June 16, 2024
Telemetry Market

Telemetry Market is Estimated to Witness High Growth Owing to Advancements in Remote Patient Monitoring

Telemetry allows transmission of biophysical data from devices implanted in patients or attached externally to a remote monitoring location by telemetry. This enables continuous monitoring of a patient’s condition for early detection of health issues and remote diagnosis and treatment. Telemetry systems improve patient care by transmitting vital signs from outside a hospital to clinicians who can track patients’ health in real time. With the increasing burden of chronic diseases and growing geriatric population, telemetry helps alleviate overcrowded hospitals and reduces healthcare costs by enabling remote care.

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 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.

The Global Telemetry Market offers significant opportunities due to the increasing adoption of remote patient monitoring and home healthcare. The growing need to monitor chronic conditions is expected to drive the demand for home-based monitoring devices. Increasing investments in digital healthcare platforms and growing internet penetration are also promoting the adoption of remote telemetry services.

Technological advancements are playing a crucial role in augmenting the Global Telemetry Market. The integration of AI, IoT, and cloud computing is enabling more advanced remote monitoring and diagnostics. Developments in wireless telemetry devices, sensor technologies, and miniaturization of medical devices are further expanding the scope of remote care.

Market Drivers

The main driver fueling the Global Telemetry Market Size is the rising disease burden coupled with the growing geriatric demographic which is expected to drive the need for remote patient monitoring and outdoor care. According to the WHO, chronic diseases are estimated to account for 57% of the global burden of disease in 2020. With the high treatment cost of chronic and lifestyle diseases, healthcare providers are increasingly adopting remote monitoring solutions to provide cost-effective treatment. This is expected to significantly drive the telemetry market during the forecast period.

Current Challenges in Global Telemetry Market

The global telemetry market is facing various challenges such as high costs involved in the implementation and maintenance of telemetry systems, shortage of skilled healthcare professionals, and data privacy and security concerns. Setting up a robust telemetry system requires significant investments which becomes difficult for healthcare providers with limited budgets. Also, maintaining and upgrading these systems on a continual basis increases the operating costs. There is a growing shortage of trained nurses and technicians who can properly operate these systems. The complexity of data collected through telemetry also requires specially trained staff for analysis and monitoring. With increasing adoption of digital health technologies, security of patient data transmitted through wireless telemetry equipment is a major concern. Healthcare providers need to invest heavily to put proper safeguards against data breaches and cyberattacks. Regulatory compliances related to data privacyadd further challenges for manufacturers and users of telemetry systems.

SWOT Analysis

Strength: Telemetry systems enable remote and continuous monitoring of vital health parameters without restricting patient mobility. This improves quality of care and clinical outcomes.Advanced telemetry technologies allow real-time transmission and analysis of multimedia data.
Weakness: High installation and maintenance costs of telemetry infrastructure pose financial challenges.Dependency on wireless networks increases vulnerability to network failures and security threats.
Opportunity: Growing telehealth and remote patient monitoring trends present large opportunities for telemetry vendors.Integration of telemetry with advanced technologies like IoT, AI, and cloud computing open new applications.
Threats: Stringent regulatory approvals and compliance procedures delay product launches.Intense competition from existing and new entrants intensifies pricing pressures.

Geographical Regions- Value Concentration

North America dominates the global telemetry market and accounts for over 40% of the total market value. This is attributed to heavy investments by healthcare providers in remote monitoring technologies and digital health infrastructure in the region. Presence of many leading telemetry vendors and early technology adoption further strengthen North America’s dominance. Europe is the second largest market for telemetry driven by initiatives towards precision and personalized medicine in countries like Germany, U.K, France. Asia Pacific is expected major growth with China, India emerging as high potential markets supported by improving healthcare spending and increasing focus on non-invasive care delivery methods.

Fastest Growing Geographical Region

The Asia Pacific region is poised to witness the fastest growth in the global telemetry market over the forecast period. This is due to rising healthcare expenditures, growing incidence of chronic diseases, increasing medical tourism, and expanding private healthcare sector in the region’s emerging economies. Countries like China, India, Japan, South Korea and others are making large investments in modernizing their healthcare infrastructure including deployment of digital technologies. Rising patient awareness, improving reimbursement scenarios, and supportive government policies are also contributing to the rapid adoption of telemetry systems across Asia Pacific. Meanwhile, collaboration of regional partners with global telemetry leaders will help transfer of advanced technologies and drive higher penetration of telemetry monitoring.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it