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The Medical Telemetry market is in its boom phase owing to increased technological development. Thanks to the technological innovations in wireless communication, sensor technologies, and data analytics, there have emerged more advanced, accurate and reliable medical telemetry devices.
The increasing occurrence of chronic diseases has greatly contributed to the increase of the medical telemetry market. Diseases such as cardiovascular diseases, diabetes, respiratory diseases, etc. need a constant tracking that in turn gives rise to a need for telemetry solutions which offer real-time data so that intervention and management take place in a timely manner.
Notably, the trend in healthcare has moved to remote patient monitoring, more so with a significant push for telehealth across the world. Medical telemetry has become a vital part of effective management systems that ensure remotely monitoring of patients and timely delivery of necessary interventions by health professionals, thereby minimizing the number of hospital visits.
The aging population across the globe is a demographic trend which fosters market growth. With growth of elderly population medical telemetry solutions become more and more popular, since these technologies are necessary to monitor vital signs and to manage chronic diseases shown for elders.
The medical telemetry solutions have been slowly adopted until COVID-19 made additions of the telemetry systems inevitable. Remote patient monitoring and management trends are of significant value for health professionals and practicians due to unavoidable risk of virus transmission through physical contact and this in turn has fueled the market demand.
A major trend which is transforming the market of medical telemetry systems is the addition of artificial intelligence to these devices. AI algorithms improve the telemetry data analysis allowing preciser predictions and early identification of possible health complications that in return translate to better treatment outcomes.
Although there are positive global meripherein trends in discussing medical telemetry markets, interoperability is a challenge it faces. Thus, the combination of various telemetry tools on the one hand and on the other, allowing the establishment of uninterrupted data transmission between heterogeneous systems continues to be one of the main challenges actively being overcome by the industry.
With the being constant with the medical devices getting intersite, the cybersecurity matters has become much more pertinent. The safety and privacy of patient information transmitted through telemetry systems remains one of the top focuses for market players as any breach would have dire consequences.
Medical telemetry is appearing differently in home healthcare. The adoption of telemetry devices at the patients’ homes opens a new direction towards market diversification since the patients can monitor themselves without having to come to clinics.
The stricter regulatory requirement has created the tendency to govern the market for year. The issue of conforming to regulatory standards underpifies the safety and efficiency of market operators in their implementation of telemetry devices which in turn affects product development and strategies of market entry.
Medical Telemetry Market Highlights:
Medical Telemetry Market Overview
The medical telemetry market size is projected to reach USD 0.14 Billion by 2032 at 14.1% CAGR during the forecast period 2023-2032.
Telemetry is the programmed solution that allows an automated communication process through wireless transmission from various remote sources. Medical telemetry equipment is used for monitoring the environmental situation and for handling complex infrastructure. The information is gathered by employing sensors like pressure sensors, temperature sensors, electric data voltage sensors, resistance sensors, and others. Medical Telemetry system’s major applications are healthcare, energy utility area, oil and gas drilling, agriculture, and others.
These are also used for monitoring the patient’s vital organs like pulse and respiration. Radiofrequency communication is used for transmission between patient and central monitoring systems.
COVID-19 Analysis:
The COVID-19 pandemic situation changes everything in the world. It shows a negative impact on most of the sectors by shutting down the manufacturing industries, transportation bans, education system stoppage, and many more. To curb the spread of the coronavirus, most of the emerging country’s governments imposed strict regulations like lockdowns, transportation bans, maintaining social distance, retailer shops off, and manufacturing industries shutdowns. Due to the lockdowns, the manufacturing industries are facing a lot of issues like lack of labor, shortage of raw materials, supply chain disruptions, and others leads to stoppage of production.
The medical telemetry market is also little impacted due to the pandemic, further rapidly it increases the growth of the market by its advantages. It is mostly used for gathering pressure sensors, temperature sensors, electric data voltage sensors, and others majorly in hospitality applications. This medical telemetry unit is very helpful in this pandemic situation and hence increases the growth of the market.
Market Dynamics:
Drivers:
The growing adoption of telemetry devices in the healthcare sector to monitor cardiac abnormalities is one of the factors that drive the medical telemetry market. Owing to the rise in diseases growing prevalence of cardiovascular diseases and increasing mortality across the globe is increasing the demand for cardiac telemetry units and hence propels the global market.
Moreover, these devices are majorly used for addressing the patient requirements who are highly susceptible to cardiac disorders. Apart, the usage of cloud computing coupled with the rising adoption of smart devices with big data is boosting the medical telemetry market growth. The rise in awareness regarding the telemetry systems among the patients and healthcare practitioners to adopt the advanced technology products may foster the growth of wireless medical telemetry services.
Restraint:
A huge initial investment is required for the medical telemetry devices which are hindering the market growth.
Opportunities:
The constant introduction of advanced technologies and untapped potential in emerging countries provides the opportunity to accelerate the growth of telemetry in the medical field market.
Challenges:
The regulatory issues, lack of awareness, and shortage of skilled labor are the challenges of the medical telemetry market.
Medical Telemetry Market Share (%), by Region, 2017
Sources: Centers for Disease Control and Prevention (CDC), US Department of Health and Human Services, National Institutes of Health
It is projected that the Americas dominated the medical telemetry market owing to the growth of the market in the North American region. This is largely attributed to factors such as well-established healthcare infrastructure and the increase in adoption of telehealth systems across various healthcare settings will support market growth in this region.
Europe is expected to hold the second largest share in the medical telemetry market owing to the introduction of advanced telemetry devices and quality of existing and new medical indications.
Asia-Pacific was projected to be the fastest growing region for the medical telemetry market. With the effective image transfer, consistent evolution in information and communication technologies, in the region by advanced technology countries such as Japan and China, the awareness about telemetry has increased. The Middle East and Africa holds the least share in the medical telemetry market due to the presence of economically diverse countries, and fewer initiatives taken by the government.
Medical Telemetry Market, by Component
- Hardware
- Software
- Integrated
- Standalone
Medical Telemetry Market, by Service
- Real-time
- Store and Forward
- Remote Monitoring
Medical Telemetry Market, by Application
- Radiology
- Cardiology
- Urgent Care
- Remote ICU
- Psychiatry
- Dermatology
Medical Telemetry Market, by End User
- Payers
- Providers
- Patients
Medical Telemetry Market, by Region
- Americas
- North America
- US
- Canada
- Latin America
- North America
- Europe
- Western Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Western Europe
- Eastern Europe
- Western Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- The Middle East & Africa
- Middle East
- Africa
Intended Audience
- Telemetry manufacturers
- Distributors/traders/wholesalers
- Medical telemetry subcomponent manufacturers
- Raw material suppliers
- Research consultants
- Investment research firms
- Industry association
- Government institutions
- Research and development (R&D) companies
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