- Manufacturers will have to work around competition and tight hospital budgets to gain market share
LONDON, Oct. 17, 2012 /PRNewswire/ -- While hospitals across Europe are well equipped with critical care monitors, the growing elderly population along with increasing occurrences of fatal diseases is expected to bolster further demand for critical care solutions. However, the medical community is looking for cost-effective equipment that is patient-friendly and safe – primarily non-invasive and minimally invasive sensors for monitoring.
New analysis from Frost & Sullivan (http://www.patientmonitoring.frost.com), Emerging Trends in Critical Care Solutions in Europe, finds that the demand for advanced equipment versions that can be easily integrated with the existing equipment in intensive care is rising. The multiparameter monitors segment is growing steadily though minimally invasive technology remains an important feature for product selection.
Currently, the biggest market in the critical care monitors market is Germany, followed by France and the United Kingdom. There are opportunities for niche manufacturers offering continuous monitoring devices for blood pressure, glucose monitoring, intracranial pressure, and more. These devices could be integrated with already existing multiparameter monitors or could be standalone entities.
However, the economic crisis has limited hospitals budgets, which has in turn slowed down the purchase process for equipment that is not urgently needed by the hospital. This has also contributed to decrease the demand for newly launched, technically advanced and costly products.
"To decrease the cost incurred on the patient, hospitals are shifting their preference toward sub-acute care," says Frost & Sullivan Senior Research Analyst Akanksha Joshi. "To counter the challenge of lesser purchasing power, vendors must place emphasis on offering reasonably priced innovative technologies."
Manufacturers need to focus on the development of minimally invasive and non-invasive technologies for monitoring in critical care environments since this is one of the most important demands from end users. Such equipment not only reduces trauma caused to the patient, but also is safe and patient-friendly.
The latter factor is important for market penetration as many end users remain apprehensive of new technologies due to concerns regarding the safety and accuracy of these devices. As such, healthcare authorities will be looking for consent for new methods from the scientific community to provide a clinical benchmark. Thus, it is important that manufacturers market their product line and gain end users' confidence.
There is also a necessity for flexible patient monitoring units, which can be customised as per the patient's need. Vendors must ensure that all equipment is adaptive enough to include or exclude the vital signs measuring module as per the required situation.
"With well-equipped hospitals across western Europe, the demand for critical care solutions would largely arise from new hospitals," notes Joshi. "But with decreasing healthcare spending, the building of new hospitals is a distant possibility. These factors intensify competition and challenge critical care solution manufacturers to come up with innovative strategies to increase market share."
Offering advanced versions of critical care solutions as a package may help manufacturers increase their profit margins while meeting end user requirements. Robust, easy-to-use and efficient monitoring devices that offer wireless connectivity and integration as data transfer, analysis, collection and storage too will see faster uptake.
If you are interested in more information on this study, please send an e-mail with your contact details to Anna Zanchi, Corporate Communications, at email@example.com.
Emerging Trends in Critical Care Solutions in Europe is part of the Connected Health Growth Partnership Service programme, which also includes research in the following markets: Western and Eastern Europe Multiparameter Patient Monitors Market, European Cardiac Patient Monitoring Outlook, European markets for continuous glucose monitoring, and European Operating Room Solutions Market, among others. 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