Telemedicine Equipment Market Size By Product (Telemedicine Cart {Single Display Cart, Dual Display Cart}, Telemedicine Kit, Telemedicine Kiosk, Peripherals {Digital Camera, Stethoscopes, Digital Scopes, Ultrasound Probes, Pulse Oximeters), By End-use (Hospitals, Clinics, Specialty Centers, Homecare Settings), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Apr 2020  |  Report ID: GMI4633  |  Authors: Sumant Ugalmugale, Rupali Swain

Report Format: PDF   |   Pages: 200   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Telemedicine Equipment Market size exceeded USD 2 billion in 2019 and is estimated to grow at a CAGR of over 16.8% between 2020 and 2026. Telemedicine equipment refers to the carts, peripherals and kiosks used in providing telemedicine services. Social distancing and isolation are prescribed to halt the spread of the infection. This has resulted in a reduction of in-person consultations between doctors and patients. Thus, those seeking immediate medical attention have adopted telemedicine to bridge the gap.
 

Telemedicine Equipment Market

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Telemedicine also enables doctors to minimize their infection risk while treating patients. Thus, this increased demand has driven the telemedicine market growth. This in turn has spurred the demand for telemedicine equipment as a growing number of physicians seek to leverage this newfound demand for telemedicine. Furthermore, telemedicine companies are reporting a sudden increase in patients seeking tele-healthcare and are building the capability to handle thousands of cases. This will drive the demand for telemedicine equipment and propel the market growth.
 

Telemedicine Equipment Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 2.1 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 16.8% 2026 Value Projection: 8.0 Billion (USD)
Pages: 200 Tables, Charts & Figures: 311
Geographies covered (24): U.S., Canada, Germany, UK, France, Spain, Italy, Poland, Portugal, The Netherlands, Denmark, Switzerland, Sweden, China, Japan, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE
Segments covered: Product, End-use and Region
Companies covered (16): AFC Industries, AMD Global Telemedicine, American Well, Cura Carts, CloudMD, GlobalMed, InTouch Health, Ergotron, Maestros, OnMed, Olea Kiosk, PZU Zdrowie, Poly, Parsys, Sonka, VSee,
Growth Drivers:
  • The COVID-19 outbreak and social distancing measures
  • Increasing technological advancements pertaining to telemedicine equipment
  • Adoption of telemedicine services to limit healthcare expenses
  • Growing prevalence of infectious diseases across the globe
Pitfalls & Challenges:
  • High cost of telemedicine equipment
  • Dearth of specific regulations

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Telemedicine has become the new norm due to the COVID-19 pandemic

As the COVID-19 pandemic continue to surge, almost all the major countries have implemented lockdowns and enforced social distancing. These have been put in place to effectively curtail the spread of the virus. However, home-quarantine and isolation have prevented patients from consulting healthcare providers as physicians seek to minimize their chances of infection. This has had a positive impact on the market expansion. There has been a greater adoption of teleconsultations. For instance, Cleveland Clinic averaged 3,400 telemedicine visits a month. In March, the clinic logged nearly 60,000 telemedicine visits. This exponential increase in patient volume will push the companies to scale up, boosting the telemedicine equipment market demand.
 

It is expected that the COVID-19 epidemic will have a lasting impact on the telemedicine market. The awareness regarding the benefits and effectiveness of telemedicine as a substitute to in-person consultations is expected to drive the telemedicine market. This will lead to an increase in number of physicians adopting telemedicine and increasing the demand for telemedicine equipment.
 

Various benefits such as reduced wait time and healthcare costs along with increased adherence to prescriptions will boost the demand for telemedicine. Furthermore, increasing sophistications in telemedicine equipment will raise the product demand in the market. Also, growing geriatric population across the globe will have a positive impact on the market expansion. Geriatric individuals are at an increased risk of chronic diseases and often require monitoring. Advances in home telehealth and telemonitoring will be instrumental in increased adoption of telemedicine among the elderly, driving the market expansion.
 

Need for specialist care in remote areas will propel the growth of telemedicine kits

Telemedicine Equipment Market By Products

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Telemedicine kits held a market share of nearly 13% in 2019 and will exhibit significant growth over the forecast period. Telemedicine kits are used by frontline caregivers in rural areas to store patient data and transmit it to a specialist for diagnosis. Growing incidence of pandemics such as the COVID-19 outbreak and the Ebola outbreak in 2018 have spurred the demand for telemedicine kits. Furthermore, demand for sophisticated healthcare in remote areas will drive the segment growth and boost the telemedicine equipment industry.
 

