Analysis of the North American Cardiac Monitoring Products and Services Markets : The Landscape During ACA Implementation and Beyond
LONDON, March 3, 2015 /PRNewswire/ -- Key Findings
•Over the last 4 years, the cardiac monitoring products and services markets suffered due to the global economic downturn. They have more recently begun to see some recovery.
oThe stability of major market participants has played an important role in the stability of the markets. Most cardiac monitoring vendors have a large portfolio of devices or services, and are engaged in multiple markets external to cardiac monitoring.
oReimbursements for provider services have also played a large role in the direction of market segments, especially stress electrocardiographs (ECGs) and Holter monitors.
oThe growing prevalence of patients with associated cardiac conditions has and will continue to increase volume of services in cardiac monitoring. Growth trends in cardiac monitoring will stem from the services side.
oCardiovascular device monitoring manufacturers and service providers are investing in synergistic partnerships to provide more comprehensive solutions for providers that support their daily operations.
•The Affordable Care Act (ACA) and healthcare reform efforts have stimulated changes that will shift market trends over the next 2 to 10 years
oAlthough the volume of cardiac monitoring will increase in the North America, healthcare reform efforts towards value-based care versus existing fee-for-service payment models will significantly impact this mature market. Models focused on improving Centers for Medicare and Medicaid Services (CMS)-spotlighted metrics in cardiovascular disease states are expected to improve patient outcomes while reducing high-dollar cost of services.
oModels of care and care coordination such as telemedicine, mHealth, and remote patient monitoring are expected to grow exponentially in the foreseeable future, as the ACA is better understood as an "enabling legislation" for providers and stakeholders. Cardiac monitoring is the ideal market for testing and implementation of new care delivery and business models.
oProcess and system improvements across the healthcare landscape will show high-dollar cost savings in the treatment of cardiovascular disease states, with cardiac monitoring being one of the identified areas for margin growth opportunity and cost savings. In addition to the above models of care, the increased focus on prevention through government and community-based initiatives are expected to drive the use of more cardiac monitoring products.
•Frost & Sullivan's analyses and forecast illustrate:
oThe most significant growth areas for cardiac monitoring will be in the event monitoring and data management system segments. Evaluations of the market suggest that current and future drivers of the overall market favor more capabilities in cardiology data management systems as well as increased utilization of extended-use ambulatory arrhythmia monitoring devices. Increases in ambulatory cardiac monitoring services are consistent with the national healthcare shift towards outpatient facility care. This trend is expected to continue.
oACA and market conditions will drive not only more efficiency from market participants, but effectiveness in the attainment of organizational strategic objectives through stronger management stewardship and system design. In segments with less innovation, there will be greater emphasis on cost savings and provider and/or end-user experience. Health system leaders will look to innovative models in the environment to implement in their practices.
oThe cardiac monitoring market is a prime example of the changing environment because of ACA implementation. Mature markets are exploring new opportunities for business growth through advancing opportunities in monitoring, increased focus in quality metric improvements, and patient/consumer satisfaction scores.
Scope and Segmentation—Cardiac Monitoring Products
•The scope of this research primarily includes monitoring products that measure or evaluate ECG parameters.
oECGs measure the electronic signal produced by the heart to aid in the diagnosis of many life-threatening conditions such as arrhythmias and acute myocardial infarction (AMI).
oBecause heart disease continues to be one of the leading causes of death in the North America, the ECG is a critical diagnostic tool and an indispensable part of the healthcare environment.
•Cardiac monitoring products include point-of-care monitoring devices such as resting and stress ECG products; data management systems, and ambulatory care technologies of Holter and event monitors.
Key Questions This Study Will Answer
What segments of cardiac monitoring products and services have the best opportunities for growth?
What influence will outcomes from ACA and healthcare system changes have on cardiac monitoring? What are the drivers and restraints of critical importance?
What is the recent M&A activity in the cardiac product and services markets?
Are existing competitors structured to meet provider-customer needs? How are strategies changing?
What are the key predictions about the future of the cardiac products and service markets?
Methodology
•Primary and secondary research was used to develop research findings. Primary research comprised in-depth discussions with a broad range of industry professionals, including from firms specializing in ECG products and services, governmental agencies, and healthcare organizations. Discussions were usually held with chief executive officers, C-suite executives, or marketing and product executives.
•Secondary research consisted of extensive review of data and information from nonprofit and industry organizations, academic institutions, industry journals, and additional sources. Additional sources included news articles, Web sites, peer-reviewed literature, case studies, and academic textbooks. Web site secondary research focused on product specifications, product design, and service models.
•Interviews with healthcare executives, managers, and physicians in addition to secondary sources were used in reconciling forecast analyses. All sources have limitations. Some may not cover all distribution channels. All sources were employed to try to limit bias; ultimately, estimates were used as the basis for extrapolation derived by Frost & Sullivan.
•The compound annual growth rate (CAGR) was determined through information obtained during primary and secondary research. Base year revenues were determined and cross-verified from interviews and public filings with market participants. Market size was estimated and cross-verified through extensive market research.
•It is impossible to take into account in the forecasting any unexpected shifts in demand that result from unforeseen price changes, regulatory changes, sudden changes in patient and end-user characteristics, or any other event that is not known during the period of market research.
•Aggregate calculations and estimates have been utilized in this study. Data are not representative of any specific facility, organization, or group.
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