Market Trends of Telemetric Devices Industry
This section covers the major market trends shaping the Telemetric Devices Market according to our research experts:
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.
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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.
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