New analysis from Frost & Sullivan, "World Cardiovascular Monitoring Equipment Markets", reports that this industry generated revenues totaling $526,5 million in 2002. Total market revenues are forecast to reach $637,2 million by 2009.
"There is a drive to improve the accuracy of ECG monitoring systems, reduce errors, as well as improve overall efficiency, providing additional clinical capabilities that enhance work flow. Additionally, as hospitals consolidate to gain economies of scale, the demand for networked ECG monitoring equipment continues to grow", stated Frost & Sullivan Research Analyst Seemeen Mirza.
In the United States, this trend is promoted by the Food and Drug Administration's decision in 2002 requiring all electrocardiograph data submitted to the agency, in support of drug applications, to follow digital format. Similarly in Japan, much like the average consumer is comfortable with adaptations in technology, so is the medical professional. Throughout the health care continuum, physicians are striving hard to increase the efficiency in the acquisition, storage, and retrieval of ECG data. This trend is promoting demand for ECG monitoring equipment with increased communication capabilities in the Japanese market.
Additionally in Japan, there are discussions about potential new regulations that may require all end-users will need to have electronic storage of ECGs in the near future. If formalized, this announcement is forecast to promote growth within the Japanese ECG data management market. Given the strong need for efficient storage, retrieval and accessibility to a complete "virtual patient record", most companies recognize the need for efficient data management.
Given these developments, manufacturers in the cardiovascular monitoring arena have new issues to address. These include facing the challenges of providing sophisticated technologies while maintaining product ease of use and affordability. In addition, companies need to tackle market maturity forces and growing saturation that have intensified pressure on product pricing. Finally, companies need to find the most effective ways to target the burgeoning physicians' offices market.
"To address these issues, manufacturers will need to be flexible in terms of products and pricing options. They will need to provide an array of scalable solutions that offer customers, with varying needs and purchasing powers, the flexibility to upgrade products and add on features. They also need to provide financing options that address pricing concerns of end-users", observed Seemeen Mirza.
In addition, comprehensive training and reliable sales service that supports end-users and minimizes transition time is forecast to be increasingly important. It is also crucial to develop creative marketing schemes to highlight the value to end-users of advanced features that enhance work flow efficiency and promote overall cost effectiveness.
"Manufacturers need to invest in new product development. The physicians' offices market has lower throughput requirements along with higher price sensitivity", stated Seemeen Mirza. Creative schemes that bundle enhanced features and components like software with greater pricing flexibility are going to be instrumental in driving business.
The World Cardiovascular Monitoring Equipment Markets, a part of the Patient Monitoring subscription, offers insights into the United States, European, and Japanese markets for cardiovascular monitoring equipment. The study covers major market and technology trends offering total revenues by region and by segments such as resting ECG, ECG data management, ECG stress testing, ECG Holter monitoring, and ECG event monitoring systems.
If you are interested in an analysis overview which provide manufacturers, end-users and other industry participants an overview, summary, challenges and latest coverage of the World Cardiovascular Monitoring Equipment Markets, you can send an e-mail to Danielle White, Health care Media Relations Executive at Frost & Sullivan with the following information: Full name, Company Name, Title, Contact Tel Number, Contact Fax Number, E-mail. Upon receipt of the above information, an overview will be e-mailed to you.