Grand View Research, Inc. - Market Research And Consulting.According to a new report by Grand View Research, Inc., The global mobile cardiac telemetry systems market size was valued at USD 675.54 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.3% from 2020 to 2027. Increasing prevalence of cardiovascular disorders and associated mortality has increased awareness about the benefits of Mobile Cardiac Telemetry (MCT) devices, is propelling the market growth.
The mobile cardiac telemetry systems market is anticipated to be worth USD 1.58 billion by the year 2027, advancing at a healthy CAGR of 11.3% during this period, according to a new report by Grand View Research. Mobile cardiac telemetry makes use of a small portable device for monitoring the cardiac activity of a person. This device records the patient’s heartbeat at every moment of time, and the data is collected and stored for the convenience of the consulting doctor or physician. An advantage of the device is that even if the patient moves out of network range, data is not lost. This helps the doctor in making the most accurate diagnosis of the patient’s condition.
The major factors that are driving the market are the growing prevalence of cardiovascular disorders, the necessity to manage arrhythmia effectively, as well as the technological advancements in these telemetry systems. According to the CDC, the US saw 800,000 deaths due to cardiac disorders in 2017, with this currently being the leading cause of mortality in the country. This is true at the global level too, with WHO stating that CVDs are responsible for close to 18 million deaths each year. The high prevalence is closely linked to the sedentary work lifestyle that has been witnessed in many countries, along with stressful work environments and schedules, which results in unhealthy lifestyle adoption among a large proportion of the working population. An additional factor driving industry growth is the rising demand and adoption of real-time cardiac monitoring and self-care management, along with the strengthening healthcare infrastructure across developed and emerging regions globally.
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The mobile cardiac telemetry systems market is broadly segmented into application and end-use. In terms of application, the market has been classified into lead-based and patch-based, wherein the former has had a majority share of the market. The accuracy and ease of use of the lead-based setup, along with its cost effectiveness, gives it an edge over patch-based systems. The patch-based segment is expected to witness lucrative demand in the coming years, especially from outpatient facilities and ambulatory centers. Based on end-use, the market is segmented into hospitals and cardiac centers, among others. The hospitals segment led the industry in 2019, on account of rising demand for minimally invasive surgeries; on the other hand, cardiac centers are expected to show high demand growth in the near future, due to benefits such as reduced wait times, availability of skilled professionals and shorter stay duration.
The COVID-19 outbreak caused due to SARS-CoV-2, already affected millions of people globally as of June 2020. The contagious coronavirus is also having an economic impact and implications on most of the sectors including the medical device industry. Initially, the patients showed improvement with the combined usage of hydroxychloroquine and azithromycin but it has a risk of prolonging the QT interval. Mobile cardiac telemetry is widely used in such patients to remotely monitor them in order to reduce hospitalization.
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Trends and Developments:
- The current outbreak of COVID-19 that is being experienced globally has offered a wonderful opportunity to MCTs for market growth and adoption. According to a study published in the Journal of the American College of Cardiology (JACC) in April 2020, mobile cardiac outpatient telemetry (MCOT) can help in monitoring of COVID-19 patients taking hydroxychloroquine (HCQ) and azithromycin, while also reducing potential exposure of the virus for clinicians, and preserving personal protective equipment (PPE). With hospitals currently being overburdened with patients suffering from COVID-19, especially in the US, such devices have proved to be handy for remote monitoring.
- A recent study by researchers from the Perelman School of Medicine at the University of Pennsylvania (Philadelphia, PA, USA) found that COVID-19 patients who were admitted to ICU were 10 times more likely than other hospitalized COVID-19 patients to suffer from a cardiac arrest or heart rhythm disorders. The researchers evaluated cardiac telemetry and clinical records for patient demographics and medical comorbidities, and identified a total of 53 arrhythmic events in 700 patients.
- The COVID-19 pandemic has provided manufacturers of mobile cardiac telemetry systems with an increased scope to offer value-added service to consumers. For example, in April 2020, Medicomp, Inc. teamed up with the Lenox Hill Hospital to monitor the electrical conduction of the heart in COVID-19 patients, with a certain medication by its TelePatch- Mobile Cardiac Telemetry (MCT). This is expected to drive the product adoption across the globe in coming months.
- Frequent collaborations have also become a norm in the industry, with iRhythm Technologies, Inc. undertaking a collaboration with Verily Life Sciences for combining the former’s AI-based system with Verily’s data analytical technology to screen, monitor, and diagnose atrial fibrillation (AF), in September 2019.
- Biotelemetry completed the acquisition of ADEA Medical AB, a Swedish medical technology company, in July 2019, which is expected to increase the international footprint of the company to the Nordic region as well as other European economies.
Moreover, the device is also helpful for the rapid detection of arrhythmogenic risks for such COVID-19 patients in the outpatient setting. Hospitals are currently overburdened with patients due to the pandemic and in such cases, these devices are very helpful for remote monitoring, which is further boosting the market growth. For instance, in March 2020 Biotelemetry, Inc. expanded its mobile cardiac outpatient telemetry monitoring program to COVID-19 patients in various institutions in the U.S. to monitor QT prolongation associated with hydroxychloroquine and azithromycin medication.
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Grand View Research has segmented the global mobile cardiac telemetry systems market on the basis of application, end use:
Mobile Cardiac Telemetry Systems Application Outlook (Revenue, USD Million, 2016 - 2027)
Mobile Cardiac Telemetry Systems End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Cardiac Centers
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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