Wilmington, Delaware, United States, April 11, 2023 (GLOBE NEWSWIRE) -- According to the latest research published by Transparency Market Research, the global mobile cardiac telemetry devices market was valued at USD 942.7 Mn in 2022, and is projected to reach USD 2.5 Bn by 2031 with CAGR of 11.6%.
Increase in trend of preventive healthcare in cardiology is expected to bolster usage of portable and non-invasive cardiac monitoring devices. As per recent market trends, surge in popularity of mHealth solutions, including real-time mobile ECG monitoring modality, is likely to accelerate industry growth.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue | USD 942.7 Mn in 2022 | |
| Estimated Value | USD 2.5 Bn by 2031 | |
| Growth Rate | 11.6% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 183 Pages | |
| Market Segmentation | By Application, Disease Indication, and End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | BioTelemetry, Inc., ScottCare, Biotricity, Inc., Welch Allyn, Applied Cardiac Systems, Inc., Medicomp, Inc., Preventice Solutions, Telerhythmics LLC, Zoll Medical Corporation and iRhythm Technologies | |
Rise in awareness about cardiac health among the global population is expected to augment market size. Surge in adoption of advanced cardiac monitoring devices to improve diagnosis and treatment of CVD is anticipated to propel the mobile cardiac telemetry devices industry.
Key Findings of Study
- Surge in Applications in Diagnosis of Cardiac Arrhythmia: Rapid pace of utilization of advanced cardiac monitoring devices is likely to fuel adoption of mobile cardiac telemetry devices in the patient population. Surge in incidence of cardiac arrhythmia is likely to bolster the market. Access to real-time patient data related to patient’s cardiac activity in arrhythmia has helped doctors effectively treat the condition. For instance, real-time monitoring of data enables doctors to initiate emergency response when they notice any abnormalities.
- Rise in Adoption of Advanced Mobile Cardiac Monitoring Devices to Offer Lucrative Opportunities: Increase in demand for advanced cardiac monitors to treat heart failure is expected to offer significant opportunities to companies in the mobile cardiac telemetry devices market. Among the different disease indications, the heart failure segment held the leading market share in 2022. Rise in prevalence of heart failure in several developed and developing countries due to coronary heart disease, hypertension, and obesity is expected to propel demand for mobile cardiac monitoring devices.
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Key Drivers
- Increase in prevalence of cardiovascular diseases (CVDs) and rise in health burden of heart failure, coronary artery disease, peripheral artery disease, and arrhythmia are expected to drive the mobile cardiac telemetry devices market. Surge in incidence of these complications among the global population is likely to increase the usage of mobile cardiac monitoring devices. This, in turn, is projected bolster the market.
- Advancements in cardiac monitoring technologies, such as wearable data collection system, are expected to broaden mobile cardiac telemetry devices market outlook. Cardiac monitors have become more portable and accurate, which has enhanced diagnosis and assessment of cardiac arrhythmias in various healthcare settings.
- Rise in elderly population is expected to fuel adoption of real-time cardiac monitors to reduce the burden of CVD.
Regional Growth Dynamics
North America held the leading market share in 2022. The trend is likely to continue from 2023 to 2031. Surge in demand for cardiac monitoring devices to reduce the health burden of various cardiovascular diseases in the region could be ascribed to high prevalence of stroke, heart failure, and arrhythmia. Rapid pace of adoption of advanced cardiac monitoring solutions in the healthcare industry is anticipated to propel the mobile cardiac telemetry devices market in North America.
The mobile cardiac telemetry devices market in Asia Pacific is projected to grow at a rapid pace from 2023 to 2031. Rise in awareness among patients about mortality and morbidity associated with CVDs is expected to spur demand for mobile cardiac telemetry devices in the region in the near future. Governments are investing significantly to strengthen healthcare infrastructure, which is likely to boost cardiac care. For instance, the Government of India is focusing on making health care affordable to people at large by financing health insurance/assurance scheme.
Competition Landscape
As per recent trends, leading players are adopting strategies such as divestiture, product launches, partnerships, and merger & acquisition to consolidate their position in the mobile cardiac telemetry devices market. Key medtech companies in the market are focusing on incorporating novel technologies such as artificial intelligence (AI). Furthermore, these companies are launching products with cloud-based connectivity to tap into revenues in South Asia and Africa.
Prominent companies in the market are BioTelemetry, Inc., ScottCare, Biotricity, Inc., Welch Allyn, Applied Cardiac Systems, Inc., Medicomp, Inc., Telerhythmics, LLC, Preventice Solutions, and Zoll Medical Corporation.
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Mobile Cardiac Telemetry Devices Market Segmentation
By Application
- Lead-based
- Patch-based
Disease Indication
- Angina Pectoris
- Atherosclerosis
- Heart Failure
- Others
By End-user
- Hospitals
- Specialty Clinics
- Diagnostic Centers
- Home Care Settings
- Others
Regions Covered
- North America
- Europe
- Middle East & Africa
- Asia Pacific
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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