DUBLIN--(BUSINESS WIRE)--The "Global ECG Telemetry Devices Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
Cardiovascular diseases are one of the leading causes of premature deaths in the world; they include heart attacks, strokes, and other circulatory diseases.
According to the Centre for Disease Control and Prevention (CDC), About 630,000 Americans die due to heart disease every year which accounts for one in every four deaths. Every year, the percentage of people living with cardiac diseases is increasing, and this population is expected to use diagnostic tests, such as ECG.
As a result of which, the ECG telemetry devices usage is also expected to increase. Hence, the increased cardiovascular disease rate is driving the ECG telemetry market. Advances in wireless sensor networking have created various opportunities in the healthcare system and are directly affecting the ECG telemetry devices market in a positive manner.
The developing and developed countries are now relying on technology to assist in day-to-day living. This has lead to increased use of home care monitoring devices. Due to such devices, people are able to track their health records easily at home.
The demand for homecare monitoring devices is increasing, as it is reducing the cost and time taken in hospitals for heart checkups. For life-threatening diseases, like cardiovascular disorders, regular checkup of the heart is very important and it is made easy by homecare monitoring devices. Hence, these devices are helping the ECG telemetry devices market to grow.
Scope of the Report
ECG telemetry devices are used in the monitoring of electrical activities of the heart. These devices are helpful in the detection of electrical impulses generated by cardiac tissues, which are then translated into waveforms.
Key Market Trends
Arrhythmias is Expected to Witness Rapid Growth in Application Segment
An electrocardiogram is one of the most useful non-invasive tool used for the diagnosis of cardiac diseases. Owing to the developments in telecommunication infrastructure, development in telemetry cardiac devices is seen in the 20th century. The telemetry ECG devices help in easy and fast ECG monitoring of patients suffering from cardiac disorders.
Arrhythmias is a condition in which the heart rhythm becomes abnormal. The electrical impulses occur too fast or too slow, leading to reduced efficiency of the heart to pump blood. For the diagnosis of arrhythmias, various devices are used, however, ECG telemetry device is supposed to be the most effective tool for the detection of arrhythmias. As per the Center for Disease Control and Prevention (CDC), around 2.7 to 6.1 million people in the United States have arrhythmia and with the rapid increase in the aging population, this number is expected to rise in the future. Around 2% of people below age 65 and 9% of people above age 65 have fallen prey to this disorder in the United States.
As the prevalence of arrhythmia is expected to rise, the need for better diagnostic tools is increasing. Hence, ECG telemetry devices have come into the picture, as they provide easier and faster monitoring of the heart.
North America to Dominate the Market
Cardiovascular diseases are the major cause of death in the United States and the primary cause of acute hospital bed days and physician visits.
According to the Centers for Disease Control and Prevention (CDC), around 610,000 people die of cardiovascular diseases in the United States every year, which accounts for almost one in every four deaths.
Every year, about 735,000 people have a heart attack. This increased number of cardiovascular diseases and heart attacks lead to an increased demand for the diagnostic tools in the country.
The cardiovascular diagnostic sector prefers ECG telemetry devices, as it is one of the easiest and fast tools. The country provides good reimbursement facilities for patients suffering from cardiovascular diseases. This factor is helping the ECG telemetry devices market to grow. Government initiatives, such as A Public Health Action Plan to Prevent Heart Disease and Stroke, are also helping the nation to utilize the novel technologies. This is ultimately contributing to the growth of the ECG telemetry devices market in the United States.
Added to that, investment in inpatient healthcare is increasing in the United States which is ultimately helping the ECG telemetry devices market to grow. Currently, the United States dominates the global ECG telemetry devices market, with the largest market size during 2017.
The market for ECG Telemetry Devices is highly competitive and there are multiple companies that are doing well in the market. However, some of the companies are contributing the most in this market and dominating certain geographies. With the rising focus on product development and the increasing usage of technology in healthcare, more small and mid-sized companies are believed to enter the market in the coming future.
- Increase in Cardiovascular Diseases Rates
- Technological Advancements In Remote Monitoring Technologies
- Cost Constraint
- Complex Reimbursement Policies
Porter's Five Force Analysis
- Aerotel Medical Systems Ltd
- Cardiac Science Corporation
- GE Healthcare Inc.
- Medtronic Inc.
- Mindray Medical International Ltd
- Nihon Kohden Corporation
- Philips Healthcare
- Schiller AG
- Siemens Healthcare
- Welch Allyn Inc.
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