Mobile Cardiac Telemetry Systems Market Growth, Trends And Forecast To 2030

(MENAFN- Straits Research) The global Mobile Cardiac Telemetry Systems market was valued at USD 839.3 million in 2021 and is projected to reach USD 2412.97 million by 2030 at a CAGR of 12.45% from 2022 to 2030.
The patient wears mobile cardiac telemetry (MCT) devices, which are small, portable sensors used to track heart rhythm. When a cardiac rhythm anomaly is found, the sensor notifies the transmitter, who then relays the information over a mobile Network to the manned monitoring centre. As various bodily activities can be comprehended by carefully examining the heart rhythm, cardiac monitoring is a crucial component of healthcare diagnostics. One of the most recent advancements in cardiac monitoring is mobile cardiac telemetry, which enables remote monitoring of patients who are located distant from their doctors.
Market Dynamics
A RISE IN CARDIOLOGY PATIENTS IS DRIVING THE MARKET:
Patients are anticipated to have a strong demand for mobile cardiac telemetry devices due to their increased diagnostic yield compared to industry norms for cardiac monitoring equipment. Additionally, the rapidly growing geriatric population is contributing to the rising demand for cardiac monitoring in-home care settings. Over the forecast period, producers of MCT systems are anticipated to experience considerable growth potential due to the rising prevalence of cardiovascular disorders.
The WHO estimates that worldwide, cardiovascular illnesses claim the lives of up to 17.5 million people each year. The market for MCT devices has had a number of new manufacturers enter it in recent years. As a result, the costs of MCT devices are predicted to decline over the projection period, which is predicted to lead to a rise in the adoption of MCT systems.
LATELY, THE GLOBAL PANDEMIC IS ALSO DRIVING THE MARKET:
For COVID-19 patients receiving care outside of a hospital setting, the device is also useful for quickly identifying arrhythmogenic hazards. Hospitals are currently overflowing with patients as a result of the pandemic, and under such circumstances, these devices are highly beneficial for remote monitoring, which is further encouraging the growth of the market for the mobile cardiac telemetry system. For instance, to track QT prolongation linked to the use of hydroxychloroquine and azithromycin medicine, Biotelemetry, Inc. expanded its mobile cardiac outpatient telemetry monitoring programme to COVID-19 patients in multiple hospitals in the United States in March 2020.
PREVALENCE OF ARRHYTHMIA WILL BRING IN NEW OPPORTUNITIES:
One of the main factors boosting the market for mobile cardiac telemetry systems is the rising incidence of arrhythmia. By 2030, the number of persons with atrial fibrillation (AFib), a kind of heart arrhythmia, is predicted to reach 12.1 million, according to the Centers for Disease Control and Prevention (CDC). AFib was indicated on 183,321 death certificates in the United States in 2019, according to the same source. Players in the market are always looking to create small, useful gadgets to maintain their market share. For instance, in September 2019, iRhythm Technologies, Inc. and Verily Life Sciences worked together to screen, monitor, and diagnose atrial fibrillation using a system powered by artificial intelligence (AI) from iRhythm and data analysis from Verily.
REGIONAL ANALYSIS:
A revenue share of about 37.0% went to North America in 2021, which dominated the market for mobile cardiac telemetry systems. The incidence of heart illnesses, the growing senior population, and rising healthcare costs are only a few of the factors contributing to this development. For example, the elderly population in the United States has increased by 33% over the past ten years, according to data released by the Administration for Community Living. Additionally, the existence of significant service providers with enhanced healthcare solutions is anticipated to drive market expansion during the anticipated period.
Mobile cardiac telemetry system sales in the Asia Pacific region are anticipated to grow at a healthy CAGR of almost 13.5% during the forecast period. Cardiovascular morbidities have increased in the area as a result of factors including dietary practices and the rising adoption of a sedentary lifestyle that results in physical inactivity. Cardiovascular disorders are thought to be responsible for over 170,000 fatalities in Japan each year, according to the Ministry of Health, Labor, and Welfare. In addition, a number of international corporations are establishing manufacturing operations in the area because of the affordable production prices and the availability of competent workers. The previously mentioned elements are further increasing the demand for transportable cardiac telemetry equipment.
KEY HIGHLIGHTS:

The global Mobile Cardiac Telemetry Systems Market was valued at USD 839.3 million in 2021 and is projected to reach USD 2412.97 million by 2030 at a CAGR of 12.45% from 2022 to 2030.
The rise in cardiac illness and the pandemic are driving the market for mobile cardiac telemetry systems.
This market can be segmented on the basis of applications, end-users, regions and competitors.
By 2030, North America is anticipated to have the largest market share, with the Asia Pacific emerging as the fastest-growing market.

COMPETITORS ANALYSIS:
Competitiveness exists in the market for mobile cardiac telemetry systems. To broaden their reach in the market, some of the key players in the sector engage in strategic alliances, local expansions, and the introduction of new products. Applied Cardiac Systems Inc., Medicomp Inc., Preventice Solutions, Telerhythmics LLC, Zoll Medical Corporation, and iRhythm Technologies, Inc. are a few of the well-known companies in the mobile cardiac telemetry systems industry. ScottCare, Biotricity Inc., Welch Allyn, and BioTelemetry, Inc.
RECENT DEVELOPMENTS:

The mobile cardiac telemetry solution VitalPatch RTM was introduced by VitalConnect in May 2021. The programable and adaptable platform of the solution meets a range of requirements for cardiac monitoring.
Gallant implantable cardioverter-defibrillator (ICD) will be made available in Europe by Abbott Laboratories in 2020.
Buying ADEA Medical AB was completed by Biotelemetry in July 2019. The longer-term objective of BioTelemetry is to develop its international company in the Nordic region and other nations of Europe, and this acquisition fits into that goal.
Cardiac Science, a top supplier of automated external defibrillators (AEDs), associated services, and accessories, was bought by ZOLL Medical (an Asahi Kasei Group Company) in 2019. Positioning in the AED market was improved by this acquisition of ZOLL Medical.

SEGMENTATION:
Application Outlook

Lead-based
Patch-based

End-use Outlook:

Hospitals
Cardiac centres
Others

Regional Outlook:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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