ECG Telemetry Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

ECG Telemetry Devices Market By Product Type (Resting ECG Device, Stress ECG Device, And Others), By Type (Wired And Wireless), By Application (Arrhythmias, Myocardial Ischemia, And Others), By End-User (Homecare Settings, Hospitals, Ambulatory Surgical Centers, And Others), and by geography is expected to advance at a respectable CAGR forecast till 2030 owing to the increasing prevalence of cardiac & pulmonary diseases and the rising information technology (it) application in healthcare industry

The global ECG Telemetry devices market is estimated to grow at a CAGR of 7.29% during the forecast period from 2024 to 2030. The demand for ECG telemetry devices is primarily being boosted by the rising prevalence of coronary heart disease across the globe. Further, the rising cases of patients with chronic diseases, the increasing patient admission in intensive care, increasing awareness about self-assessment of heart rhythm, increasing demand for telemedicine, and innovation in product development among others are thereby contributing to the overall growth of the ECG telemetry devices market during the forecast period from 2024-2030.

ECG Telemetry Devices Market Dynamics:

The ECG telemetry devices market is witnessing a growth in product demand owing to various factors, one of the key factors is the increase in the prevalence of cardiac diseases such as stroke, heart attack, atherosclerosis, and others. For instance, according to the Centers for Disease Control and Prevention (CDC) 2022, every year, about 805,000 people in the United States have a heart attack, out of these, 605,000 people suffer from their first heart attack and nearly 200,000 cases happen to people who already had a heart attack. Thus, the increasing cases of heart attack will increase the demand for Mobile ECG telemetry devices as these devices are used for continuous monitoring of the heart.

The increasing patient engagement and connectivity due to the rising penetration of the Internet of Things (IoT) in the medical devices sector are likely to bode well for the market growth during the forecast period. According to a report published by Internet World Stats, in 2022, nearly 5,385,798,406 users were using the internet and in 2022 approximately 7,932,791,734 users were using the internet on regular basis. The incorporation of the internet with medical devices will, in turn, propel the demand for ECG telemetry devices as these devices are connected to the internet for providing continuous data to patients and physicians so that physicians can diagnose any major changes in the patient body and can treat on time so that major disease can be prevented and in the same way, patients can also analyze an irregularity in heart rhythm and can inform their doctor about their heart condition. Thus, the increasing internet use across the globe will increase the demand for ECG telemetry devices.

The off-sight telemetry saves money for both patients and insurance companies. With ECG telemetry technology, patients can receive monitoring at home, eliminating the cost of an unnecessary hospital stay. Further, these systems also include reminders and adherence trackers, which make it easier for patients to monitor their heart rhythm at home which is extremely important after any surgery. The device also offers the potential to catch heart problems early as compared to other monitoring devices. Thus, owing to the aforementioned factors the demand for ECG telemetry will increase in the market.

Moreover, various strategic steps such as collaboration, acquisitions, and partnership, among others propel the market significantly. For instance, in March 2022, the heart-monitoring electrocardiogram (EKG) app on Fitbit's new Sense smartwatch was cleared by the US Food and Drug Administration.

Therefore, the above-mentioned factors are contributing to the growth of the ECG Telemetry devices market during the forecast period from 2024-2030.

However, security and data breaching concerns, accuracy and false result concern, and others may restrict the ECG telemetry devices market growth.

The ECG telemetry devices market experienced a period of a temporary setback as lockdown restrictions were enforced as a necessary step to curb the spread of COVID-19. The demand for ECG Telemetry devices was disrupted owing to the lack of resources, raw materials, and manpower. However, the demand increased significantly with the availability of ECG telemetry devices over e-commerce platforms. This led to an increased thrust in the manufacturing of ECG Telemetry devices. Also, the ECG telemetry devices provided easy monitoring to patients in a homecare setting, thereby avoiding frequent visits to healthcare professionals for diagnosis. The physicians were able to track the heart rhythm of a patient regularly through the ECG telemetry devices. Henceforth, the afore-said factors propelled the demand for ECG telemetry devices during the pandemic and are estimated to grow similarly during the forecast period.

