WASHINGTON, Sept. 21, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the surge in cloud computing is poised to inject substantial momentum into the health telemetry market in future years. Cloud-based services amplify telemetry's potential in remote patient diagnostics, treatment, and healthcare administration.
According to Vantage Market Research, the Global Health Telemetry System Market is estimated to be valued at USD 154.9 Billion by 2030 and is expected to exhibit a CAGR of 12.2% during the forecast period 2023 to 2030. The global Health Telemetry System market grew to USD 69.2 Billion in 2022.
Health telemetry utilizes radio frequency (RF) communication to monitor patient vital signs continuously. This technology facilitates simultaneous monitoring of a patient group's health status and real-time tracking of their locations within the healthcare facility. It incorporates automated algorithms for identifying any anomalies in vital signs and allows patients to request assistance from healthcare personnel. Additionally, it enables physicians to access the historical data of physiological records by seamlessly integrating with the hospital information system. Furthermore, telemetry plays a crucial role in automatically detecting irregularities in the functioning of telemedicine devices and the utility network.
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Key Highlights
- By Type, the Glucose Level Telemonitoring System segment is anticipated to mention the fastest growth of the market during the forecast period.
- By Application, the Home Care Setting segment is expected to witness maximum market growth over the projected period.
- North America controlled the market in 2022 with a revenue share of 40.30%.
- The Asia Pacific area is expected to witness maximum market growth during the forecast period.
As per WHO, cardiovascular diseases are a prominent global cause of mortality, with diabetes impacting over 422 million individuals. These factors contribute to the rising significance of advanced technologies like medical telemetry within the healthcare sector. The increasing prevalence of chronic diseases, particularly among the elderly, is driving the adoption of these products in healthcare institutions and homecare environments.
Top Companies in The Global Health Telemetry System Market
- ChronicWatch Software (U.S.)
- Honeywell Corporation (U.S.)
- Tytocare (U.S.)
- Meytec (Germany)
- GE Healthcare (U.S.)
- Phillips Healthcare (Netherlands)
- Comarch SA (Poland)
- Cisco Systems (U.S.)
- Mindray Global (China)
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Factors Affecting the Growth of the Health Telemetry System Industry
Several elements may impact the expansion of the Health Telemetry System market. Some of these factors include
- Rising Incidence of Chronic Illnesses: The need for ongoing patient health monitoring is expanding as chronic diseases, including diabetes, respiratory problems, and cardiovascular diseases, become more common. Health Telemetry Systems provide real-time monitoring of vital signs and help in early detection and management of these conditions, thereby driving market growth.
- Technological advancements: Health Telemetry Systems have become increasingly sophisticated and precise due to wireless communication and healthcare IT developments. Numerous health data, including heart rate, blood pressure, breathing rate, and blood glucose levels, can be tracked and transmitted by these devices. Integrating these systems with mobile applications and cloud platforms further enhances their functionality and accessibility, driving market growth.
- Rising healthcare investments and infrastructure development: Governments and healthcare organizations invest heavily in improving healthcare infrastructure and services. This includes implementing advanced technologies such as Health Telemetry Systems to improve patient care and treatment outcomes. telemedicine and remote patient monitoring.
- Growing adoption of home healthcare: The rising preference for home-based healthcare services drives the demand for Health Telemetry Systems. These systems enable patients to monitor their health from the comfort of their homes, reducing the need for hospital visits and improving patient convenience. With the growing aging population and the need for managing chronic diseases, the adoption of home healthcare services is expected to increase, thereby fueling market growth.
- Increasing awareness about preventive healthcare: Early disease identification and preventative healthcare are becoming increasingly important. Health Telemetry Systems play a crucial role in preventative healthcare by providing real-time monitoring and early detection of abnormal health parameters. This lowers the likelihood of suffering from severe medical conditions by enabling prompt intervention and preventive measures.
Top Trends in the Global Health Telemetry System Market
One of the top market trends in the Health Telemetry System market is the integration of artificial intelligence (AI) technology. AI is used to analyze the collected data from patients and provide valuable insights for healthcare professionals. For example, an AI-powered Health Telemetry System can detect anomalies in a patient's vital signs and alert the healthcare provider in real time. This can enable early intervention and prevent severe complications. Another market trend in Health Telemetry Systems is the adoption of wearable devices. For tracking one's health and fitness levels, people are using more and more gadgets like fitness trackers, smartwatches, and biosensors. Health Telemetry Systems integrate with wearable devices to capture continuous data, including heart rate, sleep patterns, and physical activity. For instance, a Health Telemetry System can collect data about an individual's heart rate from a wearable device and provide personalized recommendations for improving cardiovascular health.
