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Frost & Sullivan Finds the Untapped Patient Monitoring Solutions Market in Europe Offers Lucrative Opportunities - The market potential for patient monitoring solutions has largely remained untapped, while the demand that potentially exists is significant
Frost & Sullivan Finds the Untapped Patient Monitoring Solutions Market in Europe Offers Lucrative Opportunities

 

PRZOOM - /newswire/ - London, United Kingdom, 2009/09/14 - The market potential for patient monitoring solutions has largely remained untapped, while the demand that potentially exists is significant.

   
 
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Ageing baby boomers and the expansion of the middle class are the main drivers of the European patient monitoring market. Baby boomers are the leading consumers in healthcare by being more involved in the decision-making process on their treatment and overall health management. Moreover, the major impetus for physicians, hospitals and home health organisations to focus on monitoring their patients is cost.

New analysis from Frost & Sullivan (patientmonitoring.frost.com), European Patient Monitoring Market Outlook-2009, finds that the market earned revenues of over $2,032.0 million in 2008 and estimates this to reach $2,600.4 million in 2012. The market segments covered in this research are central station monitoring, multi parameter monitoring, vital signs monitoring, remote patient monitoring, telemetry monitoring, and telemedicine monitoring.

"In the last decade, several long-term trends have emerged, which have driven the need for advanced patient care in the intermediate and sub-acute areas of the hospital," says Frost & Sullivan Sest Janani Narasimhan. "Additionally, the susceptibility and seriousness of illnesses for patients electing to be admitted to a hospital has also increased."

The rapid turnover of patients from critical care to sub-acute areas continues to boost the demannior Research Analyd for patient monitoring devices in cardiac step-down units, other sub-acute care areas and home care.

Twelve European Union (EU) countries have made their e-health systems compatible, coming together for the launch of a large-scale healthcare IT pilot project - European patient smart open services (epSOS) - in 2008. The epSOS, supported by the European Commission (EC), aims to create interoperability of national e-health systems. Among the twelve countries that have already signed up for this three year project are: Austria, the Czech Republic, Denmark, France, Germany, Greece, Italy, the Netherlands, Slovakia, Spain, Sweden and the United Kingdom.

Standardisation of e-health systems across Europe implies that citizens who fall ill in the member state that is not their own will be able to have a local physician from any EU state access their vital information quickly and accurately.

Europe is faced with an ageing population that is also experiencing increasing numbers and intensity of chronic diseases. These two issues challenge the provision of accessible, high-quality, safe, economical and sustainable healthcare in individual member states and across the EU as a whole.

50 per cent of the hospital bed occupancy in European hospitals is of patients suffering from chronic illnesses, such as diabetes and chronic obstructive pulmonary disease (COPD). An estimated 15 per cent to 22 per cent of men and twelve per cent to 20 per cent of women suffer from chronic airway obstruction. In the last decade, COPD has increased by 30 per cent in women. The top one per cent to five per cent of patients of a particular disease category require close and continuous monitoring, putting a strain on the healthcare infrastructure. Already, about 70 per cent of healthcare expenditure is already being spent on coping with chronic conditions in Europe.

However, the economic slump has resulted in the freezing of infrastructural development spending by hospitals and delayed replacements of patient monitoring devices. This will eventually have a significant impact on the overall revenues of the market. Hospitals across Europe are also cancelling orders that are not critical.

Additionally, there is competition from low-cost foreign medical device manufacturers who are rapidly penetrating the market, especially within the lower-tier healthcare institutions. Their aggressive price strategies and improving quality standards are gradually changing end-user perception, posing a threat to European market participants.

"Fast changing technology makes it difficult for providers to sustain growth," notes Ms. Narasimhan. "As technology sometimes takes merely a year to become obsolete, hospital systems should be built on a platform that facilitates upgrades."

Patient monitoring devices will be extensively used not only in critical care units but also in general wards. Skylight Healthcare Systems, Inc. has successfully ventured into interactive systems using an innovative digital communication platform. It has transformed personalised care by turning hospital television sets into an interactive information and communication network, thereby enhancing care continuum for patients. Such interactive bedside systems will eventually be upgraded with multi-parameter patient monitoring devices.

"Presently, the patient monitoring market has a high demand for devices that are more suitable from a connectivity point of view," concludes Ms. Narasimhan. "An innovative unification of clinical information systems and patient monitors will enable monitoring as well as recording of patient data."

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.

European Patient Monitoring Market Outlook-2009 is part of the Patient Monitoring Growth Partnership Services programme, which also includes research in the following markets: European Remote Patient Monitoring Market, European Market for Non-Invasive Blood Pressure Monitors, European Telemetry Equipment Market, and European Pulse Oximetry Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents.

European Patient Monitoring Market Outlook-2009 / M3B2

 
 
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Frost & Sullivan Finds the Untapped Patient Monitoring Solutions Market in Europe Offers Lucrative Opportunities

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