Global Telecardiology Market Size, Trends, Growth

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Global Telecardiology Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report - Segmentation By technology (IT Services, Telecom, Software and Hardware) and Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Industry Forecast (2021 to 2026)

Pulished: April, 2021

ID: 9470

Pages: 150

Global Telecardiology Market Size, Growth (2021 to 2026)

The size of the global telecardiology market is expected to accelerate at a CAGR of 18.5% from 2021 to 2026.

Telecardiology is a modern medical practice that uses the power of telecommunications to provide remote diagnosis and treatment of heart diseases like acute and chronic coronary heart disease, as well as arrhythmias, congestive heart failure, and sudden cardiac arrest. In this scenario, doctors and healthcare providers use electrocardiographic data, which is transmitted remotely in real-time for interpretation by a specialist. Thus, it allows specialized people to access skilled care in remote locations. Advanced Technology makes configuring wireless or satellite networks more comfortable and less costly for this purpose, increasing its efficiency and ease.

MARKET DRIVERS:

The increasing incidence of cardiovascular diseases mainly drives the growth of the global telecardiology market due to lifestyle changes and poor eating habits.

According to the American Heart Association (AHA), approximately 836,600 people die of cardiovascular disease each year in the United States, and nearly 93.1 million Americans live with some form of cardiovascular disease. In addition, according to CDC estimates, approximately 2.8 to 6.3 million people in the United States have atrial fibrillation (Afib). This growing number of people is the driving force behind the telecardiology market in general.

Factors such as increased investment in cardiology computing, mobile solutions, and connected devices to improve cardiac care are expected to drive market growth at a significant rate during the review period. The growing adoption of IT solutions in the healthcare industry is expected to create lucrative opportunities for market players. Telecardiology provides a centralized platform to access medical data related to patient cardiology when needed. The growing incidence of heart disease in North America also prompts healthcare providers to implement advanced telehealth services. Hence, the increasing use of telecardiology is expected to drive the studied market in the future.

With the AHA (American Hospital Association) stating that approximately 77% of hospitals in the United States connect with consulting physicians and patients through remote means, likely, the frequency of cardio specialists partnering with providers of Telecardiology equipment is justified between 2020 and 2026. Therefore, these factors are estimated to help with the telecardiology market in the upcoming years.

Growing investments in technological advancements, such as increased adoption of Cardiovascular Information Systems (CVIS) and a mobile solution to serve advanced cardiac care, are expected to sweep the telecardiology market by storm during the forecast period. Nuclear cardiology has also recovered. It is mapped to telecardiology.

MARKET RESTRAINTS:

Lack of trained healthcare professionals and high cost of installation are some of the other reasons hindering the market's growth. Moreover, the only challenge that could hamper the market's growth is the risk associated with data privacy and security associated with the functioning of telecardiology.

Impact of COVID-19 on the global telecardiology market:

The sudden onset of the COVID-19 pandemic has caused massive disruption to the global economy. The pressure on healthcare workers is increasing as hospitals fill up with COVID-19 positive patients. The cancellation and postponement of many elective surgical procedures and routine visits have decreased patient capacity in clinics and hospitals across the globe. It requires the adoption of telemedicine by physicians. There has been a positive impact on the telecardiology market due to COVID- 19 pandemic as the fear of coronavirus cross-infection was seen in people, and it became feasible for healthcare providers to opt for telecardiology diagnosis and treatment.

REPORT COVERAGE:

REPORT METRIC	DETAILS
Market Size Available	2020 to 2026
Base Year	2020
Forecast Period	2021 to 2026
Segments Covered	By Technology and Region
Various Analyses Covered	Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
Regions Covered	North America, Europe, Asia Pacific, Latin America, Middle East & Africa

This research report on the global telecardiology market has been segmented and sub-segmented based on the following categories.

Global Telecardiology Market - By Technology:

IT services
Telecom
Software
Hardware

IT services dominated the global telecardiology market in 2020 and accounted for more than 50% of the overall market share. IT services help telecardiology centers provide services over the Internet. In addition, systems integration services help hospital IT departments to integrate the health information system with the business system. The growing demand for managed services and consulting in telecardiology centers and hospitals will increase the growth of this segment in the coming years.

Global Telecardiology Market - By Region:

North America
- The United States
- Canada
- Rest of North America
Europe
- United Kingdom
- Spain
- France
- Italy
- Germany
- Rest of EU
Asia Pacific
- India
- China
- Japan
- Australia
- New Zealand
- South Korea
- ASEAN countries (Indonesia, Thailand, Singapore, Vietnam, Myanmar, and Others)
- Rest of APAC
Latin America
- Mexico
- Brazil
- Argentina
- Chile
- Rest of LATAM
Middle East and Africa

In 2020, the Americas was the leading region in the global telecardiology market and occupied approximately 61%. It is due to the increase in the number of cardiovascular diseases and diabetes. With the help of teleconsultation services, healthcare professionals share real-time images of cardiac tests, enabling critical decision-making in treatments. Growing investments in telecardiology services such as video conferencing technology, connected cardiology devices, and portable technologies drive market growth in this area.

