The global health telemetry system market is experiencing unprecedented growth, driven by the increasing use of telemetry devices in the healthcare sector, particularly for monitoring cardiac abnormalities. The surge in cardiovascular diseases and rising mortality rates worldwide have propelled the demand for healthcare telemetry systems. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, affecting millions of people. This trend has led to growing public awareness of advanced medical telemetry technologies. Additionally, the market is benefiting from the rising prevalence of arrhythmias.
Monitoring Aids in the Fight Against Cardiovascular Diseases
According to the Centre for Disease Control and Prevention (CDC), it is projected that by 2030, atrial fibrillation (AFib), a type of heart arrhythmia, will affect approximately 12.1 million individuals. In 2019 alone, 183,321 deaths were attributed to AFib. Telemetry devices are proving invaluable in detecting arrhythmogenic risks in COVID-19 patients in outpatient settings. Given the overwhelming burden on hospitals during the pandemic, these devices have emerged as critical tools for remote patient monitoring, thereby bolstering the growth of the health telemetry system market. For instance, in March 2020, Biotelemetry, Inc. expanded its healthcare outpatient telemetry monitoring program to include COVID-19 patients across various institutions in the United States, facilitating monitoring of QT prolongation caused by medications like hydroxychloroquine and azithromycin.
Innovation Paves the Way Forward
To maintain a dominant position in the health telemetry system market, industry players are continuously striving to manufacture smaller, more portable products. In a noteworthy collaboration in September 2019, iRhythm Technologies, Inc. and Verily Life Sciences joined forces to screen, monitor, and diagnose atrial fibrillation using iRhythms AI-based system and Verilys data analytics technology.
Home Care Settings Witnessing a Surge in Demand
The health telemetry market is experiencing significant growth in home care settings. Healthcare providers are increasingly adopting remote patient monitoring solutions to enhance clinical outcomes and patient care delivery for conditions requiring continuous surveillance. This trend gained considerable traction during the COVID-19 pandemic and is expected to persist. With a large aging population, the adoption of technology in home care settings is expected to flourish, driven by the convenience and comfort it offers.
North America Leads the Way
North America is expected to dominate the global health telemetry system market in the coming years. Factors such as an aging population, high prevalence of heart diseases, and escalating healthcare costs contribute to the regions growth. The presence of a well-established healthcare infrastructure and the deployment of telehealth systems across various healthcare settings further fuel this expansion. Cloud computing is set to provide significant momentum to the health telemetry industry, expanding the scope of telemetry in remote diagnosis, treatment, and patient administration. Government initiatives, increased R&D spending, and the development of smart sensors will further boost regional revenue. For example, in April 2020, Medicomp, Inc. partnered with Lenox Hill Hospital in New York, part of the Northwell Health system, to employ Medicomps TelePatch mobile cardiac telemetry (MCT) monitor in detecting irregularities in COVID-19 patients heart conduction caused by specific drugs.
Asia Pacific Poised for Rapid Growth
The health telemetry system market in the Asia Pacific region is expected to witness the fastest growth rate. Effective image transfer and the continual advancement of information and communication technologies, particularly in technologically advanced countries like Japan and China, have contributed to increased awareness of telemetry. Lifestyle factors, including dietary habits and a sedentary lifestyle leading to physical inactivity, are contributing to rising cardiovascular morbidity in the region. According to the Ministry of Health, Labor, and Welfare, cardiovascular illnesses are responsible for approximately 170,000 fatalities in Japan each year.
Competitive Landscape
Several key players are driving innovation and growth in the health telemetry system market, including Philips Healthcare, GE Healthcare, Astro Med, Honeywell, ChronicWatch, Lindsay, Comarch, Shenzhen Mindray Bio-Medical Electronics, Nihon Kohden, and Spacelabs Medical.
The global health telemetry system market is poised for remarkable expansion as healthcare providers increasingly rely on telemetry technology to enhance patient care, monitor cardiac health, and combat the rise in cardiovascular diseases. With ongoing innovation and an ever-growing demand for remote patient monitoring solutions, the future of health telemetry appears promising.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/health-telemetry-system-market
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