PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536679
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536679
Mobile Cardiac Telemetry Systems Market size was valued at USD 1,109.23 Million in 2023, expanding at a CAGR of 12.21% from 2024 to 2032.
Mobile Cardiac Telemetry (MCT) is a cutting-edge medical tool designed to continuously track a patient's heart rate and rhythm for an extended period. This compact and portable device allows patients to comfortably wear it while going about their daily routines at home or on the move. It captures the patient's heartbeat during activities such as running errands, exercising, and sleeping. MCT stands out as one of the most efficient methods of cardiac monitoring due to its ability to analyze every heartbeat without disrupting the patient's normal activities, and its capability to trigger an immediate emergency response when necessary, making it a highly desirable option in today's healthcare market.
Mobile Cardiac Telemetry Systems Market- Market Dynamics
The rising incidence of cardiovascular diseases and related deaths has raised awareness regarding the advantages of Mobile Cardiac Telemetry (MCT) devices, leading to the growth of the market.
As the prevalence of cardiovascular diseases continues to rise, there is an increasing level of awareness among both patients and healthcare providers regarding the significance of ongoing monitoring and early detection. Cardiovascular diseases (CVDs) are the primary cause of death on a global scale. The World Health Organization reports that an estimated 17.9 million individuals succumbed to CVDs in 2019, accounting for 32% of all global fatalities. Of these deaths, 85% were attributed to heart attacks and strokes. This heightened awareness has resulted in a greater demand for advanced cardiac monitoring solutions, such as MCT devices, which can aid in the early detection and management of CVDs. Nevertheless, the growing awareness of the benefits of early diagnosis and continuous monitoring for heart conditions may present growth opportunities for the market. However, concerns regarding data privacy and security may impede the market's growth.
Mobile Cardiac Telemetry Systems Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.21% over the forecast period (2024-2032)
Based on Product Type segmentation, Lead-based was predicted to show maximum market share in the year 2023
Based on Indication segmentation, Angina pectoris was the leading Product Type in 2023
Based on End-User segmentation, Hospitals was the leading Product Type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Mobile Cardiac Telemetry Systems Market is segmented based on Product Type, Indication, End-User, and Region.
The market is segmented into three divisions according to Product Type: Lead-based and Patch-based. Lead-based holds the majority share in the market. Lead-based MCT systems offer continuous monitoring, detecting cardiac events in real-time, a critical factor in diagnosing sporadic arrhythmias.
The market is segmented into two groups according to Indication: Angina pectoris, Coronary artery disease, Atherosclerosis, Heart failure, Stroke, and Others. Angina pectoris holds the largest share in the market. This condition, which involves chest pain caused by decreased blood flow to the heart, presents difficulties in diagnosis and management, particularly because symptoms may come and go.
The market is classified into two segments according to End-User: Hospitals, Specialty clinics, Diagnostic centers, home care settings, and others. Hospitals hold a predominant position in the market. They utilize MCT systems to facilitate ongoing, real-time monitoring of patients suffering from cardiac conditions, thereby ensuring the immediate detection of any arrhythmias or irregular heart rhythms.
Mobile Cardiac Telemetry Systems Market- Geographical Insights
The market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided by nations for business purposes. North America is the dominant market due to the increasing geriatric population, prevalence of cardiac disorders, and rising healthcare expenditure. The aging population in North America is a major driver of demand for cardiac monitoring solutions. The region also has significant healthcare expenditure, including investment in advanced medical technologies such as MCT systems. According to the Center for Medicare and Medicaid Services, U.S. healthcare spending grew 4.1 percent in 2022, reaching USF4.5 trillion or USD13,493 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.3 percent. Europe is the second largest region for market growth due to the surge in demand for cardiac telemetry monitors.
The Mobile Cardiac Telemetry (MCT) Systems market exhibits a high level of competition, with numerous prominent companies working industriously to enhance their technologies and secure a larger portion of the market. Significant investments are being made in research and development to unveil sophisticated features, including superior data analytics, refined signal processing, and seamless integration with electronic health records (EHR). Furthermore, there is a growing emphasis on the integration of MCT systems within extensive digital health ecosystems to deliver holistic patient monitoring solutions.
Royal Philips, a prominent global entity in health technology, has announced the successful completion of its acquisition of BioTelemetry, Inc., a leading provider of remote cardiac diagnostics and monitoring based in the United States. As of February 9, 2021, BioTelemetry's financial performance will be integrated into Philips' Connected Care business segment.
GLOBAL MOBILE CARDIAC TELEMETRY SYSTEMS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
BioTelemetry, Inc.
ScottCare
Biotricity Inc.
Welch Allyn
Applied Cardiac Systems Inc.
Medicomp Inc.
Preventice Solutions
Telerhythmics LLC
Zoll Medical Corporation
iRhythm Technologies, Inc.
Other