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Despite the growing prevalence of cardiovascular diseases, North American cardiac monitoring service providers are facing some difficult times due to declining reimbursement levels. All the more, the heightened focus on price to gain a competitive advantage is leading to high price pressures and diminishing revenue potential. Differentiating products on attributes other than price could help market participants stave off these challenges and maintain market position.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), North American Cardiac Monitoring and Diagnostic Services Markets, reveals that revenues in this market totaled $3.48 billion in 2006, and are likely to reach $3.83 billion in 2013.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants an overview of the latest analysis of the North American Cardiac Monitoring and Diagnostic Services Markets, then send an email to Melina Trevino - Corporate Communications at melina.trevino[.]frost.com with the following information: your full name, company name, title, telephone number, email address, city, state, and country. We will send you the information via email upon receipt of the above information.
"With reimbursement taking a big hit in 2007, cardiac monitoring service providers are struggling to maintain positive growth," notes Frost & Sullivan Research Analyst Zachary Bujnoch. "Long-standing growth factors such as prevalence of CVD and ageing populations along with current trends such as increasing demand for ambulatory services could, however, help maintain growth."
Furthermore, wireless systems are fast penetrating the point-of-care market and are to a greater extent driving the ambulatory market. Wireless systems can significantly improve compliance rates as they are less obtrusive than wire-bound devices. Using a wireless device to transmit data back to the data processing center also eliminates many of the restrictions placed on the patient during the monitoring session. These benefits promise to increase overall compliance, and service providers that utilize this capability will have a distinct advantage in addition to persuading more healthcare providers to utilize this form of monitoring.
Nevertheless, the decline in reimbursement for ECG monitoring devices continues to limit revenue potential. Even though the decline has been relatively steady, large drops, like seen this year, further heighten market competition and increase focus on competitive strategies such as price.
"Increased competition in the North American cardiac monitoring and diagnostic services markets has made price a key competitive factor," says Bujnoch. "While price is important, over emphasis on it is detrimental to the market, and can result in the neglect of other essential value adding elements."
Going forward, it will be important for market participants to focus on differentiating factors other than price. These incorporate end-user experience which can be enhanced not only by providing exceptional customer support, but also by implementing other value-added components through direct customer interaction. Some examples of value-added programs include providing support on key issues, such as, physician education concerning products, services, and current reimbursements.
North American Cardiac Monitoring and Diagnostic Services Markets is part of the Patient Monitoring Growth partnership Service program, which also includes research in the following markets: ECG cardiac products, multiparameter patient monitoring, and pulse oximetry. 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.
About Frost & Sullivan
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.
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