LONDON, December 1 /PRNewswire/ -- Lucrative opportunities await manufacturers in the European wireless patient monitoring devices market, particularly in the wireless assisted living devices segment. This segment is growing at a rapid pace. The primary reason for this growth is rising awareness levels among an ageing population about devices that help in attaining a better standard of life. The elderly prefer to age at home - a trend supported by the medical community, which is keen on reducing costs associated with hospital stay.
New analysis from Frost Sullivan (http://www.patientmonitoring.frost.com), European Market for Wireless Patient Monitoring Devices, finds that the market earned revenues of US$89.9 million in 2008 and estimates this to reach US$176.9 million in 2015. The following market sectors are covered in the research: wireless assisted living devices, wireless vital signs measurement devices and portable personal health (wellness) devices.
The most important market driver is the expanding number of elderly across Europe, notes Frost Sullivan Research Analyst Akanksha Joshi. This has been accompanied by increasing awareness about the need to provide a better standard of living to them.
The healthcare market in Europe is currently focused on reducing hospital costs. At the same time, there have been efforts to provide quick, real-time treatment to patients. This has resulted in the growing preference of the medical community for wireless patient monitoring devices.
There exists considerable growth potential for wireless patient monitoring devices across the region, says Joshi. Based on various research studies and available clinical data, the importance of providing rapid, real-time diagnoses is being realised due to the focus on home-based, wireless enabled patient monitoring devices.
However, reimbursement and public funding allotted for such treatment methods are not clearly defined. Moreover, the target population is unaware of the benefits of wireless assisted devices. There also exists a lack of proper organisational infrastructure in some Western European countries.
In these turbulent economic times, price sensitivity in the wireless patient monitoring market is adversely affecting market growth, adds Joshi. Reimbursement polices are not well understood by the target population, further limiting market prospects.
Collaboration with established local companies will help manufacturers provide efficient services while, at the same time, maintain profit margins. It is important for manufacturers to provide accurate and reliable devices in association with an effective service provider.
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European Market for Wireless Patient Monitoring Devices is part of the Patient Monitoring Growth Partnership Services programme, which also includes research in the following markets: European Patient Monitoring Market Outlook - 2009, European Pulse Oximetery Market and, European Telemetry Equipment Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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SOURCE: Frost SOURCE: Sullivan
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