ECG Telemetry Devices Market Segment Analysis:

ECG Telemetry Devices Market By Product Type (Resting ECG Device, Stress ECG Device, and others), Type (Wired and Wireless), Application (Arrhythmias, Myocardial Ischemia, and Others), End-User (Hospitals, Homecare Settings, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the type segment of the ECG telemetry devices market, the wireless category is expected to amass significant revenue share in the year 2023 because of their ease of use, higher compatibility of wireless technology, significant cost savings, and improved patient safety and quality of care.

This can also be ascribed to the higher utilization of technology to connect ECG telemetry devices to smartphones. Thus, wireless technology is expected to drive this segment over the forecast period availability.

Moreover, the increasing planned activities by the key players will also drive the market of wireless-ECG telemetry devices. For instance, in 2022, Apple launched the wireless Apple Watch Series 8 and the new Apple Watch SE for continuous ECG recording.

Also, in April 2022, Biotricity, a medical diagnostic and healthcare technology player, launched the commercial sales of the Biotres, an FDA-approved wireless wearable extended Holter monitor, a type of ECG telemetry device for up to 30-day wear duration.

Therefore, the advantages offered by Wireless-ECG telemetry devices are predicted to contribute to the increasing demand for this portability type category thereby driving the growth of the overall ECG telemetry devices market during the forecast period.

North America is expected to dominate the overall ECG Telemetry Devices Market:

Among all the regions, North America is estimated to account for the largest share in the ECG telemetry devices market in the year 2023 owing to the key growth factor such as the rising prevalence of chronic diseases such as cardiac & respiratory diseases. The rising government initiatives regarding disease management, awareness of self-diagnosis, increasing incorporation of IoT in the healthcare industry, and others are driving the North America ECG telemetry devices market. Furthermore, high disposable income, sophisticated healthcare infrastructure, regulatory approval for new products, and high awareness also helped the market growth in this region.

Further, the United States holds the major share in North America owing to the increasing cases of arrhythmia due to coronary heart disease, rising prevalence of hypertension, asthma, diabetes, obesity, and others in the US population. For instance, as per the Department of Health New York State (2023), Coronary heart disease (CHD) is the most common type of heart disease, killing approximately 382,820 people annually, in the US. Also, every year about 805,000 Americans have a heart attack. The source also stated that an estimated 18.9% of New Yorkers aged 65 and older reported having some type of Cardiovascular Disease (CVD) in 2020. Thus, the rise in the number of patients suffering from cardiovascular disease will need continuous monitoring which will lead to an increase in the demand for ECG Telemetry devices.

According to the Centers for Disease Control and Prevention (CDC) 2022, almost half of the population, nearly 116 million Americans were diagnosed with hypertension in 2020. Patients suffering from hypertension are more prone to heart disease as high blood pressure may affect heart rhythm and may need continuous monitoring to prevent major consequences. Thus, the increasing prevalence of hypertension will increase the demand for ECG telemetry devices in the region.

Therefore, the factors mentioned above help in boosting regional product demand, thereby driving the North America ECG telemetry devices market forward during the forecast period.

ECG Telemetry Devices Market Key Players:

Some of the key market players operating in the ECG telemetry devices market include NIHON KOHDEN CORPORATION, Baxter, Boston Scientific Corporation, GE HealthCare, Koninklijke Philips N.V. (BioTelemetry), Zio by iRhythm Technologies, Inc, Aerotel Medical Systems Ltd, Medtronic, Mindray Medical India Pvt. Ltd., Medicalgorithmics.com, Scottcare cardiovascular solution, ZOLL Medical Corporation, CONTEC MEDICAL SYSTEMS CO., LTD., dmiecg, Perlong Medical Equipment Co., Ltd., better instrument Co., Ltd., XINDRAY International Corp, Anjue Medical Equipment Co., Ltd., Sino-Hero(Shenzhen)Bio-Medical Electronics Co., Ltd., QT Medical Inc., and others.

