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:
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)
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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