Telemetric Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 16.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Telemetric Devices Market Analysis
The Telemetric Devices Market is recording a CAGR of 16.2%, over the forecast period (2021 - 2026). With the growth of connected devices across the globe, the healthcare industry's vital monitoring applications, and growing demand for wearable devices which monitor biological vitals are driving the market for telemetric devices. The increasing scope of applications of these devices is another factor contributing to the demand of telemetric devices.
- The increasing trend of health consciousness & technology miniaturization is taking the application of telemetric devices from hospital vital monitors to wearable devices which collect data such as ECG, oxygen and other vital signs. According to Cisco Systems, the number of connected wearable devices worldwide is expected to reach 1,105 million devices by 2022.
- The features such as automated sensing, measurement of data, and control of remote devices are the direct reason for the growing applications of telemetric devices in home automation. According to the Advanced Energy Economy report, revenue of the advanced metering infrastructure market worldwide during fiscal 2018 stood at USD 13.07 billion.
- The influence of IoT devices in the healthcare industry is one of the factors which is driving the demand for telemetric devices. According to ETNO, the number of IoT active connections in healthcare in the European Union is expected to reach 10.34 million by 2025.
- The increasing innovation in technology is driving the market and miniaturizing the devices even further. Philips has developed a product named VitalSense, which is a telemetric physiological monitoring system that enables continuous monitoring of core body temperature, dermal temperature, and heart & respiration rate all of this without any wires or probes.
Telemetric Devices Market Trends
This section covers the major market trends shaping the Telemetric Devices Market according to our research experts:
Healthcare Industry Applications are Expected to Drive the Market
- The growth of the global healthcare industry is the driving factor for telemetric devices. Major vendors in the industry are diversifying and raking in a vast amount of revenues from servicing the industry. For instance revenue of General Electric Healthcare during fiscal 2018 stood at USD 19.78 billion, which is a producer of medical devices.
- The Indian healthcare industry is experiencing rapid changes and growth and has become the country's one of the largest sectors. According to the International Trade Association, India's USD 150 billion healthcare market in 2018 is expected to reach USD 280 billion. Healthcare in India consists of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment.
- The healthcare equipment market is growing significantly owing to the growing spending from governments on the healthcare and according to world population review Switzerland, Canada and Denmark are the countries that have the best healthcare in place. According to CIHI, the total healthcare expenditure per capita in Canda during fiscal 2018 stood at CAD 6,839.
- The popularity of wearable health-tracking devices is one of the reasons which is driving the market. Fitbit which is a producer of health-tracking wearable devices, the revenue of Fitbit during fiscal 2018 stood at USD 1,511.98 million.
North America Holds Significant Share of the Market
- Owing to the presence of countries such as the US and Canada who are amongst the top countries who dedicate the highest percentage of GDP for healthcare in the world, the region has a thriving healthcare industry which is driving the demand for telemetric devices. Based on Centers for Medicare & Medical Services data the US government's national healthcare spending is projected to grow at an average rate of 5.5% per year from 2018-27 and reach nearly USD 6 trillion by 2027.
- Canada also spends a significant amount of budget on the country's healthcare. Canada has a prominent medical device market as well; according to EMERGO Canada's medical device market is expected to reach USD 8.6 billion by 2020 and device imports account for 80% of the medical device market. This is expected to drive the demand for telemetric devices.
- However, Asia-Pacific region is expected to have the highest growth over the coming years, owing to the presence of growing economies such as China, India, and Korea. According to the International Trade Administration, the Chinese medical device market size is expected to be USD 96.30 billion by the end of 2019. This provides an opportunity for various vendors to expand their global presence.
Telemetric Devices Industry Overview
The market ismoving towards consolidated market format, the ability to spend bigger percentage of revenue on R&D to innovate product offering lies with large vendors who arechanging the parity of the market. The companies are miniaturizing the devices to even pill sizes.The major companies includeSiemens AG,GE Healthcare,Philips Healthcare,Schlumberger Ltd.,Schneider Electric,and many more.
Telemetric Devices Market Leaders
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Siemens AG
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GE Healthcare
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Philips Healthcare
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Schlumberger Limited.
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Schneider Electric
*Disclaimer: Major Players sorted in no particular order
Telemetric Devices Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Key Study Deliverables
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Overview
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4.2 Introduction to Market Drivers
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4.3 Market Drivers
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4.3.1 Increasing Adoption of Healthcare and Wearable Devices
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4.3.2 Increasing Scope of Applications
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4.4 Market Restraints
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4.4.1 High Initial Costs & Investment Requisite
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4.4.2 Data Privacy & Security Concerns
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4.5 Technology Snapshot
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4.6 Industry Attractiveness - Porter's Five Force Analysis
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4.6.1 Bargaining Power of Suppliers
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4.6.2 Bargaining Power of Buyers
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4.6.3 Threat of New Entrants
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4.6.4 Threat of Substitute Products
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4.6.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By End-User Vertical
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5.1.1 Healthcare
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5.1.2 Industrial
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5.1.3 Oil & Gas
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5.1.4 Aerospace & Defense
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5.1.5 Other End-User Verticals
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5.2 Geography
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5.2.1 North America
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5.2.2 Europe
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5.2.3 Asia-Pacific
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5.2.4 Latin America
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5.2.5 Middle East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
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6.1.1 Siemens AG
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6.1.2 GE Healthcare
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6.1.3 Philips Healthcare
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6.1.4 Schlumberger Ltd.
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6.1.5 Schneider Electric
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6.1.6 Sierra Wireless, Inc.
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6.1.7 Cobham Plc
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6.1.8 Kongsberg Gruppen
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6.1.9 Honeywell International Inc.
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6.1.10 L3 Technologies, Inc.
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- *List Not Exhaustive
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7. INVESTMENT FUTURE
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8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Telemetric Devices Industry Segmentation
With the growing requirement of remote monitoring, the applications of telemetric devices have become ample. These devices are used for measuring and collecting data via wireless transmission from remote sources. The devices have applications in various end-user verticles such as connected devices, healthcare, industrial, oil & gas, and many more.
| By End-User Vertical | |
| Healthcare | |
| Industrial | |
| Oil & Gas | |
| Aerospace & Defense | |
| Other End-User Verticals |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East and Africa |
Telemetric Devices Market Research FAQs
What is the current Telemetric Devices Market size?
The Telemetric Devices Market is projected to register a CAGR of 16.20% during the forecast period (2024-2029)
Who are the key players in Telemetric Devices Market?
Siemens AG, GE Healthcare, Philips Healthcare, Schlumberger Limited. and Schneider Electric are the major companies operating in the Telemetric Devices Market.
Which is the fastest growing region in Telemetric Devices Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Telemetric Devices Market?
In 2024, the North America accounts for the largest market share in Telemetric Devices Market.
What years does this Telemetric Devices Market cover?
The report covers the Telemetric Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Telemetric Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Telemetric Devices Industry Report
Statistics for the 2023 Telemetric Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Telemetric Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
