This Frost & Sullivan research service titled North American ECG Monitoring Product Markets provides an overview of this market through estimates and forecasts of market revenues, unit shipments, and pricing analysis, along with an in-depth discussion of market drivers, restraints, industry challenges, strategies and trends that are impacting the North American ECG monitoring market. In this research, expert analysts thoroughly examine the following segments: resting ECG, stress testing, ECG data management, holter monitoring, and event monitoring systems.
Technologies
The following technologies are covered in this research:
-Resting ECG
-Stress testing
-ECG data management systems
-Holter monitoring
-Event monitoring
ECG Data Management Systems: The Lone Segment Witnessing Growth in the Cardiac Monitoring Devices Market
Cardiac monitoring device manufactures are facing some difficult times with ever declining reimbursement, and the distinct possibility of larger decreases on the horizon. Along with this, continuing focus on price to gain a competitive advantage has depressed the market. These issues are creating turbulence in this mature market that has seen constant growth over the years mostly due to the continuing prevalence of cardiovascular disease and growth in patient populations. While each market segment differs in the effects of these issues, one segment is tipping the scales in favor of positive growth, namely electrocardiogram (ECG) data management systems (DMS).
"Advanced ECG DMS are rapidly becoming a necessity in the healthcare environment," notes the analyst of this research service. "Technological advancements such as wireless technologies and algorithm advancement also provide growth opportunities for those who utilize them." With features enabling the attachment of an ECG record to the patient's electronic medical record (EMR) in the form of a PDF and wirelessly acquiring ECG data for analysis, the hospital’s workflow is effectively streamlined. As more hospitals and clinics install data management systems, the other market segments can witness the benefits since they are integrated into these systems. Hence, these devices can gain more popularity resulting in increased market growth.
Participants Must Focus On More than Just Pricing to Stay Ahead Of Competition
With the increasing pressure for hospitals to become paperless, many hospitals now use ECG management systems for their data management needs. However, mounting pressure on healthcare providers to stay as cost effective as possible has caused them to take a longer look at when they are going to replace their systems and how cost effective that replacement is going to be. This coupled with the high degree of competition restraining potential market growth is causing market participants to look for other methods of gaining a competitive advantage.
"While price is indeed an important competitive factor, over emphasis on it is detrimental to the market," cites notes the analyst. "Hence, it is important for market participants to focus on factors other than price such as ease of use and value enhancement programs derived from customer needs to have an edge over competitors."
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cat_id=0&report_id=463892&q=ECG&p=1
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