Global Electrocardiography (ECG) Telemetry Devices Market 2023-2030

Global Electrocardiography (ECG) Telemetry Devices Market 2023-2030

Global Electrocardiography (ECG) Telemetry Devices Market Size, Share & Trends Analysis Report by Technology (Single Stage and Double Stage), by Absorber Type (Lithium Bromide and Ammonia), by Power Source (Direct Fired, Indirect Fired, and Water Driven), and by Application (Chemicals, Food & Beverages, Power, Paper & Pulp, Power & Energy and Others), Forecast Period (2023-2030)

The global electrocardiography (ECG) telemetry devices market is anticipated to grow at a CAGR of 5.6% during the forecast period (2023-2030). The growing demand for technological advancements across the globe. The integration of ECG telemetry devices with IoT and mobile computing technology expands their reach and effectiveness, allowing for remote monitoring and data move in instantaneously. According to the MDPI, in February 2020, the World Health Organization (WHO) reported that cardiovascular diseases (CVDs) are the leading cause of death globally, accounting for 17.9 million deaths annually. In the US, CVDs are the most common cause of death, leading to more than 840,000 deaths in 2016. The European Health Network reported that CVDs are responsible for 3.9 million deaths in Europe and 1.8 million deaths in the European Union (EU) each year, which accounts for 45% and 37% of all deaths in those regions respectively.

Furthermore, continuous heart rate monitoring and immediate heartbeat detection are essential in healthcare since they can aid in the diagnosis, treatment, and prevention of cardiovascular diseases (CVDs). ECG signals provide a comprehensive approach to disease assessment, assisting in disease control and prevention. Sensor technology advancements, communication infrastructure advancements, data processing, modeling, and analytics algorithms can address impairment risks, resulting in a new era of smart, proactive healthcare. ECG monitoring systems are utilized in hospitals, residences, outpatient ambulatory settings, and distant contexts, including use of IoT and mobile computer technology.

Segmental Outlook

The global electrocardiography (ECG) telemetry devices market is segmented on the product, application, and end-user. Based on the product, the market is sub-segmented into event monitoring

mobile ECG telemetry devices, implantable loop recorders, and others. Based on the application, the market is sub-segmented into arrhythmias, myocardial ischemia and infarction, pacemaker monitoring, and others. Furthermore, on the basis of end-user, the market is sub-segmented into hospitals and healthcare facilities, clinical research organizations (CROs), home healthcare providers, and others. The hospitals and healthcare facilities subcategory is expected to capture a significant portion of the market share within the end user segment. This is attributed to the increased use of ECG devices in cardiac settings across hospitals, as an electrocardiogram is the most commonly used diagnostic tool in the cardiac department.

The Implantable Loop Recorders Sub-Segment is Anticipated to Hold a Considerable Share of the Global Electrocardiography (ECG) Telemetry Devices Market

Among the product, the implantable loop recorders sub-segment is expected to hold a considerable share of the global electrocardiography (ECG) telemetry devices market. The segmental growth is attributed to the stroke-related AF detection. The growing identification of atrial fibrillation (AF) as a significant risk factor in stroke patients is encouraging the use of ECG telemetry devices for monitoring and early detection. According to National Institute of Health (gov.), in July 2023, 20% of patients who have had an ischemic stroke or transient ischemic attack have a history of atrial fibrillation, and up to 23% of those with cryptogenic or non-cardioembolic stroke have unknown atrial fibrillation which can be detected using various monitoring strategies. To address gaps in monitoring time, randomized studies have been conducted, focusing on patients with cryptogenic stroke. Non-invasive monitoring tools such as implantable loop recorders (ILRs), external loop recorders (ELRs) and mobile cardiac outpatient telemetry (MCOT) are commonly used to monitor ECG in ambulatory settings. The aim of this review is to provide an overview of current evidence, techniques, and gaps in knowledge to advise which patients would benefit most from these monitoring tools.

Regional Outlook

The global electrocardiography (ECG) telemetry devices market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Europe is anticipated to hold a prominent share of the market across the globe, owing to the growing public awareness of the significance of early diagnosis for better and more effective targeted treatment is projected to propel the ECG equipment business forward.

The North America Region is Expected to Grow at a Significant CAGR in the Global Electrocardiography (ECG) Telemetry Devices Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the rising preventive healthcare awareness and focus across the region. Individuals are becoming more attentive of monitoring their health as the focus shifts toward preventive healthcare. ECG telemetry devices, particularly that designed for arrhythmia detection and atrial fibrillation, are in accordance with this trend owing to the enable early identification and intervention. According to the National Institute of Health (gov.), in July 2023, the manufacturers' intended use information was unavailable for 3% (2/58) of the devices. Of the 58 devices, 36% (21/58) do not state any intended use with regards to rhythm disorders. 53% (31/58) of the devices are intended to be used when there is suspicion of arrhythmias, and 10% (6/58) are intended to be used specifically for the detection of atrial fibrillation.

Market Players Outlook

The major companies serving the electrocardiography (ECG) telemetry devices market include BIOTRONIK SE & Co KG, GE HealthCare Technologies Inc., Hill-Rom Holdings Inc., Philips International B.V., SCHILLER AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Royal Philips acquired Cardiologs, to expand its cardiac diagnostics and monitoring portfolio including cardiac monitoring and diagnostics offering with innovative software technology, electrocardiogram (ECG) analysis and reporting services.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global electrocardiography (ECG) telemetry devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.