Leasing provides an opportunity for healthcare facilities to upgrade their equipment as early as possible once the rental term is over. An aging population, along with the higher incidence of chronic diseases, has led to rise in the requirement of patient monitoring equipment.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), Patient Monitoring Equipment Leasing Opportunities in Europe, finds that the market earned revenues of $236.4 million in 2009 and estimates this to reach $308.7 million in 2013.
"Patients and therapists prefer a homecare environment over hospital stay as the latter is more expensive," says Frost & Sullivan Research Analyst Akanksha Joshi. "These patients seek individual financing options for the medical equipment, thereby increasing the need for leasing of patient monitoring equipment."
In Western Europe, aged population has risen along with the occurrence of fatal diseases like cardiovascular diseases, driving the need for regularised monitoring of various vital parameters of patients. When the purchasing power of hospitals is rigid, a viable option is to lease the latest medical equipment.
However, the total European patient monitoring equipment leasing market is highly fragmented. End users can obtain medical equipment through manufacturers as a sales-aided lease or with a bank lease. Competition in the total market is becoming intense due to participation of these diverse businesses, thus making it challenging for new market entrants and small businesses to attract end users. Additionally, the total patient monitoring equipment market being a replacement one reduces the need for leasing of medical equipment.
"Growth in the European patient monitoring equipment market is saturated with the demand for replacement of already installed equipments," explains Joshi. "Since most of the patients monitoring equipment have a long replacement life, the current market situation hinders its demand."
Manufacturers should highlight the advantages of leasing medical equipment to end users. Patient monitoring equipment has a long replacement life and can be upgraded to a technologically superior quality by using an operating lease as a financing solution.
"The government should offer tax breaks on the purchase of patient monitoring equipment," concludes Joshi. "This will decrease the amount to be spent by healthcare facilities for equipment purchase."
If you are interested in more information on Frost & Sullivan’s latest report on Patient Monitoring Equipment Leasing Opportunities in Europe, 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.
Patient Monitoring Equipment Leasing Opportunities in Europe is part of the Patient Monitoring Growth Partnership Services programme, which also includes research in the following markets: European Market for Ventilation and Airway Management Devices, European Markets for Continuous Glucose Monitoring, European Telemetry Equipment Market, and European Market for Multiparameter Midrange Patient Monitors. 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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