Flexibility and mobility have become vital to sustain revenues in an already mature market for multiparameter patient monitoring in hospitals.
In such a scenario, emergence of telemetry solutions, implementation of clinical information systems, and development of wireless transport monitors, will motivate healthcare facilities to prematurely upgrade their patient monitors and purchase higher-end units.
New analysis from Frost & Sullivan, (healthcare.frost.com) U.S. Multiparameter Patient Monitoring Market, reveals that revenues in this market totaled $861.6 million in 2004 and projects to reach $1.01 billion in 2011.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants an overview of the latest analysis of the U.S. Multiparameter Patient Monitoring Market, then send an e-mail to Melina Trevino, Corporate Communications, at melina.trevino[...]frost.com with your full name, company name, title, telephone number, fax number, and e-mail address. Upon receipt of the above information, an overview will be sent to you by e-mail.
Transport monitoring is one area where very few manufacturers dominate. By focusing on this niche through products that are flexible with battery-operated functionality and data transfer capabilities, companies can gain significant market share despite a limited market size.
“However, with upgradeable modular patient monitors already penetrated across the U.S. market, the impact of current technological advancements on new unit purchases remains unclear,” observes Frost & Sullivan Research Analyst Nathan Cohen.
Alternate care facilities such as ambulatory and outpatient surgery centers that perform high-profit surgical procedures are generating new revenues streams for manufacturers of multiparameter patient monitors.
“The alternate care segment offers niche potential for medium- and small-sized companies that lack the broad product portfolio necessary to penetrate the hospital markets,” adds Cohen.
The alternate care market also lacks the high barriers of entry that hospitals maintain due to absence of dominant group purchasing organizations across the varied types of ambulatory medical practices.
“With the market for modular units highly-saturated and driven primarily by replacements, configured monitors become increasingly important for sustaining manufacturer revenues,” notes Cohen.
However, given the budgetary restrictions across healthcare facilities, pricing strategies are going to be crucial to drive uptake of configured units. Moreover, the entry of foreign companies such as Mindray Co., Ltd. with lower-priced products makes it all the more challenging to drive unit sales at higher prices.
U.S. manufacturers must revamp their strategies either in terms of increased outsourcing to nations with lower manufacturing costs or upgrading manufacturing to take advantage of state-of-the-art computer design and cost optimization practices.
“Despite the pricing issues, strong brand image developed with biomedical engineers is a key advantage that U.S. companies hold over other international manufacturers,” says Cohen. “Though price may create a short-term solution for monitoring needs, long-term trust and maintenance guarantees can create a tremendous competitive advantage.”
U.S. Multiparameter Patient Monitoring Market, part of the Patient Monitoring subscription, offers a comprehensive analysis of the multiparameter patient monitoring market in the hospital and alternate care segments. It also discusses the various market trends and opportunities while providing in-depth analysis of market share, forecasts, market drivers, and restraints. It also includes opportunity analysis, revenue forecasts, and strategic recommendations that can assist participants in capturing market share. Interviews are available to the press.
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U.S. Multiparameter Patient Monitoring Market
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Keywords in this release: multiparameter patient monitoring, U.S., telemetry solutions, clinical information systems, transport monitoring, alternate care, ambulatory and outpatient surgery centers, modular patient monitors, configured patient monitors, Mindray, research, information, market, trends, technology, service, forecast, market share