The mobile cardiac telemetry systems market size in 2023 stood at US$ 0.74 billion and is projected to reach US$ 2.26 billion by 2031. The market is expected to register a CAGR of 12.2% in 2023–2031. Growing inclination towards next-generation devices focusing on miniaturization, faster processing, and connectivity will likely remain key mobile cardiac telemetry systems market trends.
Mobile Cardiac Telemetry Systems Market Analysis
The expansion of the healthcare industry, growing incidence of cardiovascular diseases, new product launches, and technological advancements in mobile cardiac telemetry systems are some of the major factors supporting the growth of the mobile cardiac telemetry systems market. In addition, technological advancements make it easy to obtain information about heart functioning without interrupting the life of the patient. Improved health insurance coverage for the treatment of cardiac diseases and enhanced memory storage capabilities by software are likely to support the growth in the market. The growing benefits of monitoring patients with mobile cardiac telemetry and the increasing geriatric population are anticipated to improve the growth of the global market. Therefore, the growing incidence of cardiovascular diseases is likely to continue to boost mobile cardiac telemetry sales during the forecast period.
Mobile Cardiac Telemetry Systems Market Overview
Mobile Cardiac Telemetry (MCT) is a medical device designed to continuously monitor a patient’s cardiac activities over an extended period. The small and portable device allows patients to wear it comfortably while carrying out their daily activities at home or on the go. MCT is one of the most effective cardiac monitoring methods. The ability to analyze every heartbeat with little interference to the patient’s normal day and the opportunity to initiate an immediate emergency response as needed makes it one of the most attractive choices in today’s market. The increasing incidence of heart diseases, including cardiovascular diseases, stroke, and others, the presence of well-developed healthcare infrastructure, and government support are some of the prominent factors favoring the growth of the market. As per the research article titled “Cardiovascular Disease Mortality and Potential Risk Factor in China: A Multi-Dimensional Assessment by a Grey Relational Approach,” published in April 2022, CVD is one of the major healthcare burdens in the country. In addition, 290 million people are suffering from cardiac disorders, stroke (13 million), coronary heart disease (11 million), rheumatic heart disease (2.5 million), heart failure (4.5 million), congenital heart disease (2 million), and pulmonary heart disease (5 million) in China.
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Mobile Cardiac Telemetry Systems Market: Strategic Insights
Market Size Value in US$ 564.77 Million in 2018 Market Size Value by US$ 1,546.43 Million by 2027 Growth rate CAGR of 12.4% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Mobile Cardiac Telemetry Systems Market: Strategic Insights
| Market Size Value in | US$ 564.77 Million in 2018 |
| Market Size Value by | US$ 1,546.43 Million by 2027 |
| Growth rate | CAGR of 12.4% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Mobile Cardiac Telemetry Systems Market Drivers and Opportunities
Increasing Prevalence of Cardiovascular Diseases Drives Market Growth
Cardiovascular diseases (CVDs) are among the top 10 leading causes of death around the world; and include disorders of the heart and blood vessels, such as cerebrovascular disease, coronary heart disease, rheumatic heart disease, and other conditions. Some of the major factors that lead to death and difficulties are smoking, unhealthy diet, and physical inactivity, which increases the risk of heart attacks and strokes. As per the report published by the World Heart Federation projects, over half a billion people are living with CVD worldwide, accounting for 20.5 million deaths in 2021. According to the WHO, 17.9 million people die from CVD yearly, representing 32% of all deaths worldwide. Additionally, the UK Factsheet January 2022, published by the British Heart Foundation, shows that ~7.6 million people with CVD live in the UK.
According to the Centers for Disease Control and Prevention (CDC), every 40 seconds, an American experiences a heart attack. Of the total 805,000 heart attack victims in the US reported annually. Mobile cardiac telemetry systems are small portable devices that monitor the cardiac activity of patients. Owing to the rising cases of CVD globally, the need and demand for mobile cardiac telemetry systems for the treatment of CVD is increasing, thereby driving mobile cardiac telemetry systems market growth.
