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
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.
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.
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.
Table 1: Global Market Value (US$ Million), By Product , 2015 to 2021
Table 2: Global Market Value (US$ Million), By Product , 2022 to 2032
Table 3: Global Market Value (US$ Million), By End-Use, 2015 to 2021
Table 4: Global Market Value (US$ Million), By End-Use, 2022 to 2032
Table 5: Global Market, By Region, 2015 to 2021
Table 6: Global Market, By Region, 2022 to 2032
Table 7: North America Market Value (US$ Million), By Product , 2015 to 2021
Table 8: North America Market Value (US$ Million), By Product , 2022 to 2032
Table 9: North America Market Value (US$ Million), By End-Use, 2015 to 2021
Table 10: North America Market Value (US$ Million), By End-Use, 2022 to 2032
Table 11: North America Market, By Country, 2015 to 2021
Table 12: North America Market, By Country, 2022 to 2032
Table 13: Latin America Market Value (US$ Million), By Product , 2015 to 2021
Table 14: Latin America Market Value (US$ Million), By Product , 2022 to 2032
Table 15: Latin America Market Value (US$ Million), By End-Use, 2015 to 2021
Table 16: Latin America Market Value (US$ Million), By End-Use, 2022 to 2032
Table 17: Latin America Market, By Country, 2015 to 2021
Table 18: Latin America Market, By Country, 2022 to 2032
Table 19: Europe Market Value (US$ Million), By Product , 2015 to 2021
Table 20: Europe Market Value (US$ Million), By Product , 2022 to 2032
Table 21: Europe Market Value (US$ Million), By End-Use, 2015 to 2021
Table 22: Europe Market Value (US$ Million), By End-Use, 2022 to 2032
Table 23: Europe Market, By Country, 2015 to 2021
Table 24: Europe Market, By Country, 2022 to 2032
Table 25: Asia Pacific Market Value (US$ Million), By Product , 2015 to 2021
Table 26: Asia Pacific Market Value (US$ Million), By Product , 2022 to 2032
Table 27: Asia Pacific Market Value (US$ Million), By End-Use, 2015 to 2021
Table 28: Asia Pacific Market Value (US$ Million), By End-Use, 2022 to 2032
Table 29: Asia Pacific Market, By Country, 2015 to 2021
Table 30: Asia Pacific Market, By Country, 2022 to 2032
Table 31: MEA Market Value (US$ Million), By Product , 2015 to 2021
Table 32: MEA Market Value (US$ Million), By Product , 2022 to 2032
Table 33: MEA Market Value (US$ Million), By End-Use, 2015 to 2021
Table 34: MEA Market Value (US$ Million), By End-Use, 2022 to 2032
Table 35: MEA Market, By Country, 2015 to 2021
Table 36: MEA Market, By Country, 2022 to 2032
Table 37: Global Market Incremental $ Opportunity, By Product , 2015 to 2021
Table 38: Global Market Incremental $ Opportunity, By End-Use, 2022 to 2032
Table 39: Global Market Incremental $ Opportunity, By Region, 2022 to 2032
Table 40: North America Market Incremental $ Opportunity, By Product , 2015 to 2021
Table 41: North America Market Incremental $ Opportunity, By End-Use, 2022 to 2032
Table 42: North America Market Incremental $ Opportunity, By Country, 2022 to 2032
Table 43: Latin America Market Incremental $ Opportunity, By Product , 2015 to 2021
Table 44: Latin America Market Incremental $ Opportunity, By End-Use, 2022 to 2032
Table 45: Latin America Market Incremental $ Opportunity, By Country, 2022 to 2032
Table 46: Europe Market Incremental $ Opportunity, By Product , 2015 to 2021
Table 47: Europe Market Incremental $ Opportunity, By End-Use, 2022 to 2032
Table 48: Europe Market Incremental $ Opportunity, By Country, 2022 to 2032
Table 49: Asia Pacific Market Incremental $ Opportunity, By Product , 2015 to 2021
Table 50: Asia Pacific Market Incremental $ Opportunity, By End-Use, 2022 to 2032
Table 51: Asia Pacific Market Incremental $ Opportunity, By Country, 2022 to 2032
Table 52: MEA Market Incremental $ Opportunity, By Product , 2015 to 2021
Table 53: MEA Market Incremental $ Opportunity, By End-Use, 2022 to 2032
Table 54: MEA Market Incremental $ Opportunity, By Country, 2022 to 2032
Figure 1: Global Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 2: Global Market Absolute $ Historical Gain (2015 to 2021) and Opportunity (2022 to 2032), US$ Million
Figure 3: Global Market Share, By Product, 2022 & 2032
Figure 4: Global Market Y-o-Y Growth Projections, By Product – 2022 to 2032
Figure 5: Global Market Attractiveness Index, By Product – 2022 to 2032
Figure 6: Global Market Share, By End-Use, 2022 & 2032
Figure 7: Global Market Y-o-Y Growth Projections, By End-Use – 2022 to 2032
Figure 8: Global Market Attractiveness Index, By End-Use – 2022 to 2032
Figure 9: Global Market Share, By Region, 2022 & 2032
Figure 10: Global Market Y-o-Y Growth Projections, By Region – 2022 to 2032
Figure 11: Global Market Attractiveness Index, By Region – 2022 to 2032
Figure 12: North America Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 13: North America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 14: North America Market Share, By Product, 2022 & 2032
Figure 15: North America Market Y-o-Y Growth Projections, By Product – 2022 to 2032
Figure 16: North America Market Attractiveness Index, By Product – 2022 to 2032
Figure 17: North America Market Share, By End-Use, 2022 & 2032
Figure 18: North America Market Y-o-Y Growth Projections, By End-Use – 2022 to 2032
Figure 19: North America Market Attractiveness Index, By End-Use – 2022 to 2032
Figure 20: North America Market Share, By Country, 2022 & 2032
Figure 21: North America Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 22: North America Market Attractiveness Index, By Country – 2022 to 2032
Figure 23: Latin America Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 24: Latin America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 25: Latin America Market Share, By Product, 2022 & 2032
Figure 26: Latin America Market Y-o-Y Growth Projections, By Product – 2022 to 2032
Figure 27: Latin America Market Attractiveness Index, By Product – 2022 to 2032
Figure 28: Latin America Market Share, By End-Use, 2022 & 2032
Figure 29: Latin America Market Y-o-Y Growth Projections, By End-Use – 2022 to 2032
Figure 30: Latin America Market Attractiveness Index, By End-Use – 2022 to 2032
Figure 31: Latin America Market Share, By Country, 2022 & 2032
Figure 32: Latin America Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 33: Latin America Market Attractiveness Index, By Country – 2022 to 2032
Figure 34: Europe Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 35: Europe Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 36: Europe Market Share, By Product, 2022 & 2032
Figure 37: Europe Market Y-o-Y Growth Projections, By Product – 2022 to 2032
Figure 38: Europe Market Attractiveness Index, By Product – 2022 to 2032
Figure 39: Europe Market Share, By End-Use, 2022 & 2032
Figure 40: Europe Market Y-o-Y Growth Projections, By End-Use – 2022 to 2032
Figure 41: Europe Market Attractiveness Index, By End-Use – 2022 to 2032
Figure 42: Europe Market Share, By Country, 2022 & 2032
Figure 43: Europe Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 44: Europe Market Attractiveness Index, By Country – 2022 to 2032
Figure 45: MEA Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 46: MEA Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 47: MEA Market Share, By Product, 2022 & 2032
Figure 48: MEA Market Y-o-Y Growth Projections, By Product – 2022 to 2032
Figure 49: MEA Market Attractiveness Index, By Product – 2022 to 2032
Figure 50: MEA Market Share, By End-Use, 2022 & 2032
Figure 51: MEA Market Y-o-Y Growth Projections, By End-Use – 2022 to 2032
Figure 52: MEA Market Attractiveness Index, By End-Use – 2022 to 2032
Figure 53: MEA Market Share, By Country, 2022 & 2032
Figure 54: MEA Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 55: MEA Market Attractiveness Index, By Country – 2022 to 2032
Figure 56: Asia Pacific Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 57: Asia Pacific Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 58: Asia Pacific Market Share, By Product, 2022 & 2032
Figure 59: Asia Pacific Market Y-o-Y Growth Projections, By Product – 2022 to 2032
Figure 60: Asia Pacific Market Attractiveness Index, By Product – 2022 to 2032
Figure 61: Asia Pacific Market Share, By End-Use, 2022 & 2032
Figure 62: Asia Pacific Market Y-o-Y Growth Projections, By End-Use – 2022 to 2032
Figure 63: Asia Pacific Market Attractiveness Index, By End-Use – 2022 to 2032
Figure 64: Asia Pacific Market Share, By Country, 2022 & 2032
Figure 65: Asia Pacific Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 66: Asia Pacific Market Attractiveness Index, By Country – 2022 to 2032
Figure 67: USA Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 68: USA Market Share, By Product, 2021
Figure 69: USA Market Share, By End-Use, 2021
Figure 70: Canada Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 71: Canada Market Share, By Product, 2021
Figure 72: Canada Market Share, By End-Use, 2021
Figure 73: Brazil Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 74: Brazil Market Share, By Product, 2021
Figure 75: Brazil Market Share, By End-Use, 2021
Figure 76: Mexico Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 77: Mexico Market Share, By Product, 2021
Figure 78: Mexico Market Share, By End-Use, 2021
Figure 79: Germany Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 80: Germany Market Share, By Product, 2021
Figure 81: Germany Market Share, By End-Use, 2021
Figure 82: United Kingdom Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 83: United Kingdom Market Share, By Product, 2021
Figure 84: United Kingdom Market Share, By End-Use, 2021
Figure 85: France Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 86: France Market Share, By Product, 2021
Figure 87: France Market Share, By End-Use, 2021
Figure 88: Italy Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 89: Italy Market Share, By Product, 2021
Figure 90: Italy Market Share, By End-Use, 2021
Figure 91: BENELUX Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 92: BENELUX Market Share, By Product, 2021
Figure 93: BENELUX Market Share, By End-Use, 2021
Figure 94: Nordic Countries Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 95: Nordic Countries Market Share, By Product, 2021
Figure 96: Nordic Countries Market Share, By End-Use, 2021
Figure 97: China Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 98: China Market Share, By Product, 2021
Figure 99: China Market Share, By End-Use, 2021
Figure 100: Japan Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 101: Japan Market Share, By Product, 2021
Figure 102: Japan Market Share, By End-Use, 2021
Figure 103: South Korea Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 104: South Korea Market Share, By Product, 2021
Figure 105: South Korea Market Share, By End-Use, 2021
Figure 106: GCC Countries Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 107: GCC Countries Market Share, By Product, 2021
Figure 108: GCC Countries Market Share, By End-Use, 2021
Figure 109: South Africa Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 110: South Africa Market Share, By Product, 2021
Figure 111: South Africa Market Share, By End-Use, 2021
Figure 112: Turkey Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 113: Turkey Market Share, By Product, 2021
Figure 114: Turkey Market Share, By End-Use, 2021
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.
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Telemedicine Equipment Market
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