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North American Cardiac Monitoring Services Market Outlook
Frost & Sullivan, Dec 2010, Pages: 73
This study covers the state of the North American cardiac monitoring service market outlook, examining drivers and restraints for growth, pricing, technology, reimbursement, and demand trends. Following from these, market growth for the total market and market segments are forecasted. In addition, an in-depth analysis of the competitive situation including vendors' market shares is performed, along with additional competitive landscape info for the industry. The base year is 2009 with forecasts running through 2016. The market is further divided into five sub-segments including resting ECG, stress ECG, pacemaker monitoring, holter monitoring and event monitoring.
Total Cardiac Monitoring Services Market: Market Drivers and Restraints (North America), 2010-2016
Market Drivers
- Growing patient populations for cardiac disease drives growth
- Increased integration of data management systems with other healthcare IT systems borrows growth from other markets, such as electronic medical records
- Increasing use and acceptance of new continuous monitoring technologies spurs market technologies spurs market
- Continuing expansion in alternative markets supports long Continuing expansion in alternative markets supports long term growth term growth
Restraints
- Declining reimbursement hampers growth
- Economic conditions stifle market activity
- Market maturity limits growth opportunities
- Continued varying and ambiguous reimbursement practices generate skepticism and general negativities
This Frost & Sullivan research service titled North American Cardiac Monitoring Services Market Outlook provides an in-depth analysis of the market drivers and restraints, industry trends, and competitive environment, in addition to the industry challenges and issues faced by market participants. In this research, Frost & Sullivan's expert analysts thoroughly examine the following technologies: resting ECG, stress ECG, pacemaker monitoring, holter monitoring, and event monitoring.
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Market Overview
Innovative Monitoring Techniques Bolster Growth in the North American Cardiac Monitoring Services Market
The advent of new, continuous monitoring technologies in the event monitoring space has dramatically changed the structure of the traditional event monitoring market. New technologies, such as mobile cardiac outpatient telemetry (MCOT) and Lifestar ambulatory cardiac telemetry (ACT), have already made a sizable impact on the market and this trend will continue in the coming years as well. Due to the higher price point of these emerging systems and their increasing acceptance, dramatic increases in revenue have been experienced by leading service providers over the past several years. Currently, with an established reimbursement code, these new technologies are here to stay. While the growth of these new monitoring services are beginning to decline, these new services have already had a huge impact on market dynamics. “The growing number of patients afflicted with heard disease has also helped uplift prospects for this market, providing a solid baseline for growth in the cardiac monitoring segment,” notes the analyst of this research service. “Increased integration of data management systems with other healthcare IT systems has triggered growth in other sectors such as electronic medical records (EMR).” With the demand upswing for interconnectivity and wireless capabilities, the market outlook is expected to remain buoyant.
On the whole, the market is well established and mature. Some segments are more mature than others and different restraints exist in each segment. Apart from this aspect, the general decline in reimbursements has had a detrimental effect on the market. As reimbursement continues its downtrend, physicians will be forced to be even more conscious of their capital expenditures. Sales will be adversely affected. Price remains a large competitive factor as cost poses concerns for all healthcare providers. With competition intensifying, companies are scouting around for new innovative ways to meet customer needs and sell new monitoring services. In general, the competitive environment was stagnant over the past year due to the economic conditions and the unknown fate of healthcare reform.
Another factor restraining market momentum is the low level of awareness among customers; they are skeptical about the benefits these services will provide for their healthcare systems. With little long-term examples to look up to, service providers will have to rely on their wits alone to showcase the value of these systems. “Companies must look for new ways to differentiate themselves from each other in this highly mature market,” says the analyst. “Responding to key current industry needs has proven to be the most successful strategy for this, particularly in areas such as ease of use and value enhancement.” As the healthcare providers attempt to manage their information management needs, it is important to focus on factors other than price to gain the competitive edge.
Technologies
The following technologies are covered in this research:
- Resting ECG
- Stress ECG
- Pacemaker monitoring
- Holter monitoring
- Event monitoring
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