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
- Published Date: September 2021
- Report ID: BWC2197
- Available Format: PDF
- Page: 187
Report OverviewGlobal 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.
Global Mobile Cardiac Telemetry Systems Market- Industry Trends & Forecast Report 2027
Global mobile cardiac telemetry systems market was worth USD 701.2 million in 2020 and is further projected to reach USD 1,464.0 million by the year 2027, growing at a CAGR of 11.2% in the forecast period. The increasing prevalence of cardiovascular diseases and the need for devices that can keep track of patient heart vitals is driving the demand for mobile cardiac telemetry systems. In addition, technological advancements in mobile cardiac telemetry systems by manufacturers are projected to drive the global market in the forecast period.
Global Mobile Cardiac Telemetry Systems Market- Overview
Mobile cardiac telemetry (MCT) is a cardiac monitoring technique that uses a portable device to monitor a patient's heart rate. The monitor records the heart rate of patients while they walk, run, work out, do their chores, and sleep. Mobile cardiac telemetry (MCT) involves a chest-mounted device that is attached to wires. In the event of an uneven heart rate, this device sends crucial heart rate information to a distant doctor's office for timely diagnosis and treatment.
Global Mobile Cardiac Telemetry Systems Market Forecast and Trends
Increasing Prevalence of Cardiovascular Diseases
Mobile cardiac telemetry systems market growth is primarily attributable to the increasing prevalence of cardiovascular diseases worldwide. Globally, cardiovascular diseases are the leading cause of death, claiming the lives of 17.9 million people in 2019, and this rate is increasing rapidly. Thus, the government and people are spending heavily on health and receiving diagnostic tests and treatments, which is expected to drive the demand for mobile cardiac telemetry systems during the forecast period.
Favorable Reimbursement Policies In Developed Countries
High-income countries such as the USA spend more per person on health than middle- and low-income countries. Many developed countries like the UK, Canada, and the US offer favorable reimbursement policies for cardiac telemetry, which is another growth factor for the global mobile cardiac telemetry market. In Medicare, cardiac telemetry is covered if the patient has a specific medical need for it. Physicians must demonstrate that the patients are not in danger of a life-threatening cardiac arrest. The reimbursement policies play a vital role in driving the global market for mobile cardiac telemetry systems.
High Cost of Mobile Cardiac Telemetry Systems
High costs associated with mobile cardiac telemetry act as a significant roadblock to growth in the global market. Typically, the cost of outpatient cardiac monitoring is between USD 284 and USD 783, with an average of USD 532. Because cardiovascular diseases are chronic illnesses, the average cost for cardiac telemetry, in the long run, proves to be a financial burden for patients. Additionally, it hampers the market growth of mobile cardiac telemetry systems in low- and middle-income countries.
Impact of COVID-19 on Global Mobile Cardiac Telemetry Systems Market
The COVID-19 pandemic negatively affected the global mobile cardiac telemetry systems market during the initial phase of the outbreak. Many countries had to impose nationwide lockdowns to limit the virus spread in the wake of the epidemic. Due to this, the number of cardiovascular disease diagnostic tests declined significantly, thereby reducing the demand for mobile cardiac telemetry systems. However, the market is expected to recover in the post-COVID-19 period as the prevalence of cardiovascular diseases is expected to have surged during the quarantine period due to sedentary lifestyle.
Global Mobile Cardiac Telemetry Systems Market - By Product
Based on products, the global mobile cardiac telemetry systems market is segmented into event monitoring& MCT (mobile cardiac telemetry), other products (implantable loop recorder). Event monitoring and MCT account for the largest market share. The primary use of mobile cardiac telemetry systems is to track and record heart activity. For this purpose, an event monitoring device is used. An event monitor records the same information as an ECG but for a longer duration of time. That is why its market is growing at a high rate globally.
Global Mobile Cardiac Telemetry Systems Market - By Application
Based on applications, the global mobile cardiac telemetry systems market is categorized into arrhythmias, myocardial ischemia and infarction, pacemaker monitoring, and other applications. The arrhythmia application segment accounts for the largest market share because of the increasing number of diagnoses in diverse regions.Furthermore, the global prevalence of arrhythmia, a disorder characterized by abnormal heartbeats, is anticipated to reach 6-12 million persons by 2050. As a result. The increasing use of cardiac telemetry systems
Global Mobile Cardiac Telemetry Systems Market - Regional Insights
Geographically, the global mobile cardiac telemetry systems market is divided into North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa. North America dominates the market due to its robust healthcare infrastructure and rising prevalence of cardiovascular disorders. According to the Centers for Disease Control and Prevention, heart disease is the top cause of mortality in the United States, with around 655,000 Americans dying from it each year. As a result, healthcare spending in the United States is high, driving up demand for mobile cardiac telemetry devices.
Source: BlueWeave Consulting
The leading players 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.
With the existence of global behemoths, the market is highly consolidated, making it difficult for new entrants to compete. To stay ahead of the competition, the companies invest much in innovations and product launches. Furthermore, the use of competitive strategies such as mergers, acquisitions, partnerships, collaborations, etc., is common in this industry.
- In September 2021, VitalConnect, a global leader in wearable biosensor technology, announced the launch of a new version of VistaCenter for cardiac and remote patient monitoring that is built on the VitalPatch RTM mobile cardiac telemetry (MCT) platform.
- In January 2021, VivaQuant, a digital health company, announced the launch of the RX-1 mini, which is now the smallest one-piece mobile cardiac telemetry device in the market.
Scope of the Report
Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Revenue in USD Million
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
By Product, By Application, By End-Use, By Region
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.
- Event Monitoring and MCT (Mobile Cardiac Telemetry)
- Other Products (Implantable Loop Recorder)
- Myocardial Ischemia and Infarction
- Pacemaker Monitoring
- Other Applications
- Specialty Clinics
- Diagnostics Centers
- Home Care Settings
- North America
- Latin America
- Middle East & Africa
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