This rise in the number of people requiring critical care has escalated the demand for catheters and transducers.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), European Market for Invasive Pressure Monitoring and Hemodynamic Monitoring, finds that market earned revenues of $336.4 million in 2007 and is estimated to touch $520.6 million by 2014. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: central venous catheters, pulmonary artery catheters and disposable pressure transducers.
If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Katja Feick, Corporate Communications, at katja.feick[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by email.
"Hospitals do not consider non-invasive method of blood pressure monitoring accurate; they prefer continuous invasive blood pressure monitoring that provides quick and correct readings," says Frost & Sullivan Research Analyst Akanksha Joshi. "Therefore, there is significant demand for disposable pressure transducers and catheters that provide invasive blood pressure monitoring."
With both hospitals and patients gravitating towards non-invasive methods due to their benefits of lower costs and reducing the trauma faced by patients, smaller incisions, shorter hospital stay and faster recovery, medical device manufacturers have to innovate constantly to keep pace with these developments in surgical techniques.
Manufacturers must offer novel products that enhance patient comfort and safety to attract more users. For instance, the use of antibiotic coating in central venous catheters has greatly reduced the risk of infection from the catheter. Such instruments will be especially pertinent in the current market scenario, since shrinking hospital budgets and low reimbursements levels are making a case for highly technically innovative equipment that will reduce the incision size and the duration of hospital care.
Budgetary constraints are also the reason that many hospitals favour bulk buying of catheters and transducers. This puts manufacturers under pressure to lower their prices, and thereby, their profit margins, they are hence, resorting to outsourcing production to lower manufacturing costs. Market participants can also garner higher revenues, retain existing clients and expand their customer base by offering value-added services.
"Manufacturers and suppliers can train their technicians and servicing staff in collaboration with medical institutes to improve the knowledge base of service staff and subsequently, productivity," notes Joshi. "Continuous interactions between the medical staff and manufacturers through their sales and marketing personnel will also aid the better understanding of the products."
European Market for Invasive Pressure Monitoring and Hemodynamic Monitoring is part of the Patient Monitoring Growth Partnership Service program, which also includes research in the following markets: European non – invasive blood pressure monitoring market, European remote patient monitoring market and European diagnostic cardiovascular monitoring equipment market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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European Market for Invasive Pressure Monitoring and Hemodynamic Monitoring / M297