturers to sell their equipment. Moreover, in some cases, private hospitals and clinics have a limited patient intake due to the lack of reimbursement.
"Competition among manufacturers is intensifying, accompanied by price erosion," remarks Joshi. "Brand loyalty and stagnant technological development is creating difficulties for new entrants, while concomitantly, resulting in falling profit margins for established participants."
Collaboration with established local companies would help manufacturers provide efficient services, while maintaining profit margins. Manufacturers should focus on offering value for money to end users through product differentiation.
"It is critical that manufacturers provide patient-friendly devices that are innovative, accurate and reliable," advises Joshi. "This would invoke the medical community's interest and spur the replacement of existing equipment."
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Western and Eastern European Multiparameter Patient Monitors Market is part of the Patient Monitoring Growth Partnership Services programme, which also includes research in the following markets: European Market for Ventilation and Airway Management Devices, European Markets for Continuous Glucose Monitoring, European Telemetry Equipment Market and European Market for Multiparameter midrange Patient Monitors. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan