The telemedicine equipment market was valued at over USD 3.5 Billion in 2021, and it is expected to rise at 17.3% CAGR through the forecast period, supported by:
| Data Points | Key Statistics |
|---|---|
| Telemedicine Equipment Market CAGR (2022 to 2032) | 17.3% |
| Telemedicine Equipment Market (2021) | USD 3.5 Billion |
| Telemedicine Equipment Market Attraction | Owing to the technical improvements and the growing need to provide patients with the best possible treatment remotely, the telemedicine equipment market is expected to rise rapidly in the future years. |
The factors driving the telemedicine equipment market are the increase in the incidence and prevalence of chronic diseases such as cancer and others. In addition, a rise in the generic population with chronic disease will show a positive impact and boost the growth of the Telemedicine equipment market.
As Advancements in telemonitoring and home telehealth will be instrumental in the increased adoption of telemedicine among the generic population. Moreover, advancement in telemedicine software and improved healthcare facilities is anticipated to grow in the telemedicine equipment market over the forecast period. Additionally, improved quality of telemedicine equipment will raise the product demand in the market
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Telemedicine is a rapidly growing component of healthcare in the USA due to the growing burden of chronic diseases and the high adoption of advanced healthcare technologies. The adoption of telemedicine has improved care management, patients’ quality of life, and reduced healthcare spending.
The rising demand for mobile technologies, rising adoption of home care by patients, and reduction in hospital visits are expected to propel the market’s growth over the forecast period. Healthcare in the USA is experiencing positive trends, with the emergence of telemedicine applications that help the population be active in personal health management, especially during the current COVID-19 pandemic.
Smartphones and the presence of mobile technology make it possible to use both clinical and lifestyle applications to help, educate, and adopt healthy behaviors.
Also, the initiatives by the government are expected to drive the market. For instance, the Centers for Medicare & Medicaid Services (CMS) has widened access to Medicare telehealth services due to which beneficiaries can get a broader range of services from healthcare professionals without having to travel to healthcare settings.
Additionally, Medicare will also pay for hospital, office, and other visits furnished via telehealth across the country, which are included in patients’ places of residence, starting from March 6, 2020. This is likely to have a positive impact on the market studied.
The rise of chronic diseases is a global concern that strains healthcare resources. Tele-homecare is an innovative way to provide care, monitor a patient, and provide information using the latest technology in telecommunication. Monitoring allows early identification of diseases, preventing chronic conditions.
During the COVID-19 pandemic, tele-homecare has been one of the best options for seeking medical advice in the comfort of the patient's home.
According to a research article published in JMIR Pediatrics and Parenting, in 2020, improvement in medication adherence among adolescent transplant recipients was observed while actively participating in the home-based telehealth video conference during the COVID-19 pandemic. Hence, the COVID-19 pandemic is expected to boost the segment’s growth.
Tele-homecare programs have also been initiated in countries, including the whole system demonstrator (WSD) project in the United Kingdom, the veterans’ health segmentation (VHA) project in the USA, and the TELEKART program in Denmark. These tele-homecare programs manage, reduce, and avoid chronic diseases through remote monitoring of patients.
The advantages of telehealth and telemedicine, together with advancements in telecommunications and greater technology use, are moving the telehealth and telemedicine equipment market share forward.
In recent years, telemedicine has experienced enormous expansion. It not only allows patients to communicate with doctors over the internet, but it can also help to save healthcare costs. Owing to these advantages, physicians, and hospitals are looking forward to incorporating digital health technologies into their practice. This has prompted the government to adopt telehealth-related rules, telemedicine guidelines, and reimbursement standards.
The rapid growth in the adoption of telemedicine equipment owing to the capacity to cure a wide variety of medical ailments and decreased traveling time fueling the telemedicine equipment market expansion.
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Factors such as a physician shortage, the rise in geriatric and medically underserved populations, the cost-benefits of telemedicine kits, and enhanced telecommunications breakthroughs are all driving the sales of telemedicine equipment forward.
The rising number of COVID-19 cases around the world, as well as the necessity to control the disease's spread, are driving telemedicine services forward. The in-person consultation between doctors and patients was limited due to rigorous local, national, and international regulations.
As a result, telemedicine gear is becoming more widely used to bridge the gap and obtain quick medical advice from highly certified and skilled medical specialists in faraway regions.
The elderly population, as well as patients in long-term care facilities, are said to profit greatly from the use of telemedicine diagnostic tools. As a result of the aforementioned factors, the overall market demand is predicted to increase.
What are the Factors Limiting the Growth of the Telemedicine Equipment Market?
The high telemedicine equipment costs and its upkeep could stifle market expansion.
By utilizing existing information and telecommunication infrastructure, telemedicine technology is frequently used to deliver healthcare services. Setting up telemedicine equipment kits is profitable in terms of income generation, but the significant capital cost associated with it may limit market penetration on a wide scale.
The price of maintaining telemedicine services with hardware components, particularly in developing and undeveloped areas, can be a significant challenge for healthcare institutions.
Telemedicine-related programs, software, and periodic upgrades might raise the cost of telemedicine equipment maintenance. As a result, the aforementioned concerns may negatively impact the overall telemedicine equipment market outlook.
What are the Key Trends in Telemedicine Equipment Market?
An increase in demand for radiological services owing to the rising prevalence of chronic conditions such as congestive heart failure, orthopedic injuries, and others are the primary factors that push the growth of the telemedicine market.
During the forecast years, continual improvements in medical diagnostic technologies are expected to give attractive chances for telemedicine equipment manufacturers to grow.
Growth is hampered by a lack of infrastructure and technological barriers. Deployment of the service may be hampered by technological and infrastructure hurdles in medium and low-income countries.
For the integration and transmission of medical data, digital health technologies require the latest telecommunication gear, high-speed internet with high bandwidth, and storage space, which is still a challenge in many developing nations.
The high cost of installation, high telehealth equipment requirements, and a scarcity of qualified healthcare professionals are two main challenges limiting the market's growth.
The telemedicine equipment market is divided into four categories: product, end-use, specialty, and geography.
The sales of telemedicine equipment are divided into four categories based on product: telemedicine kiosk, peripherals, telemedicine cart, and telemedicine kit. Peripherals are expected to rise at a rate of 16.4 percent over the predicted period.
Various market participants are concentrating on developing unique technology solutions to fulfill the growing need for better care and treatment in the healthcare sector, enhancing market statistics.
The telemedicine equipment market is divided into clinics, home care settings, hospitals, specialized centers, and others based on end-use. The specialty care centers segment is expected to register over 18% CAGR between 2022 and 2028.
On a regional level, the Latin American telemedicine equipment market share was valued at more than USD 50 million in 2019 and is expected to increase at a CAGR of more than 19 percent over the forecast period. The telemedicine equipment market in the Middle East and Africa was valued at more than USD 35 million in 2019 and is expected to grow at a CAGR of more than 17.5 percent in the future years.
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In 2021, the North American telemedicine equipment market was worth USD 2,263.0 million, and it is expected to grow at a 16.7% CAGR over the forecast period. To prevent the spread of the coronavirus, local governments instituted a severe shutdown.
Owing to the escalating number of COVID-19 cases, non-emergency surgical procedures have been halted in an attempt to restrict the disease's spread. In-person medical consultations and disease diagnosis were also severely limited due to the restrictions.
As a result of the aforementioned considerations, the usage of telemedicine equipment for telehealth services has increased, promoting regional market expansion through growing telemedicine equipment manufacturers.
AMD Global Telemedicine, AFC Industries, American Well, VSee, Poly, Parsys, Cura Carts, and Ergotron are among the industry's major companies. To enhance their revenue growth and capture a significant portion of the telemedicine equipment market, telemedicine equipment suppliers are relying on a combination of inorganic and organic growth tactics.
Recent advancements in the industry:
Mesmerize established cooperation with VSee in December 2021. This agreement aims to give Mesmerize's advertisers another platform to engage healthcare practitioners and patients through Mesmerize's network telehealth solutions, allowing them to deliver remote patient monitoring services. This collaboration will provide best-in-class telehealth and telemedicine services.
AFC Industries purchased AALL AMERICAN FASTENERS (AAF), situated in Cinnaminson, New Jersey, in December 2021. Electronic hardware, electrical components, a complete variety of fasteners, abrasives, tools, safety, and industrial supplies are all available from AALL AMERICAN Fasteners, a vendor-managed inventory service provider. This acquisition aided the company's development of cutting-edge healthcare telemedicine diagnostic tools and technology.
The telemedicine equipment market is anticipated to advance at a CAGR of 17.3% throughout the forecast period.
The telemedicine equipment market was valued at over USD 3.5 billion in 2021
The growing prevalence of infectious diseases on a global level and the high level of technological advancements are driving the telemedicine equipment market forward.
In 2021, the North American telemedicine equipment market was worth USD 2,263.0 million, and it is expected to grow at a 16.7% CAGR over the forecast period as a leading regional segment.
The telemedicine equipment market is expected to be valued at USD10,267.2 Million by 2028.
1. Executive Summary 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background and Foundation Data Points 5. Key Success Factors 6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032 7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Product 8.1. Telemedicine Cart 8.1.1. Single Display Cart 8.1.2. Dual Display Cart 8.1.3. Others 8.2. Telemedicine Kit 8.3. Telemedicine Kiosk 8.4. Peripherals 8.4.1. Digital Camera 8.4.2. Stethoscopes 8.4.3. Digital Scopes 8.4.4. Pulse Oximeters 8.4.5. Others 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By End-Use 9.1. Hospitals 9.2. Clinics 9.3. Specialty centers 9.4. Home care settings 9.5. Others 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. Asia Pacific 10.5. Middle East and Africa (MEA) 11. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 12. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 13. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032 14. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17. Market Structure Analysis 18. Competition Analysis 18.1. AFC Industries 18.2. AMD Global Telemedicine 18.3. American Well 18.4. Cura Carts 18.5. CloudMD 18.6. GlobalMed 18.7. InTouch Health 18.8. Ergotron 18.9. OnMed 18.10. Olea Kiosk 19. Assumptions and Acronyms Used 20. Research Methodology
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