ID: MRFR/HC/6364-HCR | February 2021 | Region: Global | 160 pages
The medical telemetry market is projected to grow significantly over the forecast period. It is estimated that the medical telemetry market is expected to register a CAGR of ~21% during the forecast period of 2019 to 2024.
Telemetry is the programmed solution that allows an automated communication process through wireless transmission from various remote sources. Medical telemetry equipment is used for monitoring the environmental situation and for handling complex infrastructure. The information is gathered by employing sensors like pressure sensors, temperature sensors, electric data voltage sensors, resistance sensors, and others. Medical Telemetry system’s major applications are healthcare, energy utility area, oil and gas drilling, agriculture, and others.
These are also used for monitoring the patient’s vital organs like pulse and respiration. Radiofrequency communication is used for transmission between patient and central monitoring systems.
The COVID-19 pandemic situation changes everything in the world. It shows a negative impact on most of the sectors by shutting down the manufacturing industries, transportation bans, education system stoppage, and many more. To curb the spread of the coronavirus, most of the emerging country’s governments imposed strict regulations like lockdowns, transportation bans, maintaining social distance, retailer shops off, and manufacturing industries shutdowns. Due to the lockdowns, the manufacturing industries are facing a lot of issues like lack of labor, shortage of raw materials, supply chain disruptions, and others leads to stoppage of production.
The medical telemetry market is also little impacted due to the pandemic, further rapidly it increases the growth of the market by its advantages. It is mostly used for gathering pressure sensors, temperature sensors, electric data voltage sensors, and others majorly in hospitality applications. This medical telemetry unit is very helpful in this pandemic situation and hence increases the growth of the market.
The growing adoption of telemetry devices in the healthcare sector to monitor cardiac abnormalities is one of the factors that drive the medical telemetry market. Owing to the rise in diseases growing prevalence of cardiovascular diseases and increasing mortality across the globe is increasing the demand for cardiac telemetry units and hence propels the global market.
Moreover, these devices are majorly used for addressing the patient requirements who are highly susceptible to cardiac disorders. Apart, the usage of cloud computing coupled with the rising adoption of smart devices with big data is boosting the medical telemetry market growth. The rise in awareness regarding the telemetry systems among the patients and healthcare practitioners to adopt the advanced technology products may foster the growth of wireless medical telemetry services.
A huge initial investment is required for the medical telemetry devices which are hindering the market growth.
The constant introduction of advanced technologies and untapped potential in emerging countries provides the opportunity to accelerate the growth of telemetry in the medical field market.
The regulatory issues, lack of awareness, and shortage of skilled labor are the challenges of the medical telemetry market.
Medical Telemetry Market Share (%), by Region, 2017
Sources: Centers for Disease Control and Prevention (CDC), US Department of Health and Human Services, National Institutes of Health
It is projected that the Americas dominated the medical telemetry market owing to the growth of the market in the North American region. This is largely attributed to factors such as well-established healthcare infrastructure and the increase in adoption of telehealth systems across various healthcare settings will support market growth in this region.
Europe is expected to hold the second largest share in the medical telemetry market owing to the introduction of advanced telemetry devices and quality of existing and new medical indications.
Asia-Pacific was projected to be the fastest growing region for the medical telemetry market. With the effective image transfer, consistent evolution in information and communication technologies, in the region by advanced technology countries such as Japan and China, the awareness about telemetry has increased. The Middle East and Africa holds the least share in the medical telemetry market due to the presence of economically diverse countries, and fewer initiatives taken by the government.
Medical Telemetry Market, by Component
Medical Telemetry Market, by Service
Medical Telemetry Market, by Application
Medical Telemetry Market, by End User
Medical Telemetry Market, by Region
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Service, Application, and End user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Siemens AG, GE Healthcare, Astro-Med, Inc., Philips Healthcare, Lindsay Corporation, Honeywell International Inc., IBM Corp, Finmeccanica SPA. Medtronic, BioTelemetry Inc., Applied Cardiac Systems, Inc, Medicomp Inc, Preventice Services, LLC, The Scottcare Corporation, Medi-Lynx (Subsidiary of Medicalgorithmics, S.A), Zoll Medical Corporation, Welch Allyn, and Telerhythmics, LLC, and others|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Medical Telemetry Marketis expected to exhibit a strong 21% CAGR over the forecast period from 2019 to 2024.
The growing incidence of cardiovascular conditions is the leading driver for the medical telemetry market.
The high cost of medical telemetry systems is the key restraint on the global medical telemetry market.
The Americas dominate the global medical telemetry market.
Leading players in the medical telemetry market include Honeywell, IBM, GE Healthcare, Siemens, Philips, Medtronic, and Lindsay Corporation, among others.