Recent Developmental Activities in the ECG Telemetry Devices Market:

In March 2023, iRhythm Technologies announced findings supporting its Zio XT wearable heart monitoring technology. The study concluded that Zio XT demonstrated the lowest likelihood of retesting compared to all other ambulatory cardiac monitors (ACMs). It also recorded the lowest acute healthcare resource utilization compared to all other ACMs.

In January 2022, Philips introduced First At-home, 12-lead ECG Integrated Solution for Decentralized Clinical Trials.

In February 2022, QT Medical announced the launch of Xpress ECG service, the world's first 12-lead ECG home test, to help reduce the risk of exposure to COVID-19 by bringing ECG tests to patients at homes.

Key Takeaways from the ECG Telemetry Devices Market Report Study

Market size analysis for current ECG telemetry devices market size (2023), and market forecast for 5 years (2024-2030).

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the ECG Telemetry devices market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global ECG telemetry devices Market.

Various opportunities available for the other competitor in the ECG telemetry devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current ECG telemetry devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for ECG telemetry devices market growth in the coming future?

Target Audience who can be benefited from this ECG Telemetry Devices Market Report Study

ECG telemetry devices products providers

Research organizations and consulting companies

ECG Telemetry devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in ECG telemetry devices

Various End-users who want to know more about the ECG telemetry devices market and the latest technological developments in the ECG telemetry devices market.

Frequently Asked Questions for the ECG Telemetry Devices Market:

1. What are ECG telemetry devices?

ECG telemetry devices are devices used in the monitoring of electrical activities of the heart. It is a portable device that continuously monitors a patient's ECG, respiratory rate, and oxygen saturation while automatically transmitting information to a central monitor.

2. What is the market for global ECG telemetry devices?

The global ECG Telemetry devices market is estimated to grow at a CAGR of 7.29% during the forecast period from 2024 to 2030.

3. What are the drivers for the global ECG telemetry devices market?

The demand for ECG telemetry devices is primarily being heightened by the increasing cases of cardiac, respiratory disease, and other chronic diseases around the globe and due to the increasing internet demand in the healthcare industry. In addition, the rising awareness regarding self-diagnosis, the increasing continuous patient connectivity & engagement with the physician, the increasing product launches & approvals, and the innovation in product development thereby contribute to the overall growth of the ECG telemetry devices market during the forecast period from 2024-2030.

4. Who are the key players operating in the global ECG Telemetry devices market?

Some of the key market players operating in the ECG telemetry devices market include NIHON KOHDEN CORPORATION, Baxter, Boston Scientific Corporation, GE HealthCare, Koninklijke Philips N.V. (BioTelemetry), Zio by iRhythm Technologies, Inc, Aerotel Medical Systems Ltd, Medtronic, Mindray Medical India Pvt. Ltd., Medicalgorithmics, Scottcare cardiovascular solution, ZOLL Medical Corporation, CONTEC MEDICAL SYSTEMS CO., LTD., dmiecg, Perlong Medical Equipment Co., Ltd., better instrument Co., Ltd., XINDRAY International Corp, Anjue Medical Equipment Co., Ltd., Sino-Hero(Shenzhen) Bio-Medical Electronics Co., Ltd., QT Medical Inc., and others.

5. Which region has the highest share in the ECG Telemetry devices market?

North America is expected to dominate the overall ECG telemetry devices market during the forecast period from 2024-2030. Factors such as the rising prevalence of chronic diseases, stroke, and hypertension among others, the surging number of an aging population that is more prone to chronic diseases, the rising government initiatives regarding disease management, the increasing awareness of self-measurement of the cardiac activity, and others will propel the North American ECG telemetry devices market. Furthermore, high disposable income, sophisticated healthcare infrastructure, regulatory approval for new devices, and high awareness also helped the market growth in this region.