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Telemedicine Cart Market size to exceed $1.9bn by 2028

  • Published Date: March 22, 2022

Telemedicine Cart Market size is set to exceed USD 1.9 billion by 2028, according to a new research report by Global Market Insights Inc.

Growing prevalence of infectious diseases worldwide is expected to propel the industry statistics. The emergence of infectious diseases has played a major role for increasing adoption of telemedicine solutions. Factors such as growing zoonotic disease and lack of vaccines for such diseases will lead to its increased prevalence. Various regulatory bodies implement several measures in order to control and prevent the spread of infectious diseases and telemedicine solutions are largely employed for teleconsultation services.

Furthermore, telemedicine solutions enable caregivers to reach out to patients in remote areas. During epidemic outbreaks, telemedicine assists in providing teleconsultation from specialist healthcare professionals to patients in remote areas across the globe. These factors will drive the telemedicine cart market expansion.

Increasing digitalization and adoption of novel technologies in healthcare sector will foster the market size

Rising demand for novel technologies and its implementation in healthcare sector is likely to fuel the market demand. The advent of novel technologies has assisted the medical professional and surgical staff to provide better care resulting in improved patient outcome. A wide variety of carts have been developed to meet the demands and serve better care. Increased adoption of digitalization in healthcare sector contributes to reduce and eliminate medical errors.

Additionally, telemedicine cart enables medical professionals to store and share patient data in the form of digital records replacing the conventional methods. The increased digitalization has improved the patient-physician relationship and the immediate access to healthcare consultation from any remote location. Thus, the aforementioned factors will fuel the market statistics.

Browse key industry insights spread across 210 pages with 419 market data tables & 15 figures & charts from the report, “Telemedicine Cart Market Analysis By Product (Single Display Cart, Dual Display Cart), Operation (Powered {LiFe Powered Carts, SLA Powered Carts}, Non-powered), Lift Technology (Manual, Electronic), End-use (Hospitals, Clinics, Specialty Centers, Home Care Settings), Industry Analysis Report, Regional Outlook  Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:

Healthcare frauds and safety concerns regarding patients healthcare records may pamper the market share

Medical frauds in teleconsultation services and threat to patients medical records may restrain the telemedicine cart market revenue. As carts are increasingly adopted for remote consultations as well as tracking, managing, and transmitting patient information, these are highly vulnerable for such attacks. The lack of secure network to conduct teleconsultation and increasing threats of cyber-attack surge the concerns surrounding the adoption of telemedicine. Such concerns also directly influenced the industry growth.

Technological advancements in telemedicine cart will foster the business landscape

By product, the telemedicine cart market is bifurcated into single display carts and dual display carts. The single display cart segment is estimated to surpass USD 788.2 million by 2028. Single display telemedicine cart possesses a single monitor and is cost-effective in comparison with the dual display carts. The single display telemedicine cart is completely equipped to carry out smooth two-way teleconsultation. These telemedicine carts are used for inpatient consultation, patient diagnosis and treatment. The affordability as compared to the dual display carts and growing advancements in single display carts will fuel the market expansion.

Low cost associated to non-powered cart will foster the telemedicine cart market statistics

The market by operation is segmented into powered and non-powered. The powered carts are further sub segmented as LiFe powered or SLA powered, based on battery technology. The non-powered carts accounted for 33.5% revenue share in 2021 and is anticipated to register a significant CAGR over the forecast period.

The non-powered cart is commonly used in the hospitals or other holding rooms in healthcare facilities. The hospital facilities work on reliable power backup in case of power outage to avoid disruption in healthcare services. These carts are mobile within hospital premises or other healthcare facilities due to its dependency on constant power supply. The non-powered carts are cost efficient as compared to the powered carts and performs as efficiently as the powered carts perform. Thus, the aforementioned factors are expected to propel the business outlook.

The unfamiliarity of complicated technology and ease of manual height adjustment will drive the overall industry scenario

By lift technology, telemedicine cart market is divided into manual and electronic. The telemedicine cart uses different lift technology for height adjustment. The manual lift technology segment is poised to cross USD 768.3 million by 2028 due to its ease of use as the old age population that aren’t familiar to handle the technologically advanced equipment and easily adjust the heigh of the cart manually. The manual height adjustment allows to adjust and set the height as per convenience without any pre-defined height adjustment setting. Thus, the aforementioned factors are expected to foster the industry expansion.

Increasing teleconsultation services provided by independent clinicians are projected to drive the market demand

The market by end-use is segmented into hospitals, clinics, specialty centers, and home care settings. The clinics segment surpassed USD 69.5 million in 2021 and is anticipated to witness lucrative CAGR through 2028. The telemedicine cart is commonly used in clinics for providing teleconsultation services to patients in remote areas. Such telemedicine hardware solutions enables healthcare practitioners to store and monitor patients’ medical data and healthcare records and offer better treatment solution to gain improved patient outcome.

Increasing development to strengthen the healthcare sector offers lucrative growth opportunity of the market development

Europe telemedicine cart market exceeded USD 170.8 million in 2021 and will show substantial growth in the forecast period. owing to the COVID-19 outbreak, the healthcare sector in Europe was significantly affected. To eradicate and control the spread of COVID-19 various local and regulatory institutions were noted to implement several restrictions including lockdowns. Due to imposed lockdowns and to maintain social distancing, the number of in-patient visits declined. As a result, to provide optimum care services to patients, an increased adoption of telemedicine solutions was observed throughout the region. The increasing number of telehealth visits, diagnosis and consulting patients from remote location boosts its adoption.

Key players are focusing on increasing market revenue through various growth strategies

Major market players in the telemedicine cart industry 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.

Authors: Sumant Ugalmugle, Rupali Swain