The mobile cardiac telemetry systems market size was USD 933 Mn in 2022 and is likely to reach USD 2652 Mn by 2031, expanding at a CAGR of 10.1 % during 2023–2031. Increasing number of cardiovascular complications is boosting the adoption of trackers and devices, which in turn, is expected to fuel the market.
Mobile cardiac telemetry (MCT) is an electrocardiogram (ECG) monitoring method that utilizes a compact portable device to keep track of the patient’s cardiac activity. It is an effective technique for monitoring cardiac activity throughout the day and night. This device can be used during any physical activity such as running, sleeping, and exercising.
It is widely used in patients to remotely monitor them and reduce hospitalization. The cardiac monitoring process requires constant examination of the heart through electrocardiography and helps spot irregularities in the working of the heart. A patient can enter the symptoms manually with the help of a push button signaling device.
The device auto-indicates for conditions including tachycardia and bradycardia. Mobile cardiac telemetry represents real-time electrocardiogram monitoring, where the patient wears the ECG data monitoring device, and the telemetry unit converts the received signals into pictures of each heartbeat. These pictures are sent to a monitor displaying the heartbeats on a continuous basis.
Cardiac activity monitoring is an indispensable part of healthcare diagnosis, as the rhythm of the heart is linked with several functions of the human body. Remote cardiac telemetry is a new development in the field, which remotely monitors cardiac activity. Some MCT systems provide beat-to-beat analysis by measuring each heartbeat over a 24-hour period.
According to the World Health Organization (WHO), cardiovascular disorders cause around 17.9 Mn deaths every year, which accounts for to about 32% of the total mortality rate in the world. Around 6,59,000 people in the US succumb from heart problems every year. Heart disorders are primarily caused due to inactive lifestyles and unhealthy food habits. Effective nutrient absorption and good metabolism are estimated to help prevent abnormal cardiac conditions.
The COVID-19 pandemic created growth opportunities that helped moderate revenue generation in the global mobile cardiac telemetry systems market. A major revenue share of the market was from the increase in the occurrence of heart disease, due to the effect of SARS-CoV-2 on human bodies during the pandemic. If the diagnosis of the virus is delayed, individuals prone to heart disorders contribute to a rising mortality rate.
The early symptoms of COVID-19 affect the heart causing nausea, fatigue, and strain. Hospitals were heavily burdened with patients during the pandemic, which increased the demand for remote medication and hospitalization. The compact-sized handy devices help in easy monitoring without a conventional hospital setup. This resulted in the expansion and growth of the mobile cardiac telemetry systems market.
Mobile Cardiac Telemetry Systems Market Dynamics
Increasing occurrence of cardiovascular dysfunction and other diseases has emphasized the advantages of mobile cardiac telemetry systems, which is boosting the market. Moreover, physical languor due to inactive lifestyles, obesity, and smoking has compounded cardiac disorder, fueling the demand for mobile cardiac telemetry systems.
The advanced memory and information storage capabilities of the software help in covering the health insurance exchange. Additionally, rise in the expenditure on healthcare and a majority of the population inclined toward balanced lifestyles are expected to fuel the market.
The high cost of the device & setup, long-term monitoring, and reliance on external factors are projected to moderately restrain the market. Rising concerns regarding poor patient conformity are expected to impede the market.
Increasing incidence of arrhythmia results in the expansion of product innovation, small & handy gadgets, and technological advancements among the players in the market. Growing applications of telemedicine enable the use of data to communicate and provide healthcare even at distance from a patient. This offers benefits to patients and doctors, without compromising the quality of monitoring and consultation. Wearable monitoring devices are estimated to create lucrative opportunities in the market.
Scope of Mobile Cardiac Telemetry Systems Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Mobile Cardiac Telemetry Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Application (Lead-Based and Patch-Based) and End-user (Hospitals, Cardiac Care Centers, Diagnostic Centers, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
Key Players Covered in the Report
iRhythm Technologies, Inc.; ACS Diagnostics; Medicalgorithmics.com; BioTelemetry; Medicomp Systems; Preventice Solutions Inc.; ScottCare; Telerhythmics, LLC.; ZOLL Medical Corporation; and CorVitals
Mobile Cardiac Telemetry Systems Market Segment Insights
Based on application, the mobile cardiac telemetry systems market is bifurcated into lead-based and patch-based. The lead-based segment accounted for a significant share of the market in 2019 and is estimated to grow in the forecast period. The segment held a revenue share of about 65% in 2021 due to the high preference for easy applications and lightweight features. The lead wire joins the electrodes to the ECG telemetry device.
The patch-based segment is expected to grow, as a clinical tool for the observation of bradyarrhythmia and tachyarrhythmia. The device emerges in high demand as a feasible and patient-friendly option for the detection of arrhythmia. Moreover, the growth of the segment is attributed to the advancements in the technology of wearable cardiac monitors.
In terms of end-user, the market is divided into hospitals, cardiac care centers, diagnostic centers, and others. The hospitals segment is anticipated to hold a dominant share of the market in 2021. The growth of the segment is accredited to the rising number of hospitals, non-invasive surgeries, and easy access to hospitals. However, the cardiac care centers segment is projected to grow during the forecast period, as these centers provide easy accessibility to surgeons, cost-effectiveness, and short stay duration are driving the segment.
Based on region, the global mobile cardiac telemetry systems market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America held a vital share of the global market, in terms of revenue in 2019 and the market in region is expected to grow in the coming years due to rising geriatric population and increasing healthcare expenditure. According to the Administration for Community Living, the geriatric population surged by 33% in the US in the past decade.
Presence of several healthcare service providers in North America is anticipated to boost the market in the region. Additionally, the market in Asia Pacific is estimated to expand at a CAGR of around 13.5% during the projection period. Rising adoption of a stationary lifestyle influences instant food and dietary habits lead to physical inactivity causing cardiovascular complications. These factors are anticipated to drive the market in the region.
The mobile cardiac telemetry systems market has been segmented on the basis of
- Cardiac Care Centers
- Diagnostic Centers
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players operating in the global mobile cardiac telemetry systems market include iRhythm Technologies, Inc.; ACS Diagnostics; Medicalgorithmics.com; BioTelemetry; Medicomp Systems; Preventice Solutions Inc.; ScottCare; Telerhythmics, LLC.; ZOLL Medical Corporation; and CorVitals. These companies adopt strategies such as mergers, acquisitions, partnerships, collaboration, and product launches to boot their market share. For instance,
- In 2020, BioTelemetry extended its MCOT program to COVID-19 patients in several institutions in the US to track QT prolongation linked with hydroxychloroquine medication.
- In 2019, iRhythm Technologies, Inc. collaborated with Verily Life Sciences to screen, track, and spot atrial fibrillation with the help of data analysis and artificial intelligence.