Telemetry refers to technologies used for the automatic measurement and wireless transmission of data from remote sources. Some common medical telemetry devices include electrocardiogram (ECG or EKG), fetal monitor, blood pressure monitor, temperature sensors, respiratory rate, and others. These medical telemetry devices enable real-time patient monitoring in different healthcare settings such as hospitals, clinics, long-term care facilities, and homes. The global telemetry market is gaining more traction due to the rising burden of chronic diseases worldwide coupled with growing geriatric population. With increasing awareness about remote monitoring benefits among patients and healthcare providers, medical telemetry is effectively reducing hospital visits and healthcare costs. The global telemety market is estimated to be valued at US$ 150.51 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Wireless medical telemetry technologies have received a significant boost in recent years owing to the advent of 5G network connectivity and internet of things (IoT). 5G provides medical telemetry devices with greater bandwidth, lower latency, and improved reliability required for uninterrupted 24x7 real-time monitoring of patients. Many major telemetry device manufacturers are integrating their products with advanced features like cloud-based data storage, data analytics, and remote therapy delivery supported by 5G infrastructure. This innovative convergence of wireless medical telemetry and 5G is revolutionizing digital healthcare services by facilitating continuous remote patient monitoring inside and outside healthcare facilities. Development of lightweight, miniaturized, and wearable medical telemetry devices is another ongoing trend enhancing patient comfort and mobility.
Segment Analysis
The global telemetry market is primarily segmented into wearable devices and implantable devices. The implantable devices segment dominates the market due to growing applications areas of cardiac monitoring and rhythm management devices in cardiology. Implantable cardiac monitors provide accurate diagnosis of cardiac arrhythmias and help in effective management of various heart conditions, thus driving market growth in this segment.
Key Takeaways
The Global Telemetry Market Share is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to reach US$ 150.51 Bn by 2023 from US$ 18.46 Bn in 2021, growing at a CAGR of 17%.
Regional analysis: North America is currently the dominant region in the global telemetry market and is expected to maintain its leading position during the forecast period as well. This is attributed to factors such as high prevalence of chronic diseases, rising geriatric population, and growing adoption of remote monitoring services in the region.
Key players: Key players operating in the global telemetry market are Flatiron Health, McKesson Corporation, Cerner Corporation, Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Siemens Healthcare Private Limited, Crisp, Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, C-TAC Health, Oscar Health, NXGN Management, LLC, Epic Systems Corporation, Optum, Inc, 2bPrecise LLC, Orchestrate.AI, Tempus Labs, Oncora Medical, Syapse. Flatiron Health leads the market owing to its innovative real-world oncology data and analytics platform for cancer research and treatment.
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https://www.newswirestats.com/telemetry-market-size-share-growth-outlook-2023/
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