Telecardiology Market

Global Telecardiology Market Size, Growth (2022 to 2027)

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:

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.