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Telemedicine Equipment Market size accounted for over USD 3.5 billion in 2021 and is estimated to grow at 17.3% CAGR between 2022 and 2028. The increasing demand for telemedicine equipment owing to the ability to treat wide range of medical conditions and less commuting time is boosting the market growth. For instance, in 2020, according to the Centre for Disease Control and Prevention (CDC) the number of telehealth visits in the first quarter of 2020 were increased by 50% as compared to the same period in 2019.
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The increasing incidence of COVID-19 pandemic and the imposed lockdowns across the globe has largely influenced the adoption of telemedicine equipment for teleconsultation bridging the gap between the doctors and patients. The market adoption of telemedicine equipment enables an immediate access for care to patients in remote locations and avoids the risk of picking up the infection at a healthcare facility. Thus, the aforementioned factors will significantly propel the telemedicine equipment industry growth in the projected timeframe.
Telemedicine equipment refers to carts, kiosks, peripherals, and kits that are used for providing telemedicine service. Telemedicine equipment uses telecommunication technology for the remote diagnosis and treatment of the patients. Such equipment allows video or telephonic appointments between the doctor and patients from remote location and minimizes the need of in-person visits.
|Market Size in 2021:||3,545.7 Million (USD)|
|Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||17.3%|
|2028 Value Projection:||10,267.2 Million (USD)|
|Historical Data for:||2017 to 2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||299|
|Segments covered:||Product, End-use and Region|
|Pitfalls & Challenges:|
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The COVID-19 pandemic significantly affected all the sectors and industries operating within. Healthcare sector was also noted to be drastically affected with the surging cases and limited resources to cater to the increased patient inflow. Additionally, apart from patients infected with the virus, long-term care patients as well as patients of chronic illnesses further escalated the burden on healthcare facilities. With restrictions imposed by several national and local public authorities, further limiting the movement of goods and people, remote care alternatives largely gained prominence in the market among the home isolated, coronavirus patients among others with chronic illnesses. Remote care solutions such as telemedicine significantly gained traction with the advent of COVID-19 pandemic and hence, the telemedicine equipment played a major role in providing the telehealth services, allowing teleconsultation between doctors and patients.
Various activities such as education, patient monitoring, medication reminders, prescriptions as well as remote interventions were noted to be possible with the help of telemedicine equipment. The telemedicine equipment market is expected to remain driven with a significant pace owing to improved access to care, low cost and limited crowding in healthcare facilities. Therefore, the COVID-19 pandemic was noted to offer momentum in the market and the same is expected to influence the market expansion over the forecast period.
Growing number of COVID-19 cases across the globe and the need to control the spread of the disease is largely contributing to the growth of telemedicine equipment market. The stringent local, national, and international restrictions limited the in-person consultation between the doctors and patients. This has led to an increasing market adoption of telemedicine hardware to bridge the gap and seek immediate medical advice from highly qualified and skilled medical professionals from remote locations. Also, the geriatric population as well as patients in long-term care centers are noted to largely benefit from the adoption of telemedicine equipment. Thus, the aforementioned factors are expected to boost the overall market demand.
Telemedicine equipment is widely adopted for the delivery of healthcare services by leveraging the existing information & telecommunication infrastructure. Setting up a telemedicine equipment is profitable in terms of generating revenue, but the high capital cost associated with it can impact a large-scale market penetration. Moreover, the costs associated with the maintenance of telemedicine equipment involving the hardware components can act as a challenging factor for the healthcare organizations, predominantly in developing and underdeveloped markets. Further, telemedicine-related applications, software and its period updates can further increase the maintenance cost of telemedicine equipment. Thus, the aforementioned factors may hamper the overall industry expansion.
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By product, the telemedicine equipment market is segmented into telemedicine carts, kits, kiosks, and peripherals. Peripherals segment accounted for a market share of over 65% in 2021 and is expected to exhibit significant CAGR over the forecast period. Peripherals are commonly used by the frontline caregivers for remote check-up and patient monitoring. Peripherals are an integral part of telemedicine hardware primarily consisting of digital camera, stethoscopes, digital scopes, ultrasound probes, pulse oximeters, among others. These common medical equipment are essential to handle telehealth visits and stores the patient’s data that can be transmitted to a specialist for diagnosis. Various market players are focusing on developing novel technological solutions to meet the increasing demand for novel solutions for better care and treatment in healthcare sector, thereby boosting the market statistics.
The end-use segment of telemedicine equipment market is bifurcated into hospitals, clinics, specialty centers, homecare settings. The specialty care centres segment is expected to register over 18% CAGR between 2022 and 2028. Speciality care centers provide services for emergency speciality needs to provide specific treatment. Speciality centres are expertise in providing specific treatment and care and include providing services in various areas such as dermatology, neurology, cardiology, orthopaedics, etc. Increasing prevalence of chronic diseases and adoption of sedentary lifestyle is expected to propel the demand for speciality care centers.
Speciality centers provide advanced care than the primary care centers but the limited access based on the geographic location, insurance type and physician referral is now being coped up the advent of novel technological solutions. Telehealth allows the specialist to connect with patients from remote areas and also enables rural care providers to connect and engage with speciality care providers allowing better access to care. Thus, the increasing adoption of telemedicine is expected to boost the segmental landscape.
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North America telemedicine equipment market accounted for USD 2,263.0 million in 2021 and is anticipated to register 16.7% CAGR over the forecast timeframe. North America was significantly affected by the ongoing COVID-19 pandemic. For instance, according to the World Health Organization (WHO), from 3rd January 2020 to 16th February 2022, there were 77,301,430 confirmed cases of COVID-19 with 915,622 deaths reported in the United States alone. The local government bodies imposed strict lockdown to limit the spread of the coronavirus. The rising number of COVID-19 cases lead to halt the non-emergency surgical procedures in order to control the spread of the disease. Also, owing to the restrictions, the in-person medical consultations and diagnosis of other diseases were largely limited. Owing to the aforementioned factors there has been a surge in the adoption of telemedicine.
For instance, in 2020, the Centers for Disease Control and Prevention (CDC) issued guidance advising healthcare professionals and people in the areas affected by the coronavirus disease to adopt telehealth care facilities and provide clinical services through virtual means such as telehealth adhering to social distancing norms and imposed lockdown. Therefore, the aforementioned factors lead to increase in the adoption of telemedicine equipment for telehealth services, thereby fostering the regional market expansion.
Major key players in the industry are AMD Global Telemedicine, AFC Industries, American Well, VSee, Poly, Parsys, and Cura Carts and Ergotron. The market players are focusing on a combination of inorganic and organic growth strategies to increase their revenue growth and gain major business share in the telemedicine equipment market.
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The telemedicine equipment market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028, for the following segments:
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