The emerging markets in the developing economies are expected to be the crucial factor offering better and lucrative growth opportunities for the major players to expand their business and geographic reach. Most of the market players focus on emerging market such as Asia Pacific due to an increase in the prevalence of heart diseases and increasing popularity of the advanced treatment in the region. In India, medical science has growing rapidly as well as big steps forward in past few decades. The total occlusion treatment has become popular that people from other countries are coming here to get themselves treated. The most possibly and compelling reason of this might be the excessively high expenses for health care causes in their own country. Due to existing rates of exchange and several other factors, heart diseases treatment in India becomes very cheap as compared to other foreign countries. In Japan, the number of foreign visitors increasing that will add to become an increasingly important part of the Japanese economy.
The global mobile cardiac telemetry systems market accounted to US$ 564.8 Mn in 2018 and is expected to grow at a CAGR of 12.4% during the forecast period 2019 – 2027, to account to US$ 1,546.4 Mn by 2027.
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Some of the prominent players operating in mobile cardiac telemetry systems market are, Medtronic, BioTelemetry Inc., Applied Cardiac Systems, Inc, Medicomp Inc, Preventice Services, LLC, The Scottcare Corporation, Medi-Lynx (Subisidiary Of Medicalgorithmics, S.A), Zoll Medical Corporation, Welch Allyn, and Telerhythmics, LLC. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in May 2018, Medtronic discontinued marketing for its SEEQ Mobile Cardiac Telemetry (MCT) System to concentrate support on its Reveal LINQ Insertable Cardiac Monitor (ICM) System.
The mobile cardiac telemetry systems market by technology is segmented into lead based and patch based systems. In 2018, the mobile cardiac telemetry systems with lead based segment held a largest market share of 60.1% of the mobile cardiac telemetry systems market, by technology. This segment is also expected to dominate the market in 2027 owing to advancements in ambulatory cardiac monitoring, and increasing rate of heart rhythm disorders. Moreover, the patch-based segment is anticipated to witness the fastest growth rate of 12.7% during the forecast period, 2019 to 2027 owing to advances in the technology of wearable cardiac monitors.
Key factors driving the market are, rising prevalence of cardiovascular diseases, benefits of monitoring patients with mobile cardiac telemetry (MCT), and rising geriatric population. However, factors such as stringent regulations for approval, and technical problems associated with the mobile cardiac telemetry (MCT) are likely to restrain the market growth to a certain extent.
According to the European Cardiovascular Disease Statistics 2017, in Europe, every year cardiovascular disease (CVD) causes 3.9 million deaths and more than 1.8 million deaths in the European Union (EU). Furthermore, as per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the U.S. which is around half of the US adult population, suffers from cardiovascular disease.
Cardiovascular diseases (CVDs) are the disorders of the heart and blood vessels and include cerebrovascular disease, coronary heart disease, rheumatic heart disease and other conditions. CVDs are the leading cause of death across the globe, it affects more people as compared to any other disease. According to the World Health Organization’s Fact sheet on cardiovascular diseases, in 2016, approximately 17.9 million people died from CVDs, which was 31.0% of all the global deaths. Among these approximately 85% were due to heart attack and stroke. Heart attacks and strokes are mainly caused due to fatty deposits that block the blood vessels that prevents blood from flowing to the heart or brain. Strokes are also caused due to bleeding from a blood vessel in the brain or from blood clots. Heart attacks and strokes are caused due to increased consumption of tobacco use, unhealthy diet and obesity, physical inactivity and rising alcohol consumption, hypertension, and diabetes.
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