The size of the global telecardiology market is expected to accelerate at a CAGR of 18.5% from 2022 to 2027.
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 |
2021 to 2027 |
Base Year |
2021 |
Forecast Period |
2022 to 2027 |
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 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:
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:
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
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