Increasing Incidence of Cardiovascular Disease to Fuel Growth of the Health Telemetry System Market
The global rise in health telemetry system market is due to the growing use of telemetry devices in the healthcare sector, mainly to monitor cardiac abnormalities. With the rising prevalence of cardiovascular diseases, and rising mortality rates worldwide, the demand for healthcare telemetry system is increasing. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death worldwide, and diabetes affects over 422 million people. As a result of these factors, public awareness of advanced technologies such as medical telemetry is growing. Furthermore, health telemetry system market benefiting from the rising prevalence of arrhythmia.
According to the Centre for Disease Control and Prevention (CDC), by 2030, atrial fibrillation (AFib), a type of heart arrhythmia, would affect roughly 12.1 million individuals. In 2019, 183,321 deaths were due to AFib. The device is also useful for detecting arrhythmogenic risks in COVID-19 patients in the outpatient setting. As hospitals are currently overburdened with patients due to the pandemic, these devices are very useful for remote monitoring, which is boosting the growth of health telemetry system market. For instance, in March 2020, Biotelemetry, Inc. expanded its healthcare outpatient telemetry monitoring programme to COVID-19 patients in various institutions across the US to monitor QT prolongation caused by hydroxychloroquine, and azithromycin medication.
To maintain the key positioning in health telemetry system market dominance, industry players are continually working to manufacture small, portable products. For instance, in September 2019, iRhythm Technologies, Inc., and Verily Life Sciences cooperated to screen, monitor, and diagnose atrial fibrillation using iRhythm's AI-based system, and Verily's data analytics technology.
Increased Demand for Health Telemetry in Home Care Setting to Power Market Growth
The health telemetry market from home care settings will grow significantly in the coming years. Healthcare providers are increasing their use of remote patient monitoring solutions to improve clinical outcomes and improve patient care delivery for conditions that require continuous surveillance. This trend has gained significant traction since the coronavirus pandemic's outbreak and is expected to continue in the future. Apart from convenience, and comfort, the presence of a large geriatric population base will positively boost technology usage in home care settings.
Well-established Healthcare Infrastructure with Technologically Superior Products in North American to Drive Growth of Health Telemetry System Market
North America is expected to dominate the global health telemetry system market over the forecast period. This increase can be ascribed to several variables, including an ageing population, the prevalence of heart illnesses, and rising healthcare costs. Expansion of health telemetry this region would be aided by factors such as well-established healthcare infrastructure, and an increase in the deployment of telehealth systems across various healthcare settings.
The well entrenched healthcare facilities, and technologically advanced products can be credited for the region's success. The rise of cloud computing will provide significant momentum to the health telemetry industry in the coming years. The use of cloud-based services, the scope of telemetry in remote diagnosis, treatment, and administration of patients is expanding. In addition, favourable government initiatives, increasing R&D spending, and the development of smart sensors will all help to boost regional revenue. For instance, in April 2020, Medicomp, Inc. teamed up with Lenox Hill Hospital in New York, which is part of the Northwell Health system. Following the signing of the agreement, Lenox Hill Hospital will use Medicomp's TelePatch mobile cardiac telemetry (MCT) monitor to detect irregularities in the electrical conduction of the heart in COVID-19 patients who have taken specific drugs.
The health telemetry system market in Asia Pacific is expected to grow at the fastest rate. The awareness of telemetry has grown because of effective image transfer, and continual growth in information and communication technologies in the region; especially technologically advanced countries such as Japan, and China. Dietary habits, and the expanding adoption of a sedentary lifestyle that leads to physical inactivity are contributing to the region's rising cardiovascular morbidity. According to the Ministry of Health, Labor, and Welfare, cardiovascular illnesses are responsible for roughly 170,000 fatalities in Japan each year.
Global Health Telemetry System Market: Competitive Landscape
In May 2021, Westfield Memorial Hospital in New York spent USD 400,000 to install GE Healthcare's APEX-Pro CH Telemetry System. The system detects heart irregularities and arrythmia by monitoring heart rate and pulse oxygen levels. It is also appropriate for patients who have pacemakers. On the other hand, in December 2020, Philips had completed the USD 2.8 billion acquisition of BioTelemetry. The transaction would allow Philips to expand its cardiac care portfolio and position itself as a leader in patient care management in hospitals and home care settings.
A few of the players in the health telemetry system market include Philips Healthcare, GE Healthcare, Astro Med, Honeywell, ChronicWatch, Lindsay, Comarch, Shenzhen Mindray Bio-Medical Electronics, Nihon Kohden, and Spacelabs Medical.
Global Health Telemetry System Market is Segmented as Below:
Key Elements Included In The Study: Global Health Telemetry System Market
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