Multi-patient monitoring market matures in Western Europe, says Frost & Sullivan
September 22, 2015
As the Western European multi-parameter patient monitor (MPM) market is in its mature stage, it will generate most of its revenues from replacement units, according to Frost & Sullivan. On the other hand, the Eastern European market, which has not reached maturity, will predominantly see new MPM installations.
The total European MPM market earned revenues of $547.7m in 2014 and is predicted to reach $613.5m in 2019 at a compound annual growth rate of 2.3 per cent. The study covers central stations as well as critical, anaesthesia, radiology, acute, transport, emergency and alternate care monitors.
"Increased demand for enhanced capabilities and wireless connectivity is primarily driving the Western and Eastern European MPM market," said Frost & Sullivan healthcare senior research analyst Parthasarathy Raghava. "However, decreasing average selling prices across segments and the commoditisation of MPM equipment threaten margins for most market participants."
Nevertheless, with innovative products and next-generation technologies likely to expand MPM device applicability and treatment modes, sales volumes and consequently revenues will increase. Wearable devices, in particular, will have a positive impact on both the Western and Eastern European markets.
"By 2019, nearly 75 per cent of European healthcare organisations will invest in some kind of wearable technology, including the wearable device, apps and remote monitoring device," said Raghava. "Using wireless technology, wearable devices will allow healthcare organisations to track and capture patient data as well as leverage treatment options from a centralised location."
Private hospitals are spearheading technology acceptance by adopting MPMs integrated to Wifi and the cloud. Other hospitals still need to overcome the initial costs of implementing Wifi and Bluetooth connectivity to use these technologies that leverage patient monitoring.
Further, evolving policies aim to decrease the average length of stay for patients in high-cost critical care units of hospitals. Thereafter, they will be shifted to less expensive floors dedicated to acute care, driving the need for more MPMs in the acute care segment. MPMs will also be extensively used in the alternate care sector rather than being restricted to the critical care and general wards.
• A report from Research & Markets predicts that the worldwide mhealth market will be worth US$18bn in 2016. And it predicts a CAGR of 40 per cent over the next five years.