Telemetric Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Telemetric Devices Market is recording a CAGR of 16.2%, over the forecast period (2021 - 2026). With the growth of connected devices across the globe, the healthcare industry's vital monitoring applications, and growing demand for wearable devices which monitor biological vitals are driving the market for telemetric devices. The increasing scope of applications of these devices is another factor contributing to the demand of telemetric devices.

• The increasing trend of health consciousness & technology miniaturization is taking the application of telemetric devices from hospital vital monitors to wearable devices which collect data such as ECG, oxygen and other vital signs. According to Cisco Systems, the number of connected wearable devices worldwide is expected to reach 1,105 million devices by 2022.
• The features such as automated sensing, measurement of data, and control of remote devices are the direct reason for the growing applications of telemetric devices in home automation. According to the Advanced Energy Economy report, revenue of the advanced metering infrastructure market worldwide during fiscal 2018 stood at USD 13.07 billion.
• The influence of IoT devices in the healthcare industry is one of the factors which is driving the demand for telemetric devices. According to ETNO, the number of IoT active connections in healthcare in the European Union is expected to reach 10.34 million by 2025.
• The increasing innovation in technology is driving the market and miniaturizing the devices even further. Philips has developed a product named VitalSense, which is a telemetric physiological monitoring system that enables continuous monitoring of core body temperature, dermal temperature, and heart & respiration rate all of this without any wires or probes.

Key Market Trends

Healthcare Industry Applications are Expected to Drive the Market

• The growth of the global healthcare industry is the driving factor for telemetric devices. Major vendors in the industry are diversifying and raking in a vast amount of revenues from servicing the industry. For instance revenue of General Electric Healthcare during fiscal 2018 stood at USD 19.78 billion, which is a producer of medical devices.
• The Indian healthcare industry is experiencing rapid changes and growth and has become the country's one of the largest sectors. According to the International Trade Association, India's USD 150 billion healthcare market in 2018 is expected to reach USD 280 billion. Healthcare in India consists of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment.
• The healthcare equipment market is growing significantly owing to the growing spending from governments on the healthcare and according to world population review Switzerland, Canada and Denmark are the countries that have the best healthcare in place. According to CIHI, the total healthcare expenditure per capita in Canda during fiscal 2018 stood at CAD 6,839.
• The popularity of wearable health-tracking devices is one of the reasons which is driving the market. Fitbit which is a producer of health-tracking wearable devices, the revenue of Fitbit during fiscal 2018 stood at USD 1,511.98 million.

North America Holds Significant Share of the Market

• Owing to the presence of countries such as the US and Canada who are amongst the top countries who dedicate the highest percentage of GDP for healthcare in the world, the region has a thriving healthcare industry which is driving the demand for telemetric devices. Based on Centers for Medicare & Medical Services data the US government's national healthcare spending is projected to grow at an average rate of 5.5% per year from 2018-27 and reach nearly USD 6 trillion by 2027.
• Canada also spends a significant amount of budget on the country's healthcare. Canada has a prominent medical device market as well; according to EMERGO Canada's medical device market is expected to reach USD 8.6 billion by 2020 and device imports account for 80% of the medical device market. This is expected to drive the demand for telemetric devices.
• However, Asia-Pacific region is expected to have the highest growth over the coming years, owing to the presence of growing economies such as China, India, and Korea. According to the International Trade Administration, the Chinese medical device market size is expected to be USD 96.30 billion by the end of 2019. This provides an opportunity for various vendors to expand their global presence.

Competitive Landscape

The market is moving towards consolidated market format, the ability to spend bigger percentage of revenue on R&D to innovate product offering lies with large vendors who are changing the parity of the market. The companies are miniaturizing the devices to even pill sizes. The major companies include Siemens AG, GE Healthcare, Philips Healthcare, Schlumberger Ltd., Schneider Electric, and many more.

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