Telemedicine kiosks market will exhibit more than 16% CAGR over 2020 to 2026. Telemedicine kiosks are similar to telephone kiosks and strategically placed in public spaces. Growing adoption of telehealth among the public will boost the demand for telemedicine kiosks. Furthermore, increased focus of industry players on telemedicine adoption will serve to increase public awareness.
 

Growing prevalence of chronic diseases will power the growth of specialty centers

The specialty care centres segment is forecast to expand by more than 17.5% CAGR through 2026. Specialty care centres provide specific treatment such as cardiac care or emergency care. A growing prevalence of chronic diseases such as diabetes, and heart disorders due to unhealthy lifestyle factors will propel the demand for specialty care. Furthermore, due to the COVID-19 pandemic, it is difficult for doctors to meet patients in-person. Specialty care centres can serve to alleviate the situation by extending the reach of the specialists. These factors will have a major impact on the telemedicine equipment market growth.
 

Homecare setting was valued at more than USD 287 million in 2019 and will witness significant growth. Growing awareness regarding benefits of telemedicine among individuals will power the segment growth. Additionally, the COVID-19 pandemic, coupled with a large geriatric population base will drive the demand for telemedicine equipment in a homecare setting. Also, growing burden of chronic diseases that require patient monitoring at home will boost the segment growth.
 

The European telemedicine equipment market will witness a sharp rise due to the COVID-19 crisis

Europe Telemedicine Equipment Market

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European market was valued at more than USD 506 million in 2019 and will show substantial growth. Europe has been one of the significantly affected regions in the ongoing COVID-19 pandemic. Thus, local governments have imposed strict measures to enforce social distancing in a bid to prevent the spread of the virus. Furthermore, due to overwhelming number of cases, the healthcare systems have been burdened and doctors are unable to see patients. Thus, there has been a surge in telemedicine adoption. This has increased the demand for telemedicine equipment from providers and telemedicine companies. Also, there has been relaxation in stringent guidelines to practice telemedicine.
 

Spain will be one of the fastest expanding markets and exhibit more than 17% CAGR from 2020 to 2026. Spain has been significantly affected by the COVID-19 pandemic with nearly 181,000 cases. This has led to adoption of social distancing measures and thus will boost the demand for telemedicine in the market.
 

Market players are focusing on acquisitions and new product launches to increase market share

Few key players in the telemedicine equipment market share are AMD Global Telemedicine, 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 capture market share.

 

Recent industry developments:

  • In February 2019, Ergotron, in partnership with Ingram Micro China, donated 24 Styleview carts to Huoshenshan and Leishenshan hospitals in Wuhan to facilitate telemedicine services. This operation was funded by both the companies in a bid to treat patients with COVID-19 infection.
     
  • In January 2019, American Well announced the launch of a new telemedicine cart. This has expanded their telemedicine equipment portfolio and increased their market penetration.
     

The telemedicine equipment market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:

By Product

  • Telemedicine Cart
    • Single display cart
    • Dual display cart
    • Others
  • Telemedicine kit
  • Telemedicine kiosk
  • Peripherals
    • Digital camera
    • Stethoscopes
    • Digital scopes
    • Pulse oximeters
    • Others

By End-use

  • Hospitals
  • Clinics
  • Specialty centers
  • Home care settings
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Denmark
    • Poland
    • Portugal
    • Sweden
    • The Netherlands
    • Switzerland
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East and Africa
    • South Africa
    • Saudi Arabia
    • UAE

 

Frequently Asked Questions (FAQ) :

Telemedicine kits market held over 13% share in 2019 and will exhibit significant growth over the forecast period.
The European telemedicine equipment market was valued at more than USD 506 million in 2019.
Spain will be one of the fastest expanding markets and exhibit more than 17% CAGR over 2020 to 2026.
According to this report, the telemedicine kiosks segment will exhibit more than 16% CAGR over the forecast period.

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Premium Report Details

  • Published Date: Apr 2020
  • Pages: 200
  • Tables: 286
  • Charts / Figures: 25
  • Companies covered: 16
  • Countries covered: 24

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