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Move Towards Freeing Expensive Critical Care Areas in Hospitals Increases Uptake of Mid Range Patient Monitors Across Europe31 March 2006
Considering the high costs involved in maintaining critical care areas, which are estimated between $1000 and $15000 per day, European hospitals are increasingly moving towards freeing expensive critical care areas. While diverting patients to other lower acuity areas ensures considerable cost savings, there is a further trend towards converting many lower acuity areas to monitored areas. This allows for optimal utilisation of staff recourses and such on going restructuring developments will aid the uptake of mid-range patient monitors across Europe.
Frost & Sullivan (http://www.healthcare.frost.com) finds that the European Mid Range Patient Monitors Markets earned revenue of $202.5 million in 2005 and will reach 300.5 million in 2012.
"Presently, the European mid-rage patient monitors markets are being driven by the ongoing conversion from high-end monitors to mid-range monitors owing to the move towards freeing expensive critical areas as well as shortfalls in budgets," notes Frost & Sullivan Senior Research Analyst Ms. Aarati Ajay. "Crucially, the shift towards lower acuity areas will boost the need for more monitored beds, thereby enhancing market growth, although short term"
Further, upgradation of systems to allow integration and the increasing privatisation of healthcare will develop as added growth factors. The European mid-range patient monitors markets are likely to witness a revamp, with increasing importance being accorded to the integration of patient data from multiple sources into a single common pool. As a result, a heightened focus on integration with IT systems will provide further opportunities for product upgrades, thereby spurring market growth.
However, the entry of Asian manufacturers is expected to intensify competition in the market, posing considerable challenges to European vendors. Companies that held a comfortable market position, until 2003, are wary of the entry of Asian manufacturers, as they feel the market will now be governed by price competencies since product differentiation is difficult. Consequently, most companies are moving towards aggressive pricing strategies to address this challenge, and the subsequent price erosions will have a significant impact on profit margins.
"Among other challenges, the lack of sufficient technological advancements has meant that market participants are increasingly faced with challenges of creating newer avenues for growth," says Ms. Ajay. "Not many technological breakthroughs are expected in the near future, making product differentiation and market expansion more difficult."
In combating pricing pressures, companies will do well to formulate their pricing strategies based on the services offered. Customer retention is paramount to success in this market and increased vendor participation in integration with information systems and greater thrust on services provided by the company will be key decision making parameters in the long run. Companies therefore need to provide the due impetus to these factors and design appropriate strategies in order to ensure future growth.
European Mid Range Patient Monitors Markets is part of the Healthcare Subscription. It provides an overview of the European markets for mid-range patient monitors and identifies major market opportunities and industry challenges while suggesting appropriate strategies. Further, it offers a competitive analysis of the market participants and lists market trends across various geographic regions. Interviews are available to the press.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the latest analysis of the European Mid Range Patient Monitors Markets (B697-56) then send an e-mail to Radhika Menon Theodore - Corporate Communications at rmtheodore@frost.com with the following information: your full name, company name, title, telephone number, e-mail address, city, state, and country. We will send you the information through e-mail upon receipt of the above information.
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit http://www.frost.com.
European Mid Range Patient Monitors Markets
B697-56
Contact:
Radhika Menon Theodore
Corporate Communications - Europe
P: +91-44-42044541
F: +91-44-24314264
E: rmtheodore@frost.com
Melina Trevino
Corporate Communications - Americas
P: +1-210-247-2440
F: +1-210-348-1003
E: melina.trevino@frost.com
Surbhi Dedhia
Corporate Communications - India
P: +91-22-2832-4705 Ext: 131
E: sdedhia@frost.com
Jasminder Kaur
Corporate Communications - Asia Pacific
P: +65-68900937
E: jkaur@frost.com
Sharmin Jassal
Corporate Communications - Australia
P: +61-2-8247-8900
F: +61-2-9252-8066
E: sjassal@frost.com
http://www.frost.com
Keywords in this release: mid-range patient monitors, Europe, healthcare, high-end monitors, monitored beds, research, information, market, trends, technology, service, forecast, market share
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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