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Health Telemetry Market Size
Health Telemetry Market size is projected to attain a sizable valuation from 2024 to 2032 on account of the global increase in the number of lifestyle-related ailments, such as cardiovascular diseases (CVD) and diabetes. According to the WHO report published in February 2024, CVD is a leading cause of mortality worldwide, killing an estimated 17.9 million people each year. The growing risk of chronic diseases among people, particularly elderly individuals, is propelling the product uptake across both healthcare establishments and home care settings. Additionally, the prominence of advanced technologies is increasing the popularity of medical telemetry.
Health telemetry technology enables the parallel monitoring of a group of patients and helps track their locations in the medical facility. It allows physicians to view the history of physiological records as the system can be integrated with the hospital information system while helping in the automatic detection of irregularities in the operation of telemedicine devices and the utility network.
Notably, the rise in cloud computing will provide substantial momentum to the health telemetry market in the coming years. The use of cloud-based services is expanding the scope of telemetry in remote diagnosis, treatment, and management of patients. Consumer awareness about the benefits of telemetry in healthcare and high penetration is further rising in emerging economies. However, the industry progression may face restraints, such as data privacy concerns, regulatory hurdles, interoperability challenges, reimbursement limitations, and resistance to adopting remote monitoring technologies among healthcare providers.
Health Telemetry Market Trends
The increasing adoption of remote patient monitoring (RPM) technology will drive the industry growth through 2032. The growing use of health telemetry devices to remotely monitor the vital signs, symptoms, and health parameters of patients in real-time, outside traditional healthcare settings is boosting the market gains. The COVID-19 pandemic also accelerated the adoption of remote healthcare initiatives as healthcare systems seek to minimize in-person visits, reduce exposure risks, and ensure continuity of care amidst healthcare disruptions. For instance, in November 2023, InfoBionic, a digital health business providing AI-powered diagnostic RPM solutions, signed an agreement with Mayo Clinic to use its considerable experience in cardiac patient monitoring, AI-ECG, and virtual telemetry to refine and expand its existing monitoring platform.
Health Telemetry Market Analysis
The market is segmented into glucose level telemonitoring systems, blood pressure telemonitoring systems, COPD telemonitoring systems, and cardiac telemonitoring systems. Among these, the glucose level telemonitoring systems segment is estimated to grow at a robust CAGR over 2024-2032 as a result of the burgeoning number of individuals with diabetes and associated problems. Glucose telemetry is used to wirelessly transmit glucose values from the CGM device to the nursing station in real-time for enabling providers to monitor patients remotely.
The homecare settings segment will increase sizably over 2024-2032. To enhance patient care delivery and improve clinical outcomes for conditions that require continuous surveillance, healthcare providers are increasing the use of remote patient monitoring solutions. The presence of a large geriatric population base will also positively boost the technology usage in homecare settings to render improved convenience and comfort.
The Europe health telemetry market is expected to witness considerable progress through 2032. The expansion can be attributed to the well-established healthcare infrastructure in the region and the growing adoption of technologically advanced products. The presence of a massive elderly population base is accelerating the acceptance of medical telemetry devices. Besides, the presence of several leading medical device manufacturers will bolster regional business expansion.
Health Telemetry Market Share
Some key companies operating in the health telemetry industry are-
- Philips Healthcare
- GE Healthcare
- Astro Med
- Honeywell
- ChronicWatch
- Lindsay, Comarch
- Shenzhen Mindray Bio-Medical Electronics
- Nihon Kohden
- Spacelabs Medical
Leading health telemetry industry players are placing constant efforts on research investments, development of innovative solutions, strategic collaborations, and expansion of distribution networks, for enhancing market accessibility. To illustrate, GE Healthcare emerged as a prominent industry participant, for its advanced medical technologies and innovative solutions to contribute significantly to improving remote patient monitoring capabilities.
Health Telemetry Industry News
In June 2023, Mindray Medical inked a strategic collaboration agreement with Edwards Lifesciences, a global leader in medical breakthroughs for structural heart disease as well as critical care monitoring.