Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Mobile Cardiac Telemetry Systems market.
Trusted Business Insights presents an updated and Latest Study on Mobile Cardiac Telemetry Systems Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Mobile Cardiac Telemetry Systems market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Mobile Cardiac Telemetry Systems Market
The global mobile cardiac telemetry systems market size was valued at USD 564.43 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 11.2% from 2021 to 2027. Increasing prevalence of cardiovascular disorders and associated mortality has increased awareness about the benefits of Mobile Cardiac Telemetry (MCT) devices, is propelling the market growth. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2017, 800,000 deaths were reported due to cardiac disorders in the U.S., which is also the leading cause of death in the country. Furthermore, physical inactivity due to a sedentary lifestyle coupled with tobacco smoking and obesity has increased the cardiac disorder morbidities.
The COVID-19 outbreak caused due to SARS-CoV-2, already affected millions of people globally as of June 2020. The contagious coronavirus is also having an economic impact and implications on most of the sectors including the medical device industry. Initially, the patients showed improvement with the combined usage of hydroxychloroquine and azithromycin but it has a risk of prolonging the QT interval. Mobile cardiac telemetry is widely used in such patients to remotely monitor them in order to reduce hospitalization.
Moreover, the device is also helpful for the rapid detection of arrhythmogenic risks for such COVID-19 patients in the outpatient setting. Hospitals are currently overburdened with patients due to the pandemic and in such cases, these devices are very helpful for remote monitoring, which is further boosting the market growth. For instance, in March 2020 Biotelemetry, Inc. expanded its mobile cardiac outpatient telemetry monitoring program to COVID-19 patients in various institutions in the U.S. to monitor QT prolongation associated with hydroxychloroquine and azithromycin medication.
The industry players are constantly trying to develop micro-sized handy devices in order to sustain their market share. For instance, in September 2019, iRhythm Technologies, Inc. collaborated with Verily Life Sciences to combine iRhythms AI-based system with Verilys data analytical technology to screen, monitor, and diagnose atrial fibrillation.
Application Insights: Mobile Cardiac Telemetry Systems Market
The lead-based segment held a dominant revenue share of over 65% in the mobile cardiac telemetry systems market in 2019 because lead-based MCTs are light weighted, user-friendly, and therefore preferred among several patients. There are few disadvantages associated with lead-based MCTs such as lead failure and telemetry disruption which can limit the growth in the forthcoming years.
The patch-based segment is expected to showcase lucrative growth over the forecast period 2021-2027. Patch-based Continuous Cardiac Rhythm Monitoring (CCRM) has emerged in the outpatient setting as a useful clinical tool for the quantification and surveillance of bradyarrhythmia and tachyarrhythmia. These patch-based CRM devices have been studied in the outpatient setting as an alternative to traditional Holter monitoring and have emerged as feasible and patient-friendly options for the detection of clinically meaningful arrhythmia, which is fueling the demand.
End-use Insights: Mobile Cardiac Telemetry Systems Market
Hospitals segment lead the market with a revenue share of around 60.0% in 2019. The growth can be attributed to the increased number of minimally invasive surgeries under these facilities. Moreover, hospitals are omnipresent and easily accessible, thus more preferable over other facilities. Furthermore, favorable reimbursement policies are expected to fuel the demand in the forthcoming years.
On the basis of end-use, the market is segmented into hospitals, cardiac centers, and others. Cardiac center segment is expected to witness the fastest growth over the forecast period. The growth can be attributed to an increased number of cardiac centers and easy availability of surgeons under these facilities. The ambulatory surgical centers are also expected to gain popularity during the forecast period due to increased demand for outpatient services. Furthermore, cost-effective treatment and shorter stay duration are some factors propelling segment growth.
Regional Insights: Mobile Cardiac Telemetry Systems Market
North America lead the market for mobile cardiac telemetry with a revenue share of around 37.0% in 2019. This growth can be attributed to various factors such as the increasing geriatric population, the prevalence of cardiac disorders, and rising healthcare spending. For instance, according to the report published by the Administration for Community Living, there has been a 33% increase in the geriatric population in the U.S. in the past decade. Moreover, the presence of major service providers with improved healthcare solutions is expected to fuel market growth during the forecast period.
Asia Pacific is expected to exhibit lucrative growth over the forecast period. Factors such as dietary habits and rising adoption of a sedentary lifestyle leading to physical inactivity are contributing to the increased cardiovascular morbidities in the region. According to the Ministry of Health Labor and Welfare, around 170,000 deaths were attributed to cardiovascular diseases each year in Japan. Moreover, several multinational companies are setting up their manufacturing business in the region due to low manufacturing costs and skilled labor. The aforementioned factors are further fueling the demand for mobile cardiac telemetry devices.
Key Companies & Market Share Insights: Mobile Cardiac Telemetry Systems Market
The market is competitive in nature. Some of the major industry players are involved in strategic collaborations, regional expansions, and new product launches to increase their market penetration. For instance, in March 2018, Biotricity Inc. launched ˜Bioflux which is a cardiac telemetry solution for precise and real-time monitoring. Additionally, in February 2019, Preventice Solutions and GE Healthcare collaborated to offer MUSE integrated single-vendor solutions to provide seamless workflow. In July 2019, Biotelemetry acquired ADEA Medical AB. This acquisition is aligned with BioTelemetrys longer-term strategy to expand its international business in the Nordics and other European countries. Some of the prominent players in the mobile cardiac telemetry systems market include:
Key companies Profiled: Mobile Cardiac Telemetry Systems Market Report
- BioTelemetry Inc.
- ScottCare; Biotricity Inc.
- Welch Allyn
- Applied Cardiac Systems Inc.
- Medicomp Inc.
- Preventice Solutions
- Telerhythmics LLC
- iRhythm Technologies, Inc.
This report forecasts revenue growth at global, regional, and country-level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global mobile cardiac telemetry systems market report on the basis of application, end use, and region:
Application Outlook (Revenue, USD Million, 2016 – 2027)
End-use Outlook (Revenue, USD Million. 2016 – 2027)
- Cardiac centers
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