Mobile Cardiac Telemetry Systems Market

Market Overview

The global mobile cardiac telemetry systems market share was valued at USD 839.3 million in 2021 and is projected to reach USD 2412.97 million by 2030 at a CAGR of 12.45% from 2022 to 2030.

The patient wears mobile cardiac telemetry (MCT) devices, which are small, portable sensors used to track heart rhythm. When a cardiac rhythm anomaly is found, the sensor notifies the transmitter, who then relays the information over a mobile network to the manned monitoring centre. As various bodily activities can be comprehended by carefully examining the heart rhythm, cardiac monitoring is a crucial component of healthcare diagnostics. One of the most recent advancements in cardiac monitoring is mobile cardiac telemetry, which enables remote monitoring of patients who are located distant from their doctors.

Market Dynamics

Market Drivers

• A Rise In Cardiology Patients Is Driving The Market

Patients are anticipated to have a strong demand for mobile cardiac telemetry devices due to their increased diagnostic yield compared to industry norms for cardiac monitoring equipment. Additionally, the rapidly growing geriatric population is contributing to the rising demand for cardiac monitoring in-home care settings. Over the forecast period, producers of MCT systems are anticipated to experience considerable growth potential due to the rising prevalence of cardiovascular disorders.

The WHO estimates that worldwide, cardiovascular illnesses claim the lives of up to 17.5 million people each year. The market for MCT devices has had a number of new manufacturers enter it in recent years. As a result, the costs of MCT devices are predicted to decline over the projection period, which is predicted to lead to a rise in the adoption of MCT systems.

• Lately, The Global Pandemic Is Also Driving The Market

For COVID-19 patients receiving care outside of a hospital setting, the device is also useful for quickly identifying arrhythmogenic hazards. Hospitals are currently overflowing with patients as a result of the pandemic, and under such circumstances, these devices are highly beneficial for remote monitoring, which is further encouraging the growth of the market for the mobile cardiac telemetry system. For instance, to track QT prolongation linked to the use of hydroxychloroquine and azithromycin medicine, Biotelemetry, Inc. expanded its mobile cardiac outpatient telemetry monitoring programme to COVID-19 patients in multiple hospitals in the United States in March 2020.

Market Restraints

• The High Cost Involved Is A Major Restraining Factor

The development of the mobile cardiac telemetry (MCAT) market is anticipated to be hampered by issues such as the device's high cost, long-term monitoring requirements, and reliance on external leads. During the forecast period of 2022–2030, the mobile cardiac telemetry (MCAT) market is expected to face challenges due to the rise in worries about low patient compliance. Furthermore, it is anticipated that the market for MTC systems would have a slowdown in revenue development because of the strict restrictions and product recalls linked to product failure.

Market Opportunities

• Prevalence of arrhythmia will bring in new opportunities

One of the main factors boosting the market for mobile cardiac telemetry systems is the rising incidence of arrhythmia. By 2030, the number of persons with atrial fibrillation (AFib), a kind of heart arrhythmia, is predicted to reach 12.1 million, according to the Centers for Disease Control and Prevention (CDC). AFib was indicated on 183,321 death certificates in the United States in 2019, according to the same source. Players in the market are always looking to create small, useful gadgets to maintain their market share. For instance, in September 2019, iRhythm Technologies, Inc. and Verily Life Sciences worked together to screen, monitor, and diagnose atrial fibrillation using a system powered by artificial intelligence (AI) from iRhythm and data analysis from Verily.

Segmental Analysis

This market can be segmented on the basis of applications, end-users, regions and competitors. Due to the light weight and user-friendliness of lead-based MCTs, which are preferred by many patients, the lead-based segment led the market for mobile cardiac telemetry systems in 2021 and held a revenue share of over 65.0%. Lead failure and telemetry disruption are just a couple of the drawbacks that come with lead-based MCTs and may prevent them from expanding in the ensuing years.

Over the course of the forecast period, the patch-based segment is anticipated to grow profitably in the mobile cardiac telemetry systems market. For the measurement and monitoring of bradyarrhythmia and tachyarrhythmia, patch-based Continuous Cardiac Rhythm Monitoring (CCRM) has become a helpful clinical tool in the outpatient context. These patch-based CRM devices have been researched in the outpatient setting as an alternative to conventional Holter monitoring and have shown to be workable and patient-friendly solutions for the detection of clinically significant arrhythmia, which is driving the demand.

In 2021, the hospital sector, which had a revenue share of more than 60.0%, dominated the market for mobile cardiac telemetry systems. The rise in minimally invasive procedures performed in these facilities can be blamed for the expansion. Hospitals are also more convenient than other facilities because they are ubiquitous and simple to access. The demand is also anticipated to increase in the coming years due to advantageous reimbursement regulations.

The hospital, cardiac centre, and other end-use markets for mobile cardiac telemetry systems are divided. Over the projected period, it is anticipated that the cardiac centre category will grow the fastest. The rise in cardiac centres and the easy access to surgeons working for these hospitals are to blame for the expansion. Due to an increase in demand for outpatient services, ambulatory surgery facilities are also anticipated to grow in popularity during the projection period. The category is growing as a result of several causes, including less expensive treatment and shorter stays.

Regional Analysis

A revenue share of about 37.0% went to North America in 2021, which dominated the market for mobile cardiac telemetry systems. The incidence of heart illnesses, the growing senior population, and rising healthcare costs are only a few of the factors contributing to this development. For example, the elderly population in the United States has increased by 33% over the past ten years, according to data released by the Administration for Community Living. Additionally, the existence of significant service providers with enhanced healthcare solutions is anticipated to drive market expansion during the anticipated period.

Mobile cardiac telemetry system sales in the Asia Pacific region are anticipated to grow at a healthy CAGR of almost 13.5% during the forecast period. Cardiovascular morbidities have increased in the area as a result of factors including dietary practices and the rising adoption of a sedentary lifestyle that results in physical inactivity. Cardiovascular disorders are thought to be responsible for over 170,000 fatalities in Japan each year, according to the Ministry of Health, Labor, and Welfare. In addition, a number of international corporations are establishing manufacturing operations in the area because of the affordable production prices and the availability of competent workers. The previously mentioned elements are further increasing the demand for transportable cardiac telemetry equipment.

Recent Developments

• The mobile cardiac telemetry solution VitalPatch RTM was introduced by VitalConnect in May 2021. The programable and adaptable platform of the solution meets a range of requirements for cardiac monitoring.
• Gallant implantable cardioverter-defibrillator (ICD) will be made available in Europe by Abbott Laboratories in 2020.
• Buying ADEA Medical AB was completed by Biotelemetry in July 2019. The longer-term objective of BioTelemetry is to develop its international company in the Nordic region and other nations of Europe, and this acquisition fits into that goal.
• Cardiac Science, a top supplier of automated external defibrillators (AEDs), associated services, and accessories, was bought by ZOLL Medical (an Asahi Kasei Group Company) in 2019. Positioning in the AED market was improved by this acquisition of ZOLL Medical.

Mobile Cardiac Telemetry Systems Market Segmentation

By Application Outlook

• Lead-based
• Patch-based

By End-Use Outlook

• Hospitals
• Cardiac centres
• Others

By Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa