Market Trends to Impact Global Mobile Cardiac Telemetry Devices
Market Overview and Highlights
Mobile cardiac telemetry (MCT) is a technology that is utilized for remote monitoring and transmission of cardiac events to the physicians in real time. These are used for indications such as cardiac dysrhythmia, atrial fibrillation or flutter, etc. The global mobile cardiac telemetry devices market reached USD 459.1 Million in 2017. Moreover, the market is expected to garner USD 1,470.7 Million by the end of 2027, registering a CAGR of 12.4% during the forecast period owing to the massive growth of healthcare industry combined with increasing awareness and rising cases of cardiovascular diseases around the globe.
The Asia Pacific mobile cardiac telemetry devices market is growing on the back of significant macro-economic indicators such as rise in GDP (Gross Domestic Product) in China and Japan and growing rate of population & hospitals in India and China. Further, Malaysia mobile cardiac telemetry devices market is anticipated to achieve absolute $ opportunity of USD 4.2 Million between 2018 and 2027.
The North America mobile cardiac telemetry devices market to expand with dominant market revenue of USD 597.8 Million by 2027
Europe mobile cardiac telemetry devices market to expand with compound annual growth rate of 12.5% over the forecast period
The Latin America mobile cardiac telemetry devices market is projected to expand with compound annual growth rate of 9.9% over the forecast period.
Middle East & Africa mobile cardiac telemetry devices market is estimated to reach market valuation of USD 105.2 Million by the end of 2027.
Market Segmentation Synopsis
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Market Drivers & Challenges
The growing rate of cardiac diseases is the major cause of deaths around the globe. According to WHO (World Health Organization), 17.7 million people die every year due to cardiovascular diseases. Out of these deaths, 7.4 million deaths were expected due to coronary heart diseases while 6.5 million owing to strokes. Changing lifestyle & stress along with increased use of caffeine are causing increase in blood pressure, hence increasing the risks of getting cardiac disease.
Further, the global healthcare industry is escalating on the account of increasing awareness on cardiac diseases, rising disposable income, tobacco use, unhealthy diet and obesity, physical inactivity and harmful use of alcohol. This will increase the risks of cardiac diseases in the existing generation which is further going to positively affect the growth of the mobile cardiac telemetry devices market.
The primary reason for low adoption of these devices is because the technical component requires significantly greater costs including specialized education & training for staff, labor costs, equipment costs, maintenance costs, supply costs combined with the time required to generate the final results of the study. Further, the presence of more efficient and cheaper alternatives are expected to slow down the growth of mobile cardiac telemetry devices over the forecast period.
Some of the affluent global leaders in mobile cardiac telemetry device market are BioTelemetry Inc., Medicomp Inc., Welch Allyn, ZOLL Medical Corporation, ScottCare, National Cardiac Inc., Biotricity Inc., Applied Cardiac Systems Inc., Preventice Solutions and Telerhythmics LLC.
As a whole, other key players are also focusing on the development of advanced mobile cardiac telemetry products to supplement the worldwide growth of the market.
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