by Telemetry refers to the automatic measurement and wireless transmission of data from remote sources. It operates via sensors and transmitters to gather medical and other technical data for monitoring purposes. Telemetry technologies provide continuous data streaming for patients located either inside or outside a medical facility. This allows for real-time monitoring of vital signs, chronic disease management, and post-discharge care from the comfort of patients’ homes. Telemetry devices and systems are used in various cardiopulmonary, neuromuscular, and other medical applications to help diagnosis issues early and deliver prompt clinical interventions.
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 key trends:
Technological advancements have enabled remote and virtual patient monitoring capabilities, becoming a key trend in the telemetry market. Wearable and wireless devices with advanced sensors allow for constant data streaming of various physiological parameters through cloud-based services and mobile apps. This provides convenience to patients while empowering care teams with around-the-clock access and insights. Technologies like AI and machine learning are also being applied to analyze the massive volumes of remote patient-generated data and yield predictive insights. Furthermore, the COVID-19 pandemic has accelerated the shift towards remote patient monitoring and telehealth solutions by highlighting their effectiveness in supporting care continuity while reducing risks of in-person visits.
Porter’s Analysis
Threat of new entrants: The global telemetry market requires large investments in R&D, infrastructure and network connectivity. Therefore, the threat of new competitors is moderate.
Bargaining power of buyers: Buyers have moderate bargaining power as there are several vendors providing telemetry solutions. However, switching costs are high due to need for integration with existing healthcare IT infrastructure.
Bargaining power of suppliers: A few large players dominate the supply of telemetry components and devices. Therefore suppliers enjoy high bargaining power.
Threat of new substitutes: Currently there are no cost-effective substitutes to telemetry. However, remote patient monitoring is emerging as a competitive alternative.
Competitive rivalry: The global market is highly competitive with presence of global players. competition based on product innovation, services and pricing.
Key Takeaways
The Global Telemetry Market Share is expected to witness high growth over the forecast period driven by rising chronic conditions, aging population and need for remote healthcare.
North America dominated the market in 2023 due to presence of major players, advanced healthcare infrastructure and favorable reimbursement policies for digital healthcare in the US. Asia Pacific is anticipated to be the fastest growing market led by developing economies of China and India investing heavily in their healthcare sectors.
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. The market is highly competitive with these players focusing on new product launches and partnerships for business expansion.