Market Consolidation Through Product Developments and Acquisitions to Favor Market Growth
With the increasing patient population and rising awareness of technologies, companies are striving to expand their manufacturing capabilities. This factor has led to geographic diversification, therapeutic and development expertise building, huge capital generation, and steady technical resource availability among the industry players, which helps them meet the requirements of healthcare facilities and patients suffering from CVDs.
In January 2021, Boston Scientific Inc. entered into a definitive agreement to acquire Preventice Solutions, Inc., a privately-held company, offering a complete portfolio of mobile cardiac health solutions and services, varying from ambulatory cardiac monitors – including short and long-term Holter monitors – to cardiac event monitors, and mobile cardiac telemetry.
In March 2022, ZOLL Medical Corporation, an Asahi Kasei company, launched a next-generation MCT solution, the ZOLL arrhythmia management system (AMS). ZOLL AMS incorporates biometric data (heart rate, activity, respiratory rate, and body posture) into the ECG information provided by traditional MCT devices, facilitating physicians to make more informed patient treatment plans.
Thus, such efforts by market players are likely to create considerable growth opportunities for the mobile cardiac telemetry systems market in the future.
Mobile Cardiac Telemetry Systems Market Report Segmentation Analysis
Key segments that contributed to the derivation of the mobile cardiac telemetry systems market analysis are technology and end users.
- Based on technology, the mobile cardiac telemetry systems market is divided into lead-based, and patch-based. The lead-based segment held the largest market share in 2023. In addition, the patch-based segment is anticipated to register the highest CAGR during the forecast period.
- Based on end users, the mobile cardiac telemetry systems market is divided into hospitals, ambulatory surgical centers, and cardiac centers. The hospitals segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
Mobile Cardiac Telemetry Systems Market Share Analysis by Geography
The geographic scope of the mobile cardiac telemetry systems market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the mobile cardiac telemetry systems market. North American market is expanding due to a number of factors, including the rising prevalence of CVD, an increase in product approvals, rising awareness regarding mobile cardiac telemetry systems, and the availability of products by various market leaders. As per the American Heart Association, almost half of all US adults have some kind of CVD. 1 out of every 5 deaths reported in the country is due to CVD. Over 130 million people, i.e., 45.1% of the US population, are predicted to have a type of CVD by 2035. As per the Million Hearts 2021 data, ~1.5 million heart attacks (myocardial infarctions) and strokes occur in the US yearly. In addition, the growing geriatric population, rising healthcare expenditure, and the presence of key service providers with improved healthcare solutions are anticipated to fuel the market growth during the forecast period. Asia Pacific is expected to grow with the highest CAGR in the coming years.
Mobile Cardiac Telemetry Systems Market Report Scope
Mobile Cardiac Telemetry Systems Market News and Recent Developments
The mobile cardiac telemetry systems market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for mobile cardiac telemetry systems and strategies:
- In May 2021, VitalConnect, Inc. launched the VitalPatch RTM mobile cardiac telemetry (MCT) solution. The launch of the MCT platform placed VitalConnect in a category by itself, offering the only cardiac monitoring solution available with a flexible, programmable platform covering multiple cardiac monitoring needs. The platform allows for continuous, real-time cardiac arrhythmia detection while simultaneously measuring patient physiological parameters. (Source: VitalConnect, Press Release, 2021)
- In July 2020, Biotricity Inc. signed a partnership agreement with Verizon to develop EMS solutions for the first responders by integrating its Bioflux solution. Bioflux is a single-unit, high-precision handheld mobile cardiac telemetry (MCT) system that monitors and transmits patients' ECG data in real-time. (Source: Airtricity, Press Release, 2020)
Mobile Cardiac Telemetry Systems Market Report Coverage and Deliverables
The “Mobile Cardiac Telemetry Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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