Rising Disease Incidence Boosts Multiparameter Monitor Adoption

Rising incidences of chronic illnesses, heart disorders, and hypertension are widening the patient population pool in Europe, creating demand for technologically advanced multiparameter monitoring devices. These are the latest findings of Frost & Sullivan (Frost, Mountain View, CA, USA), an international market research firm.

Although technological advances and the need for integration and connectivity have increased the demand for end-to-end solutions, hospitals across Europe lack funds and invest only in equipment that is urgently required. Lack of reimbursement also remains a crucial issue restraining adoption of most high-end imaging modalities. As a result, sales of multiparameter patient monitor remains limited, and the market is not expected to attain full potential. Revenues are projected to reach just USD 387.3 million in 2017, up from USD 334.8 million in 2012.

“Long replacement periods that delay the purchase of new systems, coupled with the absence of reimbursement policies for cardiac diagnostic imaging procedures, add to market woes,” said report author Frost healthcare analyst Akanksha Joshi, adding that despite financial constraints, “increasing awareness on the clinical and economic advantages of multiparameter patient monitors has aided uptake, particularly in cardiac applications.”

Price erosion is also leading to a further decrease in revenues, and as such, maintaining existing customer relationships will be vital for manufacturers to retain profit margins. Providing affordable, integrated, end-to-end solutions that can be customized or bundled with another product to suit end-user requirements will help suppliers stay competitive. A further avenue to increase sales lie in mergers and acquisitions, which will enable such customization and satisfy customers’ need for reasonably priced products.

“Safe and cost-effective devices that offer integration, connectivity and easy monitoring of vital patient parameters in all areas of care—bedside, critical care and during emergencies—sustains market growth in Europe,” concluded Ms. Joshi. “Conducting promotional and marketing activities to demonstrate product attributes and draw the attention of customers to the benefits of multiparameter patient monitoring solutions will also be crucial to quicken market expansion.”

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