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 was estimated at over USD 2 billion in 2019 and is projected to grow at a CAGR of 16.8% between 2020 and 2026.
 

Telemedicine Equipment Market Overview

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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 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 boost the demand for telemedicine equipment market.
 

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 industry growth. There has been a greater adoption of teleconsultations.
 

It is expected that the COVID-19 epidemic will have a lasting impact on the telemedicine industry. The awareness regarding the benefits and effectiveness of telemedicine as a substitute to in-person consultations is set to drive the 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 accelerate the demand for telemedicine. In addition, 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 progression. 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 acceptance of telemedicine among the elderly, fuelling the telemedicine equipment market demand.
 

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

Telemedicine Equipment Market Size

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Telemedicine kits captured 13% of the telemedicine equipment market share in 2019. 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 impelled the demand for telemedicine kits. Moreover, demand for sophisticated healthcare in remote areas will enhance the segment growth.
 

Telemedicine kiosks will exhibit more than 16% growth rate till 2026. Telemedicine kiosks are similar to telephone kiosks and strategically placed in public spaces. Growing usage of telehealth among the public will simulate the demand for telemedicine kiosks. Increased focus of industry players on telemedicine acceptance will serve to increase public awareness.
 

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

The specialty care centres segment in the telemedicine equipment market is poised to attain a CAGR of more than 17.5% through 2026. Specialty care centres provide specific treatment such as cardiac care or emergency care. An increasing prevalence of chronic diseases such as diabetes, and heart disorders because of unhealthy lifestyle factors will propel the demand for specialty care. Furthermore, on account of 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.
 

The telemedicine equipment market for homecare setting segment exceeded USD 287 million in 2019 led by growing awareness regarding benefits of telemedicine among individuals. 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 value.
 

The European region will witness a sharp rise owing to the COVID-19 crisis

European Telemedicine Equipment Market

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European telemedicine equipment market size was over USD 506 million in 2019. 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. Additionally, 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 telemedicine equipment market is predicted to expand at a CAGR of 17% by 2026. Spain has been significantly affected by the COVID-19 pandemic with nearly 181,000 cases. This has led to usage of social distancing measures and thus will boost the demand for telemedicine in the market.
 

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

Key companies operating in the telemedicine equipment market are AMD Global Telemedicine, American Well, VSee, Poly, Parsys, and Cura Carts and Ergotron. The industry leaders are focusing on a combination of inorganic and organic growth strategies to capture market share and increase their revenue from the market.
 

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:

Market, By Product

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

Market,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) :

The market size of telemedicine equipment exceeded USD 2 billion in 2019.
The industry share of telemedicine equipment is projected to grow at 16.8% during 2020 to 2026.
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.

Premium Report Details

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

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