Global Mobile Cardiac Telemetry Systems Market Booming: Projected to Grow at a CAGR of 11.2% by 2027
Published | 20 September 2021
Global mobile cardiac telemetry systems market is showing healthy growth because of the increasing prevalence of cardiovascular diseases around the world and favorable reimbursement policies introduced by the government…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global mobile cardiac telemetry systems market was worth USD 701.2 million in 2020. The market is estimated to grow at a CAGR of 11.2%, earning around USD 1,464.0 million by the end of 2027. The growth of the global mobile cardiac telemetry systems market is propelled by the increasing prevalence of cardiovascular diseases worldwide. The WHO estimates that cardiovascular diseases caused 17.9 million deaths worldwide in 2019. Therefore, people are now significantly investing in their health and regularly getting medical tests and diagnostics, boosting the demand for mobile cardiac telemetry systems. The technological advancements brought by the mobile cardiac telemetry system manufacturers, which improve the tracking and recording of heart vitals, are also boosting the market growth. However, the high cost of mobile cardiac telemetry systems and the licenses and maintenance fees associated with it may significantly hinder the global mobile cardiac telemetry systems market growth.
Increasing Healthcare Expenditure Is Anticipated to Boost the Global Mobile Cardiac Telemetry Systems Market
With the increasing prevalence of various diseases, people are now spending more money on their health. Estimates indicate that increasing healthcare expenditures are directly proportional to rising incomes. The demand for mobile cardiac telemetry systems is growing due to a significant increase in hospital visits for diagnostics for cardiovascular diseases. Mobile cardiac telemetry systems assist healthcare professionals in keeping track of the heart vitals of their patients remotely, which proves to be efficient and highly crucial during times of abnormalities. Such factors significantly fuel the growth of the global mobile cardiac telemetry systems market.
Product Innovations and Launches are Expected to Drive the Global Mobile Cardiac Telemetry Systems Market
Mobile cardiac telemetry system manufacturers invest heavily in R&D activities and product approvals and launch to gain a competitive edge in the market. The advancements and innovations in cardiac telemetry have led to greater accuracy and efficiency, as well as a better understanding of cardiovascular conditions. VitalConnect recently introduced its VitalPatch RTM mobile cardiac telemetry (MCT) device, which allows for continuous and real-time detection of cardiac arrhythmias. The new launches further enhance the capabilities of the mobile cardiac telemetry systems, propelling the market's growth.
Global Mobile Cardiac Telemetry Systems Market - By End-User
Based on end-users, the global mobile cardiac telemetry systems market is segmented into hospitals, specialty clinics, diagnostics centers, and home care settings. Hospitals dominate the market due to the high number of cardiovascular patients visiting them for treatment. Mobile cardiac telemetry systems are also becoming increasingly popular as hospitals perform more minimally invasive procedures. On the other hand, the home care setting segment is also gaining popularity, especially after the COVID-19 outbreak, since patients nowadays prefer receiving treatment at home not only in thefear of contracting the virus at hospital settings but alsobecause of the high cost of in-patient treatment.
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Global Mobile Cardiac Telemetry Systems Market - Regional Insights
Geographically, the global mobile cardiac telemetry systems market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. Due to the developing healthcare infrastructure and large government investments and initiatives, emerging economies such as China, India, and Japan have great potential as markets for mobile cardiac telemetry systems. Further, Asia-Pacific's high population density is supporting the growth of mobile cardiac telemetry systems.
COVID-19 Impact on Global Mobile Cardiac Telemetry Systems Market
The sudden outbreak of the COVID-19 pandemic negatively impacted the global market for mobile cardiac telemetry systems. Other than essential items for the COVID-19 treatment, distribution channels for medical devices and supplies were completely closed. Consequently, the market demand for mobile cardiac telemetry systems declined significantly. The market, however, is predicted to boom in the post-COVID-era, as experts predict that the global incidence of cardiovascular disorders will multiply severalfold after the quarantine period. This is anticipated to boost the demand for mobile cardiac telemetry systems over the projection period. The market has also prospered during the lockdown period due to the growing demand for mobile cardiac telemetry systems.
The leadingplayers in the global mobile cardiac telemetry systems market are Aerotel Medical Systems Ltd, Hill-Rom Services Inc., BioTelemetry Inc., Preventice Solutions Inc., GE Healthcare, Medicalgorithmics SA, Medtronic Inc., Philips Healthcare, iRhythm Technologies Inc., Nihon Kohden Corporation, The ScottCare Corporation, Asahi Kasei Corporation, Bittium, Cardiac Insight Inc, Medicomp Inc., National Cardiac Inc., ACSDiagnostics, CorVitals, Inc., Biotricity, and other prominent players.
Several global giants dominate the market, making it difficult for new entrants to succeed. In order to remain competitive, the companies heavily invest in innovation and product launches. Additionally, this market is also characterized by the adoption of competitive strategies such as mergers, acquisitions, partnerships, collaborations, etc.
Don’t miss the business opportunity of the global mobile cardiac telemetry systems market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global mobile cardiac telemetry systems market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global mobile cardiac telemetry systems market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Global Mobile Cardiac Telemetry Systems Market, By Product (Event Monitoring and MCT (Mobile Cardiac Telemetry), Other Products (Implantable Loop Recorder)), By Application (Arrhythmias, Myocardial Ischemia and Infarction, Pacemaker Monitoring, Other Applications), By End-Use (Hospitals, Specialty Clinics, Diagnostics Centers, Home Care Settings), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Publish Date: September 2021
Global mobile cardiac telemetry system is flourishing at a high rate because of the increasing prevalence of cardiovascular diseases and growing demand for tracking devices that can keep the records of the heart vitals of the patients.
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