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North American Cardiac Monitoring Product Market Outlook
Frost & Sullivan, June 2010, Pages: 68
This study covers the state of the North American Cardiac Monitoring Product 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, data management systems, holter monitoring, and event monitoring
This Frost & Sullivan research service titled North American Cardiac Monitoring Product Market Outlook provides revenue and market trend analyses. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: resting electrocardiogram (ECG), stress ECG, data management system (DMS), holter monitoring, and event monitoring.
This analysis is available through our Patient Monitoring Growth Partnership Service program. With continuous access to intelligence and resources from all seven perspectives of the Complex Business Universe, the Growth Partnership Services program ensures that you and your Growth Team™ are able to maintain a 360 Degree Perspective of the market. This comprehensive, objective information allows your company to mitigate risk, identify new opportunities, and drive effective strategies for growth.
Market Overview
Innovative Monitoring Techniques Offset Declining Reimbursement in the Cardiac Monitoring Product Market
Participants in the North American cardiac monitoring market are constantly striving to offer innovative ways to meet customer demands and stay afloat in the intensely competitive space. The difficult economic conditions of 2009 and the unresolved status of healthcare reforms have placed the spotlight on price, as costs are a concern for all healthcare providers. Further, the decline in the reimbursement for ECG monitoring devices continues to limit revenue potential. Recent large drops, as seen in 2009, only intensify this price-based competition. As customers are also skeptical about the value of these products, manufacturers must devise inventive strategies to demonstrate their systems’ efficiency and capabilities.
“As healthcare providers attempt to manage their information management needs, it is important to focus on factors other than price to gain a competitive advantage in this highly mature market,” says the analyst of this research. “For example, ease of use and value enhancement programs derived from customer needs can go a long way in establishing a company in the marketplace and setting it apart from the competition.” Ease of use will be a vital selling point, as patient monitoring systems are finding increasing application outside of a hospital setting due to the growing popularity of preventative home monitoring and other non-clinical home healthcare solutions. Although many of these devices still have to prove their sustainability and data clarity, their potential is impressive.
Meanwhile, the growing cardiac patient population and the increasing use and acceptance of novel continuous monitoring technologies are dramatically changing the structure of the traditional event monitoring market. Advanced technologies such as Mobile Cardiac Outpatient Telemetry (MCOT) and Lifestar ACT have already made a mark on the market and buoyed its revenues. “The higher price point for these services has given a huge boost to the stagnant market despite dropping price points in other segments,” notes the analyst. “Apart from this, the potential for better clinical outcomes with new cardiac monitoring technologies have changed the market landscape; and with an established reimbursement code, these new technologies are here to stay.”
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Resting ECG
- Stress ECG
- DMS
- Holter
- Event
Technologies
The following technologies are covered in this research:
- ECG
- IT systems
- Management systems
- Cellular technologies
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