Telemedicine Equipment Market worth over $7.9bn by 2026

Telemedicine Equipment Market size is set to surpass USD 7.9 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

The COVID-19 pandemic will serve to be a positive impact rendering factor for the market growth. As in-person consultations are limited due to social distancing, there will be an increase in demand for teleconsulting