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European Market for Neurophysiological Monitoring
Frost & Sullivan, Nov 2009, Pages: 63
This research service examines the European neurophysiological monitoring market in terms of the challenges faced by market participants, drivers, and restraints in the industry, the market share analysis, the revenue forecasts, growth rates, as well as strategic recommendations
This Frost & Sullivan research service titled European Market for Neurophysiological Monitoring provides a detailed overview of the neurophysiological monitoring (NPM) market in Europe. In this research, Frost & Sullivan's expert analysts thoroughly examine the following: electroencephalography (EEG), electromyography/nerve conduction studies/evoked potential (EMG/NCS/EP) and magnetoencephalography (MEG). The regions covered in this research service include the United Kingdom, Italy, France, Spain, Germany, Benelux and Scandinavia.
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Market Overview
Inexpensive and Basic Software used in NPM machines to Drive Growth in the European Neurophysiological Monitoring Market
NPM has immense significance in patient monitoring during spine, brain, vascular and orthopaedic surgeries. In addition, it is helpful to interventional radiologists, intensive care specialists, otolaryngologists and neurologists. Increasing incidences of neurological disorders are driving growth in the European NPM market. The software used in NPM machines can be outsourced to the Asian countries, which can provide low-cost solutions and help reduce costs involved in the development of these high-end equipment. In countries such as Spain and Italy, where customers are price conscious and in need of cost-effective technology, there is significant opportunity for low-cost options. “The demand for full service contracts is growing, and it is generating greater opportunities for the neurophysiological monitor manufacturers due to the economic conditions, increased lifecycle of the product as well as end-users who prefer to maintain their systems until budgets are allocated,” says the analyst of this research. “Various market participants offer attractive sales service contracts in order to capitalise on the existing opportunity.”
Although the NPM market is well developed and is in mature stage, a higher share of revenue is generated from after-sales service contracts. There is intense competition in the European NPM market, especially in the EMG/NCS/EP and EEG segments. Most international companies have a strong presence in Europe, with a few leading participants having a direct access to the market and others adopting an indirect mode through distributor networks. Direct sales offices offer an edge to the competitors in the markets of a few conservative European regions such as Scandinavia and Benelux.
Focus on After-sales Services to Help Participants Sustain in this Market Successfully
The limit on the credit facility in Europe has restrained the medium and small market participants from buying such expensive equipment. However, the domestic participants have a strong focus in their region. Additionally, regions such as Scandinavia and Benelux are predominantly conservative in terms of market entry norms, quality adherence and brand consciousness. Therefore, new entrants find it challenging to enter these regions. “Domestic firms play a vital role in these countries, and most end-users have a high loyalty towards a few brands, making it difficult for new entrants to penetrate the market,” explains the analyst.
A strategic alliance between the large participants and the medium and small participants will help the former enter into other regions while enabling the smaller participants to survive in unfavourable economic conditions. “As the NPM market is saturated and most revenues are generated from after-sales service, market participants can offer attractive full service contracts by highlighting them as their unique selling point (USP),” concludes the analyst. “This will help them sustain in the market, until any new technical advancement is introduced or when the market begins to develop.”
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
By Product:
- Electroencephalography (EEG)
- Electromyography/nerve conduction studies/evoked potential (EMG/NCS/EP)
- Magnetoencephalography (MEG)
By Region:
- The United Kingdom
- Italy
- France
- Spain
-Germany
- Benelux
- Scandinavia
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