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The participants are looking for options that allow physicians to manage the massive data collected and help reduce errors caused by manual data handling.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), Data Management Systems for Patient Monitoring Markets in Europe, finds that the markets earned revenues of $126.8 million in 2009 and estimates this to reach $161.4 million in 2013. The markets covered in this research service are electrocardiogram (ECG), sleep and respiratory, neurological and anaesthesia.
"European healthcare systems are witnessing a surge in activities involving IT solutions, mainly due to the affordability and need to effectively manage large volumes of data," notes Frost & Sullivan Research Analyst Somsainathan C K. "Most countries are highly receptive to such technology and are fully aware of its benefits, thereby rapidly driving the growth of these systems in Europe."
The European patient monitoring markets are experiencing significant growth due to the rising number of patients availing healthcare services. Thus, DMSs used in patient monitoring are sufficient for real-time management of data, as they help in instantly charting a patient's data. Similarly, the stimulus package provided to the healthcare sector in Europe is also fuelling the introduction of cost-effective IT solutions to ease workloads.
However, outdated technology in a few countries is limiting the usage of sophisticated DMSs.
"The inability to electronically document data, due to outdated systems and low levels of awareness are the major hurdles to the DMS market," explains Somsainathan. "Outdated systems that are not compatible with the latest technological version of DMS are still prevalent across Europe, further hindering growth."
Low end-user confidence in the successful implementation of such systems and pressure on data management solutions providers to provide swift delivery of systems are some of the other challenges faced by the market participants.
DMS participants should improvise on cost-effective solutions and enhanced open platform software that will help them penetrate the markets more effectively. Early adopters of technology such as Germany, the United Kingdom and France are prototypes for other conservative markets that are gradually adopting such technology. Superior software that will be compatible with old machines, coupled with awareness programmes to present the advantages of using these systems, will help the market participants in promoting their sales.
"Simplified solutions, open platform software and the provision of training for staff on the usage of systems will facilitate the market participants to penetrate the market with ease," concludes Somsainathan. "However, smaller companies vying for market space should switch to product differentiation techniques for exciting opportunities."
If you are interested in more information on Frost & Sullivan's latest research on Data Management Systems for Patient Monitoring Markets 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.
Data Management Systems for Patient Monitoring Markets in Europe is part of the Patient Monitoring Growth Partnership Services programme, which also includes research in the following markets: Emerging Technologies in Cardiac Monitoring, European Markets for Multiparameter Mid-range Patient Monitors, Patient Monitoring - Business in Saturated Markets, and European Market for Anaesthesia Equipment and Associated Airway Management Devices. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan (frost.com), 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.
Data Management Systems for Patient Monitoring Markets in Europe / M51D
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