The ECG Telemetry Devices Market is expected to register a CAGR of 8.8% during the forecast period. Along with the rising population, the number of older people is also increasing, and the number of deaths due to cardiovascular diseases is on the rise.
- Cardiovascular diseases are among the leading causes of premature deaths in the world. These diseases include heart attacks, strokes, and other circulatory diseases.
- According to the Centre for Disease Control and Prevention (CDC), approximately 630,000 Americans die due to heart disease, every year, which accounts for one in every four deaths in the United States.
- Furthermore, factors, like the rising number of home care monitoring devices and an increase in the number of service providers, are driving the market.
- Advances in wireless sensor networking have created various opportunities in the healthcare system and are directly affecting the ECG telemetry devices market in a positive manner.
- The developing and developed countries are now relying on technology to assist day-to-day living. This has led to the increased use of home care monitoring devices. Due to such devices, people are able to track their health records easily at their homes.
- The demand for homecare monitoring devices is increasing, as it is reducing cost and the time taken in hospitals for heart checkups.
- For life-threatening diseases, like cardiovascular disorders, regular checkup of the heart is very important, and this is made easy by homecare monitoring devices. Hence, these devices are helping the growth of the ECG telemetry devices market.
Key Market Trends
Arrhythmias Application Segment is Expected to Hold a Major Market Share in the Global ECG Telemetry Devices Market
Arrhythmia is a condition, in which the heart rhythm becomes abnormal. The electrical impulses occur too fast or too slow, leading to the reduced efficiency of the heart to pump blood. For the diagnoses of arrhythmias, various devices are used. However, ECG telemetry devices are the most effective tools for the detection of arrhythmias. According to World Ageing 2019 report, there were about 703 million population aged 65 years or over in the world in 2019. And this number of the elderly population is projected to double to 1.5 billion in 2050. Moreover, by 2050, 1 in 6 people in the world will be over the age of 65, up from 1 in 11 in 2019. As the number of the elderly population is expected to rise in coming years and this population are more prone to cardiovascular diseases such as arrhythmias which are expected to show a positive impact on the market.
As the prevalence of arrhythmia is expected to rise, the need for better diagnostic tools is increasing. Hence, ECG telemetry devices are of much significance, as they provide easier and faster monitoring of the heart.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
Cardiovascular diseases are the major cause of deaths in the United States and the primary cause of acute care and physician visits. According to the Centers for Disease Control and Prevention (CDC), in the United States, every year, about 735,000 people suffer from heart attacks. Thus, the rise in the number of cardiovascular diseases (CVDs) and heart attacks lead to an increased demand for diagnostic tools, in the country.
The cardiovascular diagnostic sector prefers ECG telemetry devices, as they are the easiest and fastest tools for the diagnoses of CVDs. The United States provides good reimbursement facilities for patients suffering from cardiovascular diseases. This factor is helping the growth of the ECG telemetry devices market. In the United States, government initiatives, such as ‘A Public Health Action Plan to Prevent Heart Disease and Stroke’, are also increasing the utilization of novel technologies. This is ultimately contributing to the growth of the ECG telemetry devices market in the United States.
Additionally, investments in healthcare are increasing in the United States, which is ultimately helping the growth of the ECG telemetry devices market.
The ECG telemetry devices market is fragmented competitive, and there are multiple companies that are doing well in the market. However, some of the companies are contributing the most to this market and dominating certain geographies. With the rising focus on product development and the increasing usage of technology in healthcare, more small and mid-sized companies are expected to enter the market in the future. Some of the companies which are currently dominating the market are Aerotel Medical Systems Ltd, BioTelemetry Inc., GE Healthcare (GE Company), Medtronic Inc., iRhythm Technologies Inc., Nihon Kohden Corporation, Philips Healthcare, Medicalgorithmics SA, Preventice Solutions Inc. and Hill-Rom Services Inc. (Welch Allyn).
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support