Although patient monitoring industries in the EU countries are in a stage of maturity, there exists an overall growth pattern. To make best of the available market scenario, many successful patient monitoring companies are making use of strategies such as acquisitions, geographic expansions and new technology/productintroductions.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), Competitive Benchmarking of Key Patient Monitoring Companies, finds that the European Patient Monitoring market earned revenues of $1.5 billion in 2006.
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Datascope is focussing on product line extension and customer support by creating innovative offerings such as service support for any patient monitoring system. Drager Medical is aiming for technological innovation and value creation to attain organic growth. Spacelabs Healthcare is directing its efforts towards product line extension and growth by accomplishing better margins.
On the other hand, some companies have begun to look eastward at gaining market share by increasing global presence in all areas of their product portfolio. GE Healthcare is moving toward strategic mergers and acquisitions in alignment with its vision to attain rapid growth in participating markets along with innovative technology and value creation.
Value creation through optimised product service mix, customised pricing strategy for clinical segments and geographies, mergers and acquisitions to extend product line and increase product offering across care continuum are the objectives that Philips Medical is aiming to accomplish.
Current demographic and industry trends are providing participants with scope for further growth.
“The aging baby boomer population is increasing the need for critical care and chronic disease management,” notes Frost & Sullivan Program Leader Aarati Ajay. “The potential market for patient monitoring in critical care areas such as intensive care, post-operative care, operating rooms, emergency rooms, step down care areas, as well as imaging in operating room and diagnostic imaging constitute a $280 billion market potential.”
Cardiac care is the need of the hour, and most companies have identified it as their core area of focus.
“With increasing alignment toward wireless and integration of systems with healthcare IT systems and the convergence of telecommunication, IT and medical devices, there is ample scope for development of homecare and growth, provided the right market space is targeted to leverage the core competencies and the vision of the company,” says Aarati.
Competitive Benchmarking of Key Patient Monitoring Companies is part of the Patient Monitoring Subscription, which also includes research in the following European markets: neurological monitoring, telemedicine, care management software and continuous glucose monitoring. All research 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.
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.