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U.S. ECG and Cardiac Monitoring Products and Services Markets
Frost & Sullivan, April 2005
Interest from Physicians Creates New Opportunities in the Primary Care Segment
As reimbursement rates fall, physicians are looking for ways to add to revenues. This is increasing opportunities in the physicians’ office market for vendors of electrocardiograph (ECG) and cardiac monitoring products in the United States. Cost-conscious healthcare providers find many ECG monitoring products attractive since they can offer higher revenues with less investment. Investing in low-end ECG and stress testing instruments when internal volumes are high means that the initial cost is recovered quickly. In addition, as fewer tests are referred to hospitals, opportunities are expected to shift from the acute care to primary care segment.
This Frost & Sullivan research service provides an overview of and outlook for the U.S. ECG and cardiac monitoring products and services market. The study provides detailed revenue forecasts by modality and end users, as well as market share analyses. This invaluable market information is essential for both large and small market participants seeking to position themselves for maximum return on investments.
Guidelines Stressing the Use of Event Monitoring Systems for Diagnosis to Boost Demand
New studies indicate that Holter monitors - the established means for diagnosing potential heart disease - can be up to 90 percent undiagnostic. To tackle this, the American College of Cardiology (ACC) and American Heart Association (AHA) have established guidelines indicating the use of cardiac event monitoring systems after a negative Holter screening.
Unfortunately, many physicians are unaware of the AHA and ACC guidelines while more seasoned practitioners may still be hesitant to adopt these newer technologies, notes the analyst of this research. As marketing representatives continue to educate the medical community about the use of event monitors after a negative Holter, adoption of the technology is expected to increase, especially over the long term.
Alternative Pacing Devices Threaten the Pacemaker Follow-up Markets
The cardiac pacing market for pacemaker follow-up devices is set for some competition with the entry of alternate devices such as implanted cardioverter defibrillators (ICDs) and the cardiac resynchronization therapy. Medicare’s recent announcement that it plans to increase coverage for alternate types of cardiac pacing devices is likely to lower the number of patients receiving traditional pacemakers, notes the analyst. This is expected to restrain growth in the pacemaker monitoring markets in the long term. However, the need for increased efficiency and networking capabilities, particularly in the acute care space, is expected to continue strengthening demand for other ECG data management systems.
Manufacturers that invest in robust customer education and support systems are anticipated to have an edge over the competition. Further, promotional efforts among actual end users of the devices - the doctors, nurses, and technicians - can help build brand loyalty, as can third-party validations through independent publications such as trade journals and product reviews.
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