Mobile Cardiac Telemetry Devices Market: Current Scenario and Forecast (2019-2025)

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Bharat Book Bureau Provides the Trending Market Research Report on "Mobile Cardiac Telemetry Devices Market: Current Scenario and Forecast (2019-2025)" under Healthcare category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.

Mobile cardiac telemetry devices derived revenue of US$ 563.7 million in 2018 and are expected to fetch US$ 1,264 million by 2025 displaying tremendous CAGR of 12.34% over the forecast period (2019-2025). The global Mobile Cardiac Telemetry Devices market is segmented based on technology (lead-based and patch-based devices) and end-user (hospitals, ambulatory surgical centers and home settings). Under the technology segment, in 2018, the lead-based devices dominated the global mobile cardiac telemetry devices market with the maximum share in terms of revenue.

Based on estimation, the segment occupied 60.2% share. However, the patch-based devices are anticipated to grow by the highest CAGR of 13.25%. In recent years the prevalence of chronic diseases has increased due to the rise in life expectancy and changes in lifestyle, and thus people suffering from these pathologies often need continuous monitoring of their vital signs.

The mobile health field can provide new access opportunities for treatment and medical services, constituting a valuable support instrument for both patients and doctors. Mobile cardiac telemetry (MCT) is a relatively new technology, first approved in 2002 by the US Food and Drug Administration (FDA), which provides continuous real-time outpatient electrocardiographic monitoring for extended periods of time. MCT allows detection of both symptomatic and asymptomatic arrhythmias and has been proven to provide superior diagnostic capability for patients with palpitations, syncope, and pre-syncope.

It also allows accurate monitoring of a patient’s rhythm during outpatient drug titration, as well as detection of both symptomatic and asymptomatic atrial fibrillation after cardiac ablation. The lead based MCT devices market at global scale was evaluated at US$ 339.2 million in 2018 and is projected to witness astonishing CAGR of 11.71% during the forecast period. In addition, patch-based devices held 39.8% market share in the respective market generating revenue of US$ 224.5 million in 2018.

Mobile Cardiac Telemetry (MCT) is becoming common as the device is far less labor-intensive for the patient as compared to the traditional Event Monitor. Cardiac Event Monitor is a device used for detecting ONLY symptoms felt by the patient. The MCT monitor has the capability of transmitting both symptoms felt by the patient as well as abnormalities that are not felt by the patient.

Furthermore, MCT monitoring is useful as the communication is constant if there are messages needed to be transmitted to the patient, the process is simple and reliable because it uses standard cell phone technology. Mobile Cardiac Telemetry monitoring is the wave of the future, owing to its multiple advantages compared to other long-term monitoring options. MCT monitoring technology can be considered a superior method for detecting ECG abnormalities as it captures cardiac abnormalities in real-time.

The expedited nature of MCT can potentially improve diagnostic care and lower healthcare costs over the long run. The automatic monitoring outside the hospital provides clear clinical benefits for the patients, physicians and healthcare providers. Potential medically relevant problems can be recognized and addressed proactively, avoiding unnecessary hospitalization costs.

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Mobile Cardiac Telemetry Devices - Bharat Book Bureau

Secondly, the robust incorporation of (cardiac) telemonitoring into a given clinic's work routine will likely require a commitment to redirect certain internal resources and work processes in order to reap the full benefits of a telemetric patient monitoring. Unlike many medical innovations, the true benefits of cardiac telemonitoring will be spread among those involved in the patient care cycle.

Finally, a growing number of hospitals and pacemaker clinics have already recognized the inherent value of adopting this new technology to improve work efficiency, deliver more timely urgent medical responses when cardiac events occur. They also use this technology for establishing a productive professional interface with a given patient's non-specialist physicians and caregivers.

Hospitals are the major end-users of mobile telemetry device technology; the segment generated a revenue of US$ 350.5 million in 2018. The hospital's end-user segment is expected to grow at a CAGR of 11.67% during the forecast period to reach a market size of US$ 753.8 million by 2025. However, home setting is expected to witness highest CAGR of 14.92% during the forecast period (2019-2025).

Also, for better understanding of the overall adoption rate of mobile cardiac telemetry devices in different developed and developing markets, detailed analysis has been conducted for different regions/countries including North America (US, Canada), Europe (UK, Germany, France, Spain, Italy), Asia-Pacific (China, India, Japan, Australia), and the Rest of the World (Middle East and Latin America).

Based on the estimation, Europe dominated the Mobile Cardiac Telemetry devices market, accounting for a revenue share of 31.9% in 2018. The rising incidence of cardiovascular diseases in Europe is influencing the healthcare service providers to implement advanced telehealth services. Hence, the increasing usage of telecardiology is expected to drive the market.

Key Facts on Cardiovascular diseases (CVDs), Global

• CVDs are the number 1 cause of death globally: more people die annually from CVDs than from any other cause.

• An estimated 17.9 million people died from CVDs in 2016, representing 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke.

• Over three-quarters of CVD deaths take place in low- and middle-income countries.

• Out of the 17 million premature deaths (under the age of 70) due to noncommunicable diseases in 2015, 82% are in low- and middle-income countries, and 37% are caused by CVDs.

• Most cardiovascular diseases can be prevented by addressing behavioral risk factors such as tobacco use, unhealthy diet and obesity, physical inactivity and harmful use of alcohol using population-wide strategies.

• People with cardiovascular disease or who are at high cardiovascular risk (due to the presence of one or more risk factors such as hypertension, diabetes, hyperlipidemia or already established disease) need early detection and management using counseling and medicines, as appropriate

Numerous companies have marked their presence in the mobile cardiac telemetry devices market with a continued focus on product expansions, investments, business expansion, product launches and collaborations. They continue to offer wide range of smart devices that cater to farm needs and further result in enhanced crop productivity and optimum utilization of resources. With an objective to stimulate the overall adoption of mobile cardiac telemetry devices across the developing and developed nations specifically in the Asia Pacific, Europe region, these players have adopted various strategies to enhance the penetration of modern mobile cardiac telemetry devices.

Some of the major players operating in the global mobile cardiac telemetry devices market include Asahi Kasei Corp., BioTelemetry Inc., Biotricity, Comarch, Hill-Rom Holdings Inc, Infobionic, Koninklijke Philips N.V., Medicalgorithmics, Medicomp and Preventice among others.

Global Mobile Cardiac Telemetry Devices market generated revenue of US$ 563.7 million in 2018. The devices market is expected to grow at a CAGR of 12.34% during the forecast period to reach a market valuation of US$ 1,264 million by 2025. Europe dominated the global mobile cardiac telemetry devices market, accounting for a revenue share of 31.9% in 2018.

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