Rising incidences of chronic illnesses, heart disorders and hypertension are widening the patient population pool in Europe, creating demand for technologically advanced multiparameter monitoring devices. Lack of reimbursement, however, remains a crucial issue restraining adoption of most high-end imaging modalities.
As a result, the market is not expected to attain full potential, with revenues reaching only $387.3 million in 2017 from $334.8 million in 2012, according to new research from Frost & Sullivan’s (medtech.frost.com) Multiparameter Patient Monitoring Solutions Market analysis.
"Increasing awareness on the clinical and economic advantages of multiparameter patient monitors has aided uptake, particularly in cardiac applications," said Frost & Sullivan Healthcare Research Analyst Akanksha Joshi. "Moreover, safe and cost-effective devices that offer integration, connectivity and easy monitoring of vital patient parameters in all areas of care bedside, critical care and during emergencies sustains market growth in Europe."
Although technological advances broaden the market scope, hospitals across Europe lack funds and invest only in equipment that is urgently required, thereby limiting the sale of multiparameter patient monitors. Long replacement periods that delay the purchase of new systems, coupled with the absence of reimbursement policies for cardiac diagnostic imaging procedures, add to market woes.
Price erosion leads to a further decrease in revenues. As such, maintaining existing customer relationships will be vital for manufacturers to retain profit margins. Providing affordable, integrated, end-to-end solutions that can be customised or bundled with another product to suit end-user requirements will help suppliers stay competitive.
"Mergers and acquisitions will enable such customisation and satisfy customers’ need for reasonably priced products," concluded Joshi. "Conducting promotional and marketing activities to demonstrate product attributes and draw the attention of customers to the benefits of multiparameter patient monitoring solutions will also be crucial to quicken market expansion."
For more information on this research, please email Anna Zanchi, Corporate Communications, at anna.zanchi[.]frost.com
Multiparameter Patient Monitoring Solutions Market is part of the Advanced Medical Technologies Growth Partnership Service program. Frost & Sullivan’s related research services include: Emerging Trends in Critical Care Solutions in Europe, Global Trends in Medical Imaging Cardiology Applications, and Market Trends for Western & Eastern European Ventilation Equipment & Accessories. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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