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Mobile Cardiac Telemetry Device Market to Hit USD 2.5 Bn by 2031 with CAGR of 11.6%
Mobile Cardiac Telemetry Device Market
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Key Drivers of Growth
The global mobile cardiac telemetry device market is set to witness significant expansion fueled by several factors including:
Increase in Prevalence of Cardiovascular Diseases: The rising prevalence of cardiovascular diseases worldwide has led to a surge in demand for cardiac monitoring devices. With 17 million deaths attributed to cardiovascular diseases in 2016 alone, there is a critical need for advanced medical devices like mobile cardiac telemetry devices for diagnosis and monitoring purposes.
Technological Advancements: Continuous advancements in mobile cardiac telemetry devices have led to the development of more sophisticated and accurate monitors. These devices, equipped with features such as cloud-based platforms and mobile applications, enable remote monitoring of patients, thereby enhancing patient care and driving market demand.
Rise in Awareness and Adoption of mHealth Solutions: Increasing awareness about preventive healthcare and the adoption of mobile health (mHealth) solutions are further propelling market growth. Patients and healthcare providers alike are recognizing the benefits of remote monitoring, driving the adoption of mobile cardiac telemetry devices.
Regional Outlook
North America: Currently dominating the market, North America is projected to maintain its leading position owing to the region's high prevalence of cardiac diseases and well-developed healthcare infrastructure. Additionally, advancements in technology and increased adoption of mobile cardiac telemetry devices are driving market growth in the region.
Asia Pacific: Emerging as the fastest-growing region, Asia Pacific is witnessing a surge in investments by global players and a rise in awareness about cardiac health. Factors such as the increasing prevalence of cardiac diseases and the adoption of advanced medical devices are contributing to the region's market expansion.
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Key Players and Developments
Prominent players in the global mobile cardiac telemetry device market include BioTelemetry, Inc., ScottCare, Biotricity, Inc., Welch Allyn, Applied Cardiac Systems, Inc., among others. These companies are actively engaging in strategies such as product launches, mergers, acquisitions, and partnerships to strengthen their market presence.
Recent Developments:
In July 2021, Medtronic plc announced FDA clearance for two AccuRhythm AI algorithms for use with the LINQ II insertable cardiac monitor (ICM), enhancing the accuracy of heart rhythm event data.
In August 2020, ZOLL Medical Corporation acquired Core Health Technologies, Inc., expanding its product offerings and strengthening its presence in the mobile cardiac telemetry device market.
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