ECG Telemetry Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

ECG Telemetry Devices Market Analysis

The ECG Telemetry Devices Market size is estimated at USD 6.16 billion in 2024, and is expected to reach USD 8.38 billion by 2029, growing at a CAGR of 6.37% during the forecast period (2024-2029).

The COVID-19 pandemic has significantly impacted market growth. The onset of the COVID-19 pandemic caused a nationwide lockdown with the suspension of non-urgent scheduled visits and hospitalizations, which resulted in the delayed diagnosis of patients with cardiac disorders. For instance, from an article published in Nature Medicine in February 2022, it has been observed that people with COVID-19 are more likely to have cardiovascular diseases such as heart failure, thromboembolic diseases, dysrhythmias, pericarditis, myocarditis, and ischemic and non-ischemic heart disease. Thus, the high burden of CVD-related diseases raised the demand for ECG telemetry, wearables, and patient monitoring devices during the pandemic. Moreover, an article published in PLOS One in August 2021 showed that the adjusted incident rate ratios for cardiovascular outcomes were considerably greater in the post-COVID-19 exposure period as compared to the pre-COVID-19 period. This raises the demand for devices that regularly monitors heart conditions to reduce the risk of a heart attack. Also, with the relaxed COVID-19 restrictions, resumed cardiac services, and increased patient visits, the studied market is expected to grow over the forecast period.

Factors such as the increasing prevalence of cardiovascular diseases, the growing geriatric population, and technological advancements in remote monitoring technologies are boosting market growth. For instance, as per BHF's 2022 report, more than 7.6 million people were living with cardiovascular diseases in the United Kingdom in 2021. Hence, cardiovascular diseases and their high prevalence is expected to increase the demand for regular monitoring of heart condition, propelling market growth.

Additionally, according to the March 2022 update of the Australian Bureau of Statistics, the prevalence of heart disease in Australia was 4.0% in 2020-2021, which equates to about 1 million people. Also, as per the same source, in Australia, heart disease increased with age, from 2.3% of people aged 45-54 years through to 23.2% of people aged 75 years and over, with males being the most affected by it in the country. Hence, the rising burden of CVDs, coupled with the increasing geriatric population, is expected to be the major driving factor for the growth of the market over the forecast period.

Furthermore, the increasing prevalence of obesity, diabetes, hypertension, and high cholesterol among the population is contributing to market growth. For instance, according to the 2021 data published by the OECD, about 47% of the population in the United States, 39% in Mexico, and 35% in Canada are expected to suffer from obesity by 2030. Also, according to the 2022 statistics published by IDF, about 537 million adults aged between 20-79 years were living with diabetes globally, and this number is projected to increase to 643 million and 783 million by 2030 and 2045, respectively. Therefore, high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke, which can narrow the arteries. This is further expected to increase the demand for cardiac event monitoring and other telemetry devices, hence boosting market growth.

Moreover, the growing technological advancements in remote monitoring technologies are creating opportunities for companies to manufacture telemetry and remote patient monitoring devices. This increases the availability of products in the market, which is anticipated to fuel market growth. For instance, in January 2022, Royal Phillips introduced the first at-home 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials. Also, in July 2021, Abbott launched Jot Dx, an insertable cardiac monitor (ICM), in the United States. This technology allows for remote detection and improved diagnostic accuracy of cardiac arrhythmia in patients.

Therefore, owing to the above-mentioned factors, the studied market is expected to grow over the forecast period. However, the high cost of the devices and complex reimbursement policies in various countries are expected to impede the growth of the market over the forecast period.

ECG Telemetry Devices Market Trends

This section covers the major market trends shaping the ECG Telemetry Devices Market according to our research experts:

The Implantable Loop Recorder Segment is Expected to Hold a Major Market Share Over the Forecast Period

ECG Telemetry Devices Industry Segmentation

As per the scope of the report, ECG telemetry devices are devices used in the monitoring of electrical activities of the heart. These devices help in the detection of electrical impulses generated by cardiac tissues, which are then translated into waveforms. The market is segmented by product (event monitoring and mobile cardiac telemetry, implantable loop recorder, and other products), application (arrhythmias, myocardial ischemia and infarction, pacemaker monitoring, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.