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Recent Development of the Global Health Telemetry System Market
- August 2023: TytoCare has pioneered a device enabling physicians to perform remote patient examinations. This FDA-cleared system, known as the Home Smart Clinic, offers features for conducting comprehensive remote physical assessments, including the ability to listen to heart and lung sounds, measure temperatures, and assess blood pressure and oxygen levels.
- April 2023: Honeywell has unveiled a real-time health monitoring system capable of capturing and recording patients' vital signs, whether in a hospital environment or at a remote location.
Market Drivers
The growing aging population is another driving factor for the Health Telemetry System market. WHO estimates that by 2050, there will be 2.1 billion people in the world who are 60 or older. Furthermore, the count of people aged 80 years or older is anticipated to triple between 2020 and 2050, surging to 426 million. As the elderly population continues to increase, there is a higher demand for healthcare services. Health Telemetry Systems enable remote patient monitoring, reducing the need for frequent hospital visits and allowing seniors to age in place. For example, an elderly patient with a cardiac condition can use a remote cardiac monitoring system that tracks their heart rate, rhythm, and other vital signs. Healthcare providers can then intervene if any abnormality is detected, preventing potential health complications.
Market Restraints
Health Telemetry Systems rely on a robust and reliable infrastructure to transmit data between patients and healthcare professionals. However, in some areas, the infrastructure may need to be improved or more available, hindering the use of these systems. This can be a barrier, particularly in rural or remote regions requiring more connectivity. In addition, implementing and maintaining Health Telemetry Systems can be costly, particularly for healthcare organizations with limited budgets. Costs include purchasing and maintaining the necessary hardware and software and training healthcare professionals to use the system effectively. These expenses can be prohibitive for some organizations, limiting the widespread adoption of Health Telemetry Systems.
Market Opportunities
Governments worldwide recognize the potential of telehealth and remote patient monitoring in improving access to healthcare and reducing healthcare costs. As a result, they are implementing various initiatives to promote the adoption of Health Telemetry Systems. For instance, during the COVID-19 pandemic in the US, the CMS (Centers for Medicare and Medicaid Services) increased coverage for telehealth services. These government initiatives are expected to drive market growth by increasing the affordability and accessibility of Health Telemetry Systems.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Health Telemetry System Market Forecast Report (2023-2030).
Report Segmentation of the Global Health Telemetry System Market
Type Analysis
The Cardiac and Monitoring System segment had the most significant market growth in 2022. Cardiac monitoring systems monitor the heart's electrical activity and track heart rate variability, blood pressure, oxygen saturation levels, and other vital parameters. These devices are crucial for detecting and treating a number of cardiac diseases, including arrhythmias, coronary artery disease, and heart failure. Additionally, WHO reports that 17.9 million fatalities worldwide in 2016 were attributed to cardiovascular illnesses, making them the top cause of mortality globally. The increasing occurrence of these diseases has led to a higher demand for cardiac monitoring systems to manage and monitor patients with cardiac conditions effectively.
Application Analysis
Hospice Care accounted for the most considerable market growth in 2022, fueled by several technological developments and the aging and chronic disease burdens of society. In addition, the demand for Health Telemetry Systems in hospice care has also increased as the prevalence of chronic ailments like cardiovascular disease, diabetes, and respiratory illnesses has increased. To manage chronic conditions and ensure prompt intervention in the event of any health worsening, these systems make it possible to continuously monitor vital signs like blood pressure, glucose levels in the blood, and heart rate.
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Market Segmentation
By Type
- COPD Telemonitoring System
- Glucose Level Telemonitoring System
- Blood Pressure Telemonitoring System
- Cardiac & Monitoring System
- Other Types
By Application
- Home Care Setting
- Long-term Care Centers
- Hospice Care
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 69.2 Billion |
| Revenue Forecast by 2030 | USD 154.9 Billion |
| CAGR | 12.2% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | ChronicWatch Software, Honeywell Corporation, Tytocare, Meytec, GE Healthcare, Phillips Healthcare, Comarch SA, Cisco Systems, Mindray Global |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/health-telemetry-systems-market-2290/customization-request |
Regional Analysis
North America led the Health Telemetry System market growth in 2022. The prevalence of chronic diseases is rising, healthcare costs are rising, and healthcare practitioners are increasingly turning to telehealth solutions, all of which can contribute to this growth. Technological advancements have significantly influenced the development of the market for Health Telemetry Systems in North America. With the development of wireless communication technologies, such as Bluetooth and Wi-Fi, it has become easier to transmit patient data from remote locations to healthcare providers in real time. This has made it possible for healthcare professionals to continuously monitor patients' vital signs and other health parameters without physical visits. Additionally, the miniaturization of sensors and wearable devices has made it possible for patients to monitor their health at home without constant supervision.
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