Mobile Phone Accessories Market Information, Figures, and Analytical Insights 2023 - 2030 | Samsung Electronics Co., Ltd., Sony Corporation

Market Overview:

Telemetry is a technology that involves remotely measuring and transmitting vital statistics of equipment, vehicles, and machinery in industrial and scientific fields. It enables real-time monitoring of systems and equipment from a distance. Telemetry finds major applications in healthcare, industrial automation, vehicle telemetry, smart energy meters, and satellite communication.

The global mobile phone accessories market was valued at US$ 80,947.0 Mn in 2019 and is forecast to reach a value of US$ 139,104.2 Mn by 2027 at a CAGR of 7.0% between 2020 and 2027.

Market Dynamics:

Growing implementation of Internet of Things (IoT) technologies across various industries is estimated to drive the growth of the telemetry market over the forecast period. IoT enables device-to-device communication through sensors and facilitates real-time data transmission through telemetry. Furthermore, increasing demand for remote patient monitoring systems in the healthcare sector is also expected to support the market growth. Continuous advancements in wireless communication technologies such as GPS, Wi-Fi, 3G/4G, and Bluetooth have improved connectivity and expanded the scope of telemetry applications. This has positively impacted the collection and delivery of vital data from remote and inaccessible areas. In addition, increasing focus on energy conservation through smart energy meters integrated with telemetry is likely to offer lucrative opportunities for market players.

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Growing demand for remote patient monitoring is driving the telemetry market

Remote patient monitoring allows healthcare providers to monitor patients outside of traditional clinical settings such as hospitals and clinics. This overcomes geographical barriers and enables the monitoring of patients in their homes or mobile environments. Growing geriatric population worldwide has increased the need for remote patient monitoring of older patients suffering from chronic conditions. Increased focus on reducing healthcare costs has also fueled the adoption of remote patient monitoring as it helps lower readmission rates and length of hospital stays. Telemetry devices play a crucial role in enabling remote patient monitoring by wirelessly transmitting biometric data such as ECG, blood pressure and glucose levels to healthcare providers or family members. Rising instances of lifestyle diseases and increasing healthcare expenditures are compelling patients to opt for remote patient monitoring services which is driving the demand for telemetry devices and solutions.

Growing adoption of IoT in healthcare presents lucrative opportunities

The integration of Internet of Things (IoT) technology with medical devices is opening up new opportunities for innovation in remote patient monitoring. Devices connected via IoT allow two-way communication between patients and doctors and facilitate continuous round-the-clock monitoring. Dynamic health tracking becomes possible with IoT enabled telemetry devices. This helps patients to proactively manage their health conditions. Telemetry solution providers are developing new IoT based platforms and applications to expand remote monitoring capabilities. For example, technologies such as cloud computing, artificial intelligence and big data can help enhance telemetry systems. Leveraging IoT, telemetry data can be analyzed to gain valuable insights into patient health patterns. This opportunity is attracting significant investments from healthcare organizations looking to implement advanced digital health solutions.

Top Key Players:

Samsung Electronics Co., Ltd., Sony Corporation, Panasonic Corporation, Apple, Inc., JVC Kenwood Corporation, Plantronics, Inc., Bose Corporation, Griffin Technology, Otter Products, LLC, Sennheiser Electronics GmbH & Co. KG and others.

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High initial costs pose a challenge for widespread adoption

While telemetry systems provide several benefits, their high initial costs remains a major restraint for widespread adoption. Setting up a complete telemetry system involves buying devices such as sensors and transmitters, software and services for data collection and analysis. These systems also require additional telecommunication infrastructure for wireless data transmission. In particular, the prices of medical-grade wireless monitoring devices and equipment used in telemetry are significantly high compared to consumer devices. The costs incurred in installing appropriate telecommunication networks for uninterrupted data transmission can also be prohibitive. These high set up and deployment expenses pose affordability challenges, especially for cash-strapped hospitals in developing regions. The high operating and maintenance costs over the lifespan of telemetry systems is another major financial barrier. To address this, manufacturers are focused on developing low-cost and easy-to-use telemetry solutions.

Growing preference for remote patient monitoring is a dominant trend

The major trend gaining traction in the global telemetry market is the increasing preference for remote patient monitoring solutions over traditional hospital-based care. Driven by the benefits of enhanced patient outcomes, timely diagnosis and reduced healthcare costs, remote patient monitoring is emerging as the future of healthcare delivery. Telemetry devices play a vital role in enabling remote monitoring applications across clinical areas such as cardiology, respiratory diseases, etc. Further, rising healthcare costs have compelled major healthcare providers worldwide to shift their focus from clinical-centered to patient-centered care. This is encouraging the adoption of digital health technologies like telemetry for convenient home-based monitoring. Newer clinical applications for telemetry such as post-acute care management and remote intensive care are expanding rapidly. Going forward, the market is expected to witness the launch of more sophisticated, miniaturized and IoT-enabled telemetry devices focused on advanced remote patient monitoring.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Mobile Phone Accessories Market over the forecast period?
What are the key trends expected to influence the Mobile Phone Accessories Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Mobile Phone Accessories Market?
What long-term impact will strategic advancements have on the Mobile Phone Accessories Market?
Who are the key players and stakeholders in the Mobile Phone Accessories Market?
What are the different segments and sub-segments considered in the Mobile Phone Accessories Market research study?

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