November 17th, 2022
Mobile Cardiac Telemetry Systems Market accounted for US$ 602.4 million in 2020 and is estimated to be US$ 1548.6 million by 2029 and is anticipated to register a CAGR of 11.1%
The report "Global Mobile Cardiac Telemetry Systems Market, By Type (Single Channel and Multi-Channel), By Technology (Lead Based and Patch Based), By Cellular Connection (Wireless (WIFI) and Bluetooth (BT)), By End-user (Hospitals, Cardiac Centers, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
· In March 2020 Biotelemetry, Inc. prolonged its mobile cardiac outpatient telemetry monitoring program to COVID-19 patients in multiple institutions in the U.S. to monitor QT prolongation related with hydroxychloroquine and azithromycin medication.
· In September 2019, iRhythm Technologies, Inc. collaborated with Verily Life Sciences to combine iRhythm’s AI-based system with Verily’s data analytical technology to screen, monitor and diagnose atrial fibrillation.
The increasing rate of cardiac diseases is the major factor of deaths across the globe. For instance, as per the data published by WHO (World Health Organization), every year 17.7 million people die due to cardiovascular diseases. Out of these deaths, 7.4 million deaths were predicted owing to coronary heart diseases while 6.5 million due to strokes. Increased use of caffeine coupled with changing lifestyle & stress are causing an increase in blood pressure, hence growing the risks of getting a cardiac disease. Additionally, the global healthcare industry is accelerating on the account of rising disposable income, growing awareness on cardiac diseases, tobacco use, obesity and unhealthy diet, physical inactivity and harmful use of alcohol. Therefore, this will upsurge the risks of cardiac diseases in the existing generation which is further going to definitely affect the growth of the global mobile cardiac telemetry systems market.
The demand for real-time monitoring devices is swelling to allow early detection of cardiac diseases, which can help patients in gaining immediate medical attention. For example, Apple Watch which is a wearable ECG monitoring products offers real-time monitoring on an outpatient basis. The accessibility of such devices will expand the business scope for the vendors. Thus, the increasing focus on wearable products for real-time patient monitoring will have an optimistic impact on the overall market growth.
Key Market Insights from the report:
The global mobile cardiac telemetry systems market accounted for US$ 602.4 million in 2020 and is estimated to be US$ 1548.6 million by 2029 and is anticipated to register a CAGR of 11.1%. The market report has been segmented on the basis of type, technology, a cellular connection, end-user, and region.
· By type, the global mobile cardiac telemetry systems market is segmented into single-channel and multi-channel.
· By technology, the lead-based segment held a leading position in terms of revenue share in the mobile cardiac telemetry devices market in 2019. This is mainly attributed because the lead-based MCTs are user-friendly, light-weighted, and therefore favoured among many patients. There are some disadvantages associated with lead-based MCTs such as lead telemetry disruption and failure which can hamper the growth in the coming years.
· By cellular connection, the target market is classified into wireless (WIFI) and bluetooth (BT).
· By end-user, hospitals segment dominated the target market with a maximum revenue share in 2019, owing to the increased number of minimally invasive surgeries. Additionally, hospitals are more preferable over other facilities and are omnipresent and easily accessible. Also, favourable reimbursement policies are projected to propel the demand in the forthcoming years.
· By region, North America led the market for mobile cardiac telemetry systems with a maximum revenue share in 2019, owing to the geriatric population, the prevalence of cardiac disorders, and increasing healthcare expenditure. For instance, as per the Administration for Community Living, there has been a 33% growth in the geriatric population in the U.S. in the previous years.
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The prominent player operating in the global mobile cardiac telemetry systems market includes BioTelemetry, Inc., ScottCare, Biotricity Inc., Telerhythmics LLC, Applied Cardiac Systems Inc., Medicomp Inc., Welch Allyn, Preventice Solutions, Zoll Medical Corporation, and iRhythm Technologies, Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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