The European market for multiparameter, mid-range patient monitors is in its medium growth stage. Reducing healthcare costs is a primary concern; therefore, affordability and a wide range of product offering are vital for market participants to succeed.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), European Markets for Multiparameter Mid-range Patient Monitors, finds that with the compound annual growth rate (CAGR) of 3.5 per cent from 2009 to 2015, the market is expected to be worth $184.9 million in 2015. The total European market for multiparameter mid-range patient monitors is extremely price sensitive, with manufacturers finding it difficult to maintain the profit margins.
"The most important driver of this market is the shift from critical care to sub acute care along with a demand for devices that facilitate the multi parameter patient monitoring," says Frost & Sullivan Senior Research Analyst Akanksha Joshi. "There has been an increase in the demand for patient friendly, easy-to-operate, and well designed affordable, which is boosting the sales of technologically advanced products."
In Western Europe, the growing cohort of aged people as well as increasing prevalence of fatal diseases are propelling the demand for regular monitoring of patients through common equipment. Therefore, pioneering technology in the product line at considerably lower rates that reduces patient's stay time in hospital and overall costs is being preferred by the medical community.
However, reduced hospital budgets are decreasing the sales of the equipment. Additionally, most of the hospitals are delaying their purchases, as they are equipped with multiparameter monitors.
"Although the sales volume has been rising at a constant pace, the plummeting prices in the turbulent economic times, has limited the revenues earned in the European market for mid-range patient monitors," explains Joshi. "Another major challenge faced by the manufacturer is to make technologically advanced products that are compatible with existing equipment."
Collaboration with established local companies will help manufacturers in providing effectual services while maintaining profit margins. Bundling of products will allow them to offer wide ranges of products at discounted prices to end users.
"To understand and satisfy the customers' needs, it has becomes imperative for the manufacturers to provide accurate, reliable devices in association with an effective local or regional market participant," concludes Joshi.
If you are interested in more information on Frost & Sullivan's research on the European Markets for Multiparameter Mid-range Patient Monitors, please 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.
European Markets for Multiparameter Mid-range Patient Monitors is part of the Patient Monitoring Growth Partnership Services programme, which also includes research in the following markets: European Patient Monitoring Market Outlook- 2009, European Pulse Oximetery Market, and European Telemetry 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.
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European Markets for Multiparameter Mid-range Patient Monitors / M51A