Telemedicine Cart Market size to exceed $1.5 Bn by 2026

Telemedicine Cart Market size is set to exceed USD 1.5 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Increasing healthcare expenses have generated a demand for price sensitive alternatives. Telemedicine carts reduce healthcare expenses by removing the need for commuting, thus resulting in saving time and money. This will be a major factor in boosting the telemedicine cart industry growth.

 

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Growing prevalence of infectious diseases will have a positive impact on the telemedicine cart market

Rising prevalence of diseases across the globe, especially infectious diseases, has been a major driver for the telemedicine cart industry growth. These outbreaks largely affect people residing in remote areas of the globe, and due to a lack of caregivers in these regions, patient fatalities rise. Telemedicine carts can ameliorate the situation by providing expert guidance to local physicians. For instance, majority of small community hospitals lack access to infectious diseases subspecialists. Therefore, telemedicine can extend ID expertise to such facilities. Hence, increasing prevalence of infectious diseases in remote locations will boost the telemedicine cart market.
 

Reduction of healthcare expenses due to telemedicine will boost product demand

Telemedicine carts enable remote consultation between the caregiver and patients, eliminating the need to commute physically. This will reduce the costs associated with healthcare and save time for the patient. Healthcare costs are rising, especially in the U.S. and hence a cost-effective solution will see increased adoption. Hence, reduced healthcare expenses will be a major factor in boosting the market growth.
 

Browse key industry insights spread across 210 pages with 418 market data tables & 36 figures & charts from the report, “Telemedicine Cart Market Size By Product (Single Display Cart, Dual Display Cart), By Operation (Powered {LiFe Powered Carts, SLA Powered Carts}, Non-powered), By Lift Technology (Manual, Electronic), By End-use (Hospitals, Clinics, Specialty Centers, Home Care Settings), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Denmark, Poland, Portugal, Sweden, The Netherlands, Norway, Switzerland, Finland, Ireland, Belgium, Japan, China, India, Australia, South Korea, New Zealand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Israel, Qatar, Kuwait) Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/telemedicine-cart-market
 

Technological advancements in telemedicine carts will spur revenue growth

Product segment for telemedicine carts comprises single display carts, and dual display carts. The single display telemedicine cart market was valued at USD 153 million in 2019 and is expected to witness lucrative growth over the forecast period. Single display carts feature a single monitor and are cost-effective as compared to the dual-display carts. This affordability and growing product advancements will boost the market of single display carts.
 

By operation, the market is classified as powered and non-powered. The powered carts are further bifurcated as LiFe powered or SLA powered, based on battery technology. The non-powered carts held a market share of 33% in 2019 and are poised to witness lucrative market growth. The growth can be attributed to increased adoption of telemedicine carts in hospitals. Hospitals usually have a reliable power connection and thus would opt for non-powered carts owing to their lower cost of acquisition. Aforementioned factors will lead to growth of non-powered telemedicine carts market.
 

Telemedicine carts use different lift technology for height adjustment and are classified as manual or electronic powered. The manual lift technology market was valued at USD 152 million in 2019 and will witness significant growth over the forecast period. The market growth can be attributed to the ease of use of manual lift technology. This ease of use could see popularity among the elderly population who aren’t familiar with complicated technology. Furthermore, the manual telemedicine carts are lighter and have a higher rate of reliability as there are no electronic parts involved. These factors will boost the market for manual carts.
 

Telemedicine carts are used in hospitals, clinics, specialty centers, and home care settings. The telemedicine cart market from hospital segment will witness a lucrative rate of 21.3% CAGR over the analysis timeframe. Hospitals use telemedicine carts for remote consulting sessions and to include expert consultants in their in-house sessions. Increasing technological advances that increase the accuracy of diagnoses, and ease of use of carts are leading to increased adoption among caregivers. Furthermore, an increasing inclination of patients towards remote consultations owing to long wait times, is fueling segment growth. These factors will contribute to the hospital telemedicine cart market growth.
 

High percentage of rural population in India offers lucrative growth opportunity

Indian telemedicine cart market share is poised to witness a CAGR of 24.9%. This significant increase can be attributed to increasing penetration of internet in the country and a substantial percentage of the population residing in the rural areas. Moreover, financing schemes by the government such as Ayushman Bharat, focuses on development of telemedicine in the country. Also, numerous industry players are exploring various untapped market opportunities in India. These factors will attribute to a significant growth of the regional market.  
 

Companies are focusing on increasing market share through inorganic growth strategies

Few of the leading companies in the telemedicine cart market share are American Well, Ergotron, AMD Global Telemedicine, Poly, and Parsys. These industry players are adopting various strategies such as mergers and acquisitions, partnerships, and innovations in products to increase their operations and market share. For instance, in July 2018, AMD Global Telemedicine and NuPhysicia Health of Texas announced a partnership to offer on-site healthcare options for self-insured employers. This will lead to increase in the company’s market hold. In March 2017, AMD Global announced the launch of new product series designed for skilled nursing and long-term care facilities. Such initiatives will assist the company increasing their market share and revenue.
 

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