April 20, 2024
Telemetry Market

Telemetry Market Is Poised To Transform Healthcare Is In Trends By Growing Adoption Of Remote Patient Monitoring

The Global Telemetry Market comprises medical devices, systems and software that gather and transmit biometric data from various geographic locations through wireless communication technologies. Telemetry solutions help monitor patients in real-time outside of hospitals through remote patient monitoring devices such as blood pressure monitors and ECG machines. This allows care providers to remotely keep a tab on patient vitals and intervene immediately in case of medical emergencies.The rising prevalence of chronic diseases, growing geriatric population and need to reduce healthcare costs has fuelled the adoption of remote patient monitoring via telemetry.

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 between 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. Telemetry solution providers are focusing on partnerships, mergers and innovations to consolidate their market presence.

The growing disease burden of chronic illnesses like diabetes, cardiac conditions and lifestyle diseases has fuelled the need for remote monitoring of patients. This is driving the adoption of home healthcare devices that seamlessly transmit patient data to physicians. Furthermore, the focus on reducing hospital admission rates and healthcare costs has prompted providers to invest more in remote patient monitoring.

The Global Telemetry Market Size is witnessing rapid global expansion driven by rising penetration of wireless health technologies. Growing medical infrastructure and healthcare expenditure in emerging nations is creating new opportunities for telemetry solution providers. Meanwhile, developed regions are seeing higher deployment of advanced telemetry systems for post-hospital care and independent living of the elderly.

Market Key Trends

One of the key trends driving the telemetry market is growing integration of AI and advanced analytics. Telemetry solution providers are enhancing their platforms and devices with machine learning and predictive capabilities. AI aids in faster analysis of large patient data sets and helps identify subtle changes in health patterns. This enables pre-emptive clinical intervention and proactive care management. Furthermore, growing popularity of portable and wearable monitoring devices is boosting the adoption of telemetry. Technologies like Bluetooth and GPS enable continuous vital sign monitoring on the move via smartwatches and fitness trackers.
Porter’s Analysis

Threat of new entrants: New players find it difficult to enter this market as they require huge investments in infrastructure, technology and talent.

Bargaining power of buyers: The buyers have moderate bargaining power as there are many established players in the market providing reliable telemetry services.

Bargaining power of suppliers: Suppliers have low bargaining power as there are many component and technology suppliers for telemetry equipment and services.

Threat of new substitutes: There is low threat from substitutes as telemetry monitoring provides accurate medical data collection and analysis capabilities not available through other means.

Competitive rivalry: The market sees high competition among key players to gain higher market share by offering advanced technologies, solutions and services.

Geographical Regions with Highest Market Value

North America region accounted for the largest share of the global telemetry market in terms of value in 2024, primarily due to the presence of major players, well-established healthcare infrastructure and higher acceptance of advanced technologies. Factors such as increasing incidence of chronic diseases, growing geriatric population and adoption of telemetry solutions and services across healthcare settings also contributed to its largest share.

Fastest Growing Geographical Region

Asia Pacific region is expected to witness the fastest growth during the forecast period, primarily attributed to growing medical tourism, rapidly improving healthcare infrastructure, rising healthcare spending, increasing penetration of health insurance and expanding base of target patient population. In addition, growing investments by key players, economic development and rising disposable incomes in emerging countries are some factors anticipated to fuel the region’s growth.

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