The mobile cardiac telemetry systems market was valued at US$ 428.9 Mn in 2018, expected to grow at a CAGR of 9.1% during the forecast period from 2019 to 2027.
Market Insights
“Increasing prevalence of CVDs along with new FDA approval for mobile devices will enhance the market growth globally”
The global market for mobile cardiac telemetry systems is increasing from 2019 to 2027, with the increase in the incidence of cardiovascular diseases, the launch of new products, increased awareness and acceptance of mobile devices in the end-user segment on a global scale. New lead-based and patch-based products with improved connectivity and advanced real-time patient monitoring will drive market growth in the near future. For example, in May 2019, VivaQuant, LLC (Minneapolis) received the FDA clearance for its RX-1 cardiac patient monitor (wearable all-in-one mobile cardiac telemetry unit and event monitor). Additionally, VirtuOx launched CardioCHECK, a new service to diagnose cardiac arrhythmias mainly for homecare.
Together with the launch of advanced products with integrated solutions, increasing awareness of new patch technologies are key factors driving the global growth of the market for mobile cardiac telemetry systems. Due to the presence of top mobile device suppliers, the U.S. market generated maximum revenue share, improved R&D and a significant pool of adult patients with cardiac and other heart-related conditions. Top manufacturers have improved their applications worldwide, mainly in the pharmaceutical and medical technology industries; small-scale and private manufacturers in the Asia Pacific and Europe region are also maximising their production capacity with low-cost products.
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Manufacturers are focused on maintaining standards for monitoring devices and other applications utilized worldwide. Other external factors include mergers and acquisitions of medical technology companies, partnerships, new product launch, FDA approval of new products, promotional activities, awareness for higher safety & control and activities related to sales promotions, technology expansion, and research and development. The market players are also aware of the cost containment in the regions with Asia Pacific, Africa, and the Middle East and emphasizing on launch of pocket-friendly devices.
Key Market Movements:
• Globally, the mobile cardiac telemetry systems market is growing at a CAGR of 9.1% for the period from 2019 to 2027
• The speedy expansion of hospital infrastructure in the emerging nations and increasing medical tourism will drive the market growth in the Asia Pacific and Latin America regions. For instance, the total number of hospitals in Brazil expanded from 6800 in 2015 to 6807 in 2017.
• The perceptible growth factors comprise increasing prevalence of cardiovascular diseases globally, FDA approval of new mobile cardiac systems (mainly in the U.S. market), rising elderly population, and enhanced awareness related to top applications in the cardiac telemetry systems for quality outcomes and real-time patient cardiac analysis
• Market restrictions include high cost of patches, very less technology expansion in the developing nations, unstructured reimbursement scenario and less awareness or less product penetration in the overall cardiac monitoring segment
Key Industry Developments
- In March 2019, VirtuOx (home respiratory diagnostic provider) launched a new service named CardioCHECK to diagnose cardiac arrhythmias.
- Biotricity Inc. (medical diagnostic and healthcare technology company) received its 510(k) clearance for its Bioflux device with the U.S. FDA.
List of Companies Covered:
• Medtronic Plc
• Medicomp Inc.
• BioTelemetry Inc.
• ZOLL Medical Corporation
• Welch Allyn
• ScottCare Corporation Solution
• Siemens Healthcare Pvt. Ltd
• Biotricity Inc.
• Preventice Solutions
• Telerhythmics LLC.
• Applied Cardiac Systems Inc.
• Philips Benelux
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DoC: https://issuu.com/alchemymarketresearch/docs/mobile_cardiac_telemetry_systems_market.docx
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