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Analysis of Multi-parameter Patient Monitoring Market in Asia-Pacific : Better Technology at Lower Costs Drives Adoption

  • October 2014
  • -
  • Frost & Sullivan
  • -
  • 112 pages

Summary

Table of Contents

Each Frost & Sullivan research service follows a stringent methodology. Once a title has been identified, it is first subjected to a feasibility check to establish its potential impact and commercial viability. Once the go-ahead has been given, the lead analysts work in conjunction with their team to fully scope the project, basing segmentation on market issues that have been ascertained through primary research at the feasibility stage. Having established the initial study structure, the initial data collection commences. This prepares the analyst team for conducting primary interviews. Contact lists are drawn up, and interviews are arranged with known industry and end-user contacts, and internal Frost & Sullivan resources and databases are used to establish market straw models for subsequent validation. Once this step has been performed, there is sufficient information to design and validate the questionnaire that forms the basis of the primary interviews.

The primary research is then conducted. Typically, a broad cross section of 20 to 30 (depending on the number of participants in the market) of the following designations are interviewed, including:
•Product managers
•Marketing managers
•Marketing directors
•Heads of business development
•Trade and industry associations
•Distributors

These interviews, divided among each geographical region, provide the analyst team with cross- verification of data and fresh input into revenues, growth rates, equipment replacement rates, unit shipments, and installed base measures. Frost & Sullivan takes a bottom-up approach, looking at market metrics country by country, using interviews at the country level to look at grass roots issues and the impact they will have on revenue and growth. These issues include an examination of how the healthcare delivery model differs from country to country, the regulatory framework for healthcare companies, the regulatory barriers to entry, and the best route to market for global companies and smaller market participants alike. These factors shape the market calculations, building up to an overall sizing of the market. Once all primary research has been completed, the transcripts can then be examined in line with all secondary research and internal Frost & Sullivan databases. Input from primary research is applied to all market data to establish the market metrics. Sales activity and contracts are closely monitored throughout the year, and are employed in conjunction with average pricings at this stage to establish base year revenues and market share. Wherever possible, revenue is based on invoice payment as opposed to order entry.

The forecasting tool Frost & Sullivan uses is based on the following:
•Econometric models
•Quantitative market input
•Qualitative trends that impact the growth rate

Frost & Sullivan aims to ensure the reliability of its forecasting by implementing a series of quality checks. These include:
oBottom-up approach
oCross-validation
oSeveral respondents within one company
oCross-validating with other market participants
oUnique relationships with the industry
•End-user input in all research services includes:
oUnmet needs
oCross-validation
•Once the metrics are established, they are used to illustrate the qualitative lessons learned through secondary research and, principally, primary interviews. These key lessons form the basis of Frost & Sullivan’s in-depth strategic recommendations as featured in every Market Engineering research service.
•Once the initial draft is complete, Frost & Sullivan takes its results back to the market, verifying it with known industry contacts at the Asia-Pacific marketing director or business information level. Even after publication, close attention is paid to industry feedback, and monitoring of the market is continued.
•This drives the value proposition of the analyst access that Frost & Sullivan offers as part of its Growth Partnership Service.

Key Findings

•Overview: The multi-parameter patient monitoring (MPM) market is growing at a healthy double-digit pace in the Asia-Pacific (APAC) region, largely owing to several macro indicators such as increasing healthcare expenditures and a growing number of private hospitals.
•Customers: Private hospitals are the key customers for MPM vendors as the former have better access to funds and willingness/need to purchase high-end monitors.
•Technology Trend: There is an increasing trend in Southeast Asia towards the use of ‘networked’ patient monitors using Wi-Fi and other networks. However, Japan and Australia have used these technologies for the last xxyears.
•Procurement: Several private hospital groups and diagnostic service provider companies are procuring MPMs in bulk and in a centralized manner, and, thus, are able to negotiate harder with suppliers.
•Financing: There are no significant changes to reimbursement; currently, the MPMs are paid for via allocated budgets from individual hospitals in the public sector. The Ministry of Health continues to play a limited role.
•Regulatory Environment: It is still not conducive to introduce new products in the Association of Southeast Asian Nations’ (ASEAN) countries. Original equipment manufacturers (OEMs) therefore launch monitors which can obtain ‘easier’ clearance.
•Competitive Landscape: It is getting tougher for Western multinational corporations (MNCs) to maintain/retain their market shares in MPM, as numerous domestic vendors (more than xx) are competing both on price and technology.

Key Questions This Study Will Answer

Is the market growing, how long will it continue to grow, and at what rate?
What are the key technology and customer trends?
What is the market size and structure of the MPM market in the APAC region?
What are the key market characteristics in terms of distribution and regulatory environment?
What does the market competition look like? What is the role of regional/local participants?
What is the segment-level performance of the various segments of MPMs?

CEO’s Perspective

Competition from domestic Chinese, Japanese, and Indian companies is intensifying, leading to high price sensitivity among customers.
Customers increasingly demand monitors with better quality and sophistication.
Non-patient monitoring companies are entering the MPM market through acquisitions and by new technology developments.
Private hospitals are spearheading technology acceptance by adopting monitors with Wi-Fi and cloud integration.
With an increasing focus on diagnosis and monitoring, the MPM market is set to grow significantly in the years to come.

3 Big Predictions

By 2020, about xx% of all the private hospitals and xx% of all the public hospitals in Asia-Pacific will have wireless central stations to connect several monitors.
By 2018, domestic companies will out-smart MNCs unless they innovate with customizations for domestic markets.
By 2018, multi-parameter monitoring will increasingly be done via wearable devices connected to laptops and/or tablets.

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