The primary reason for this growth is rising awareness levels among an ageing population about devices that help in attaining a better standard of life. The elderly prefer to age at home - a trend supported by the medical community, which is keen on reducing costs associated with hospital stay.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), European Market for Wireless Patient Monitoring Devices, finds that the market earned revenues of $89.9 million in 2008 and estimates this to reach $176.9 million in 2015. The following market sectors are covered in the research: wireless assisted living devices, wireless vital signs measurement devices and portable personal health (wellness) devices.
"The most important market driver is the expanding number of elderly across Europe," notes Frost & Sullivan Research Analyst Akanksha Joshi. "This has been accompanied by increasing awareness about the need to provide a better standard of living to them."
The healthcare market in Europe is currently focused on reducing hospital costs. At the same time, there have been efforts to provide quick, real-time treatment to patients. This has resulted in the growing preference of the medical community for wireless patient monitoring devices.
"There exists considerable growth potential for wireless patient monitoring devices across the region," says Joshi. "Based on various research studies and available clinical data, the importance of providing rapid, real-time diagnoses is being realised due to the focus on home-based, wireless enabled patient monitoring devices."
However, reimbursement and public funding allotted for such treatment methods are not clearly defined. Moreover, the target population is unaware of the benefits of wireless assisted devices. There also exists a lack of proper organisational infrastructure in some Western European countries.
"In these turbulent economic times, price sensitivity in the wireless patient monitoring market is adversely affecting market growth," adds Joshi. "Reimbursement polices are not well understood by the target population, further limiting market prospects."
Collaboration with established local companies will help manufacturers provide efficient services while, at the same time, maintain profit margins. It is important for manufacturers to provide accurate and reliable devices in association with an effective service provider.
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 Market for Wireless Patient Monitoring Devices 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 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 40 offices on six continents.
European Market for Wireless Patient Monitoring Devices / M3EB