The global mobile cardiac telemetry systems industry will witness a stellar CAGR of 11.9% from 2022 to 2032. The target market will likely reach a valuation of US$ 2,872.05 million by 2032 as opposed to US$ 933.02 million in 2022. The rising incidences of cardiovascular disorders (CVDs) and associated mortality have generated greater awareness regarding the benefits of Mobile Cardiac Telemetry (MCT) devices. This factor is a key driver of market growth. As per reports, cardiac disorders are highly prevalent in the US and are the leading cause of death in the country. Again, lifestyle choices like tobacco consumption and health issues associated with sedentary lifestyles increase cardiac disorder morbidities which, in turn, spurs the demand for MCT devices.
The market for mobile cardiac telemetry systems is also driven by the surging prevalence of arrhythmia. As per a CDC report, by 2030, atrial fibrillation (AFib), a type of heart arrhythmia would affect over 12 million people. In 2019, AFib was mentioned as the cause in over 183,000 death certificates in the U.S. In order to counteract this, market manufacturers are constantly trying to develop compact and innovative technologies including producing micro-sized handy gadgets that will not only help manage CVDs but also uphold their market share. For instance, in September 2019, iRhythm Technologies, Inc., and Verily Life Sciences partnered to combine iRhythm’s artificial intelligence-based system with Verily’s data analysis technology to screen, monitor, and diagnose atrial fibrillation.
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Mobile cardiac telemetry devices are one of the best techniques for monitoring cardiac conditions. With cardiac issues being on the rise due to physical inactivity and a sedentary lifestyle among other reasons, mobile cardiac telemetry devices will also observe heightened demand during this period. MCT can analyze each heartbeat with little disruption to the patient’s daily routine and has the ability to launch an immediate response action when necessary. These devices are beneficial to both the patients and the doctors resulting in better care. These factors facilitate growth for the mobile cardiac telemetry systems market. This market also faces certain challenges. The expensive cost of the devices, the need for long-term monitoring, and a dependency on external wires are certain aspects that will stymie the growth of the MCT systems market.
Key Takeaways:
- The US accounted for a 17.8% share of the mobile cardiac telemetry systems market in 2021 and will present steady growth over the assessment period.
- High prevalence of cardiovascular diseases in Japan will drive the mobile cardiac telemetry market in the country.
- By product, the lead-based segment will continue to dominate the global MCT marketplace.
- Based on end-user, the hospital segment will generate the most demand for the mobile cardiac telemetry system market.
Competitive Landscape:
Medtronic PLC, BioTelemetry, Inc., ScottCare, Welch Allyn, Medicomp Inc., Preventice Solutions, Telerhythmics LLC, and Zoll Medical Corporation, among others, are a few of the primary players in the mobile cardiac telemetry systems market profiled in the full version of the report.
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In a fragmented environment, leading market players are concentrating on product development and innovation. These businesses also seek strategic alliances, regional expansion, partnerships, collaborations, mergers, and acquisitions to enhance their market footprints. For instance, in September 2019, iRhythm Technologies, Inc., and Verily Life Sciences collaborated to combine iRhythm’s artificial intelligence-based system with Verily’s data analysis technology to screen, monitor, and diagnose atrial fibrillation.
More Insights into Mobile Cardiac Telemetry Systems Market:
In its latest report, FMI offers an unbiased analysis of the global mobile cardiac telemetry systems market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2032. The report offers estimations of revenue growth, a study of regional and country-level market growth, and insights into market drivers, challenges, trends, and opportunities. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, end-user, and region.
As per FMI predictions, based on segmentation, the hospital segment will prove to be immensely remunerative to the global MCT market. In 2021, this segment held about 62.3% of the overall market share and will continue to grow steadily owing to the rising number of minimally invasive procedures. In terms of product type, the lead-based products category will dominate the international marketplace. Based on region, the mobile cardiac telemetry systems market in North America will exhibit significant growth. This can be attributed to the market growth in the US. In 2021, the US accounted for 17.8% of the MCT market share. Rising cases of cardiovascular diseases and obesity and the presence of a well-established medical sector drive the growth of the market in the US. Other countries like Japan and the U.K also contribute to the growth of the global mobile cardiac telemetry systems market.
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Key Market Segments Covered In the Mobile Cardiac Telemetry Systems Industry Research:
By Product:
- Lead-Based
- Patch-Based
By End User:
- Hospitals
- Cardiac Centers
- Ambulatory Surgical Centers
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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