KEY MARKET PLAYERS:

Companies playing a notable role in the global telecardiology market profiled in this report are BioTelemetry, Biotronik, McKesson, Philips Healthcare, GE Healthcare, Aerotel Medical Systems, Agfa-Gevaert, Allscripts Healthcare Solutions, AMD Global Telemedicine, American Well, Cerner, Cisco Systems, CompuMed, F., Huawei Technologies, InTouch Technologies, LifeWatch, Meddiff Technologies, Medtronic, Polycom, Siemens Healthcare, Telemed Solutions, and Vidyo.

RECENT MARKET DEVELOPMENTS:

In the United States, ambulatory mobile cardiac telemetry (MCOT) is seeing a good adoption rate. In need of more affordable solutions, GE Healthcare released the MAC 800 portable ECG. In May 2019, AliveCor received US FDA approval for the KardiaMobile 6L, the first six-lead personal ECG machine to use a weight factor to gather information from the patient. This strategy has helped expand the company's wireless market product portfolio.
In October 2017, Abbott received US FDA clearance for the Confirm Rx Insertable Cardiac Monitor (ICM). Hence, the market is expected to witness high growth during the forecast period owing to an increase in telecardiology awareness.

1. Introduction

1.1 Market Definition

1.2 Scope of the report

1.3 Study Assumptions

1.4 Base Currency, Base Year and Forecast Periods

2. Research Methodology

2.1 Analysis Design

2.2 Research Phases

2.2.1 Secondary Research

2.2.2 Primary Research

2.2.3 Data Modelling

2.2.4 Expert Validation

2.3 Study Timeline

3. Report Overview

3.1 Executive Summary

3.2 Key Inferencees

4. Market Dynamics

4.1 Impact Analysis

4.1.1 Drivers

4.1.2 Restaints

4.1.3 Opportunities

4.2 Regulatory Environment

4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis

5.1 Key Player Benchmarking

5.1.1 Market share analysis

5.1.2 Products/Service

5.1.3 Regional Presence

5.2 Mergers & Acquistion Landscape

5.3 Joint Ventures & Collaborations

6. Market Segmentation

6.1 Telecardiology Market, By Technology

6.1.1 IT Services

6.1.2 Telecom

6.1.3 Software

6.1.4 Hardware

6.1.5 Market Size Estimations & Forecasts (2019-2024)

6.1.6 Y-o-Y Growth Rate Analysis

6.1.7 Market Attractiveness Index

7. Geographical Landscape

7.1 Global Identity Governance and Administration Market, by Region

7.2 North America - Market Analysis (2018 - 2024)

7.2.1 By Country

7.2.1.1 USA

7.2.1.2 Canada

7.2.2 By Technology

7.3 Europe

7.3.1 By Country

7.3.1.1 UK

7.3.1.2 France

7.3.1.3 Germany

7.3.1.4 Spain

7.3.1.5 Italy

7.3.1.6 Rest of Europe

7.3.2 By Technology

7.4 Asia Pacific

7.4.1 By Country

7.4.1.1 China

7.4.1.2 India

7.4.1.3 Japan

7.4.1.4 South Korea

7.4.1.5 South East Asia

7.4.1.6 Australia & NZ

7.4.1.7 Rest of Asia-Pacific

7.4.2 By Technology

7.5 Latin America

7.5.1 By Country

7.5.1.1 Brazil

7.5.1.2 Argentina

7.5.1.3 Mexico

7.5.1.4 Rest of Latin America

7.5.2 By Technology

7.6 Middle East and Africa

7.6.1 By Country

7.6.1.1 Middle East

7.6.1.2 Africa

7.6.2 By Technology

8. Key Player Analysis

8.1 BioTelemetry

8.1.1 Business Description

8.1.2 Products/Service

8.1.3 Financials

8.1.4 SWOT Analysis

8.1.5 Recent Developments

8.1.6 Analyst Overview

8.2 Biotronik

8.3 McKesson

8.4 Philips Healthcare

8.5 GE Healthcare

8.6 Aerotel Medical Systems

8.7 AMD Global Telemedicine

8.8 Meddiff Technologies

8.9 Medtronic

8.10 Siemens Healthcare

9. Market Outlook & Investment Opportunities

Appendix

List of Tables

List of Figures

Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of Technology and along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market