Telemetry systems capture biometric readings like heart rate, blood pressure, blood glucose levels etc. of patients from remote locations via wearable, connected medical devices. These devices transmit captured data to healthcare providers, allowing them to monitor patients' health status remotely. Telemetry finds wide usage in remote patient monitoring, homecare services, ambulatory cardiac monitoring and other areas. Remote patient monitoring via telemetry reduces hospital admissions and healthcare costs significantly by enabling early detection of adverse health conditions. The need for limiting direct contact amid pandemic further accelerated adoption of remote monitoring solutions.
The Global Telemetry Market is estimated to be valued at US$ 173.39 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period of 2024 to 2030.
Key Takeaways
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. Advancements in remote monitoring technologies, increasing chronic illnesses, favorable regulations, and growing preference for home healthcare are fueling opportunities in the telemetry industry. Major players are focusing on geographic expansion and acquisitions to strengthen their market presence. For instance, Philips acquired BioTelemetry in 2020 to enhance its patient care management solutions portfolio globally.
The rising need for cost-effective chronic disease management and the increasing focus on patient-centric care are driving the global adoption of telemetry. Telemetry enables access to critical healthcare services for rural populations and aids early disease detection and management. This is anticipated to boost the market particularly in developing nations over the forecast period.
Market Drivers and Restraints
Growing geriatric population and increasing prevalence of chronic conditions like cardiac disorders, diabetes etc. are major factors driving the Global Telemetry Market Size. With the growing healthcare costs, remote monitoring helps reduce hospital readmissions and clinic visits by facilitating treatment and recovery at home. However, data privacy and security concerns around wireless transmission of sensitive health data hinder the market growth. Regulatory issues regarding reimbursement policies and lack of skilled telehealth professionals pose challenges as well. Lack of awareness in some regions also acts as a restraint. However, continuous technological advancements focused on security and 5G expansion are anticipated to address some concerns.
Segment Analysis
The global telemetry market can be segmented based on device type, components, and end-user. Based on device type, the market can be segmented into wired telemetry systems and wireless telemetry systems. The wireless telemetry systems segment dominated the market in 2023 due to its advantages over wired systems like high mobility and ease of installation. Based on components, the market can be segmented into transmitters and receivers. The receivers segment dominated the market as receivers are an integral part of telemetry systems responsible for receiving data sent from transmitters located with patients or machines remotely. Based on end-user, the market can be segmented into healthcare/hospitals, energy and power utilities, agriculture, transportation, and others. The healthcare/hospitals segment dominated the market due to increase in use of telemetry systems for remote monitoring of patients.
Global Analysis
On the basis of region, the global telemetry market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global telemetry market in 2023. Factors attributing to the region's large market share include rising number of neurological disorders, well-established healthcare infrastructure, increasing healthcare IT spending, and presence of key players. However, Asia Pacific market is expected to grow at fastest CAGR during the forecast period due to growing penetration of advanced telemetry systems in emerging economies like China and India as a result of increasing healthcare expenditure.
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