Health Telemetry System Industry Market Value Share, Supply-Demand, share and Value Chain 2022-2031
Kenneth Research recently added a report on Health Telemetry System Industry Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Health Telemetry System Industry Market along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Health Telemetry System Industry Market products.
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“The size of the health telemetry system market is expected to grow significantly from 2022-2030. Health telemetry is often used to monitor vital organs of patients, such as pulse and respiration. Radio frequency communication is used between the transmission carried by the patient and the central monitoring system. The advantage of telemetry equipment is that it allows patients to move without connecting to a bedside monitor, thereby increasing its adoption rate during the forecast period.
Health telemetry allows patients to move freely during heart monitoring. The increase in meteorological data transmission and the increasing demand for remote measurement data instruments are expected to drive the growth of the global telemetry market in the next few years. The massive use of telemetry equipment in patients with heart disease will become a major factor in business growth.
In addition, these devices are being supported by outpatient care wards and coronary heart disease care wards. For example, in an emergency, outpatient care units can use telemetry equipment to notify hospitals and doctors of heart activity in real time. However, the huge capital investment associated with telemetry and low levels of awareness may hinder the development of the industry in the next few years. During the forecast period, the part of the COPD remote monitoring system will experience significant growth.
The increased prevalence of COPD manifested as progressive dyspnea, cough, sputum production, and acute exacerbations will promote segmental growth. The alert generation system used to monitor acutely exacerbated patients will have a positive impact on business revenue. The hardware part is estimated to show a profitable compound annual growth rate during the analysis period. Various hardware used in medical telemetry, such as sensors, transmission paths, and microprocessors, will stimulate the scale of market segments. In the forecast timeline, the hospital nursing department accounts for a large share of revenue.
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Patients suffering from critical conditions such as hypertension and increased heart rate need continuous monitoring, which will promote the growth of this market segment. In addition, the increase in the number of hospitalizations and the number of surgeries may further promote the growth of the industry. Due to the increasing prevalence of cardiovascular diseases in the region, the North American medical telemetry market accounted for a large share of revenue in 2020.
Increasing the awareness of patients and healthcare professionals on advances in medical telemetry technology will promote regional growth. In addition, favorable government initiatives, increased R&D expenditures and smart sensor development will further promote the scale of regional revenue. The medical telemetry market in the Asia-Pacific region is expected to achieve strong growth within the expected time. Increasing disposable income and increasing government initiatives related to the development of medical infrastructure will become the main driving forces for the growth of the Asia-Pacific medical telemetry market.
The advancement of telemetry technology and the development of affordable equipment by industry players will have a positive impact on regional business growth. Some of the major industry players operating in the medical telemetry industry include Astro Med, ChronicWatch, Comarch, GE Healthcare, Honeywell, Lindsay, Nihon Kohden, Philips Healthcare, Shenzhen Mindray Biomedical Electronics, and Spacelabs Medical. Industry participants are focusing on R&D to develop superior telemetry equipment to achieve accurate and reasonably priced close-range monitoring procedures to meet growing customer demand. Strategic partnerships, collaborations and agreements are some of the main strategies adopted by industry participants to maintain market competition.
Health telemetry market by type from 2022-2030 (US$ million) COPD remote monitoring system Blood glucose level remote monitoring system Blood pressure remote monitoring system Cardiac and monitoring system Strategies adopted by industry participants to maintain market competition.
Health telemetry market by component, 2022-2030 (US$ million) Hardware Software Other Health telemetry market by end user, 2022-2030 (US$ million) Home care Long-term care center Hospital care.
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