Electrocardiogram (ECG) monitoring devices markets continue to maintain growth, amidst declining reimbursements due to the increasing prevalence of cardiovascular diseases. ECG data management systems (DMS), in particular, are witnessing encouraging growth, thereby stimulating the overall market and creating growth opportunities.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), North American ECG Monitoring Devices Markets, reveals that the market earned revenues of $311 million in 2006 and estimates this to reach $390 million in 2013.
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ECG data management systems are rapidly becoming a necessity that healthcare providers wonder how they ever did without. With the increasing pressure to become paperless, many hospitals now use ECG management systems for their data management needs.
Technological advancements such as wireless technologies and algorithm advancement also provide growth opportunities for those utilizing them. With features enabling the attachment of an ECG record to the patient's electronic medical record (EMR) in the form of a PDF and wirelessly acquiring ECG data for analysis, the hospital’s workflow is effectively streamlined.
As more hospitals and clinics install data management systems, other market segments are also see the benefits since they are integrating into these systems. Hence, these devices can gain more popularity, propelling market growth.
Many companies have made great strides in the ECG management segment in the last couple years by improving their connectivity to hospital information system (HIS) platforms, and allowing the integration of many different types of ECG monitoring.
“While these management systems continue to penetrate the market, it not only drives the ECG data management system market, but all the other segments as well since the newer devices are readily compatible with ECG data management systems,” notes Frost & Sullivan Research Analyst Zachary Bujnoch.
However, apart from the declining reimbursement for ECG monitoring devices that is limiting revenue potential, increasing pressure on healthcare providers to remain cost effective has caused them to take a longer look at when they are going to replace their systems and how cost effective that replacement is going to be.
This, coupled with the high degree of competition restraining potential market growth, is causing market participants to search for other methods of gaining a competitive advantage.
“While price is an important competitive factor, over emphasis on it is detrimental to the market,” cites Bujnoch. “Hence, it is important for market participants to focus on factors other than price such as ease-of-use and value enhancement programs derived from customer needs to have an edge over competition.”
North American ECG Monitoring Devices Markets is part of the Patient Monitoring Growth Partnership Services. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. Interviews with the press are available.
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