The European market for data management systems for patient monitoring earned revenues of $126.8 million in 2009 and is estimated to grow to $161.4 million in 2013, according to a report from Frost and Sullivan.
The analysis--which is part of the Patient Monitoring Growth Partnership Services program that includes research in electrocardiogram, sleep, respiratory, neurological and anesthesia markets--said that facilities are “looking for options that allow physicians to manage the massive data collected and help reduce errors caused by manual data handling.”
The market is being driven by the increased need for real-time data management and patient monitoring. The patient monitoring market is growing as a result of the rising number of patients gaining access to healthcare services. In addition, the stimulus package offered to the European healthcare industry is facilitating the employment of cost-effective IT technologies, according to Frost and Sullivan.
Despite the surge in demand for data management systems, outdated and incompatible technologies that cannot electronically document data and low awareness levels for end-users are stunting the growth of data management system utilization in several European countries.
To overcome these obstacles, “data management systems participants should improvise on cost-effective solutions and enhanced open platform software that will help them penetrate the markets more effectively,” suggested the report.
In addition, early adopters of the technology, including Germany, France and England, should serve as models for the “more conservative markets,” said Frost and Sullivan.
And while simplified solutions, open platform software and staff training for the systems will help vendors penetrate the market, “smaller companies vying for market space should switch to product differentiation techniques for exciting opportunities,” concluded Frost & Sullivan research analyst C.K. Somsainathan.