Telemetry refers to technologies that enable continuous and remote monitoring of patients' vital signs and other biometric data from multiple locations via wired or wireless communication networks. Key products associated with global telemetry market include telemetry monitoring systems, software, patches, defibrillators, event monitors etc. These products enable real-time data transmission from wearable medical devices, thereby helping doctors remotely monitor patients' health status and provide immediate medical assistance in case of any adverse symptoms. The global telemetry market is estimated to be valued at US$ 150.51 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity of remote monitoring of patients allows for early detection of health deteriorations and improves patient care management. With the adoption of telemetry solutions, care teams can continuously track vital signs of high-risk patients even after discharge and identify any abnormal conditions remotely. This enables timely medical intervention and reduces the need for hospital readmissions. The growing need to curtail rising healthcare costs is driving the adoption of remote patient monitoring solutions across various clinical settings like cardiology, neurology and post-acute care. Further, the growing geriatric population prone to chronic diseases also contributes to the demand for telehealth and remote patient care technologies. The opportunity of remote monitoring through telemetry solutions is expected to significantly lower healthcare expenditures while improving overall patient outcomes.
Porter’s Analysis
Threat of new entrants: The global telemetry market requires high capital investment, R&D expenditure and established distribution channels which pose a high entry barrier for new players.
Bargaining power of buyers: The global telemetry market has moderate bargaining power of buyers. However, there are many players in the market offering substitutable products which increases buyer options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the differentiation in products and services that they provide to the global telemetry market players. Established players can work with multiple suppliers to negotiate better.
Threat of new substitutes: Substitute threat is low as telemetry equipment and services are highly specialized with no close substitute. Healthcare facilities use telemetry as an important tool for remote monitoring.
Competitive rivalry: High as key players are focusing on new product launches, mergers & acquisitions and collaborations to cater to rising demand and gain market share.
SWOT Analysis
Strengths: Growing need for remote monitoring in healthcare, technological advancements, rising healthcare expenditure.
Weaknesses: High expenditure on equipment and services, lack of skilled professionals.
Opportunities: Untapped emerging markets, integration of IoT and cloud-based solutions.
Threats: Data privacy and security concerns, resistance to change by healthcare facilities.
Key Takeaways
The Global Telemetry Market Share is expected to witness high growth driven by increasing geriatric population, growing prevalence of chronic diseases and the need for remote monitoring.
Regional Analysis: The North America telemetry market holds the highest market share currently due to established healthcare infrastructure and increasing healthcare spending in the region. By 2030, Asia Pacific region is projected to grow at the fastest pace on account of rising medical tourism, large patient pool and increasing healthcare investments from private and public players.
Key players operating in the global telemetry market are Flatiron Health, McKesson Corporation, Cerner Corporation, Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Siemens Healthcare Private Limited, Crisp, Varian Medical Systems, Inc., Elekta AB, Accuray Incorporated, C-TAC Health, Oscar Health, NXGN Management, LLC, Epic Systems Corporation, Optum, Inc, 2bPrecise LLC, Orchestrate.AI, Tempus Labs, Oncora Medical, Syapse. These players are focused on developing innovative telemetry devices and services and adopting organic and inorganic growth strategies like partnerships, collaborations and new product launches to expand their business and customer base.
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