Private Hospitals Emerge the Biggest Market for Multi-Parameter Patient Monitoring Devices in the Asia-Pacific
-- Intensifying focus on monitoring and diagnosis gives thrust to MPM adoption, finds Frost & Sullivan
KUALA LUMPUR, Malaysia, June 9, 2015 /PRNewswire/ -- Rising healthcare spending and the proliferation of private hospitals in Southeast Asia are creating a vibrant market for multi-parameter patient monitoring (MPM). Private hospitals, in particular, are spearheading technology adoption, as their bigger budgets allow them to cater to customer demand for better quality monitors.
New analysis from Frost & Sullivan, Analysis of Multi-parameter Patient Monitoring Market in Asia-Pacific (https://www.frost.com/p782), finds that the market earned revenues of US$694.2 million in 2014 and estimates this to reach US$1,035.6 million in 2018.
"While Japan and Australia have already been using high-end monitors with Wi-Fi networks and cloud integration, Southeast Asia is only now beginning to use 'networked' patient monitors," said Frost & Sullivan Healthcare Industry Manager Nitin Dixit. "Nevertheless, Frost & Sullivan expects that by 2020, nearly 75 percent of all private hospitals and 50 percent of all public hospitals in Asia-Pacific would have installed wireless central stations to connect to several monitors."
Despite these technology developments, there are no significant changes to the monitors' reimbursement/financing. Additionally, competition from domestic Chinese, Japanese, and Indian companies is intensifying, leading to price sensitivity among customers. Non-patient monitoring companies too are breaking into the market through acquisition and technology innovation.
Overall, it is becoming highly challenging for multinational companies (MNCs) from the West to retain their market share. They have to compete against more than 50 domestic vendors both on price and technology. According to Frost & Sullivan's estimate, by 2018, domestic companies will outstrip MNCs unless they offer customizations for the domestic markets.
To stay afloat in the market, many original equipment manufacturers in this space are bundling products and service offerings to up-sell. They will also have to show urgency in innovation as it is likely that by 2018, MPM will be increasingly conducted using wearable devices connected to laptops and/or tablets.
"Significantly, the local manufacturing advantages in Asia-Pacific will greatly aid the offer of low-cost monitors," noted Dixit. "The market will get a further boost from the efforts of both MPM vendors and specialist doctors in spreading awareness and establishing the need for advanced parameters."
If you are interested in more information on this study, please send an e-mail to Donna Jeremiah, Corporate Communications, at [email protected].
Analysis of Multi-parameter Patient Monitoring Market in Asia-Pacific is part of the Advanced Medical Technologies (http://www.medtech.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Singapore Private Outpatient Diagnostic Imaging Services Market, Technology Trends in Cardiac Imaging, and Analysis of the TIM (Thailand, Indonesia and Malaysia) Digital and Computed Radiography Systems Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of Multi-parameter Patient Monitoring Market in Asia-Pacific
P782-54
Contact:
Donna Jeremiah
Corporate Communications – Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
E: [email protected]
Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
E: [email protected]
Melissa Tan
Corporate Communications – Asia Pacific
P: +65 6890 0926
F: +65 6890 0999
E: [email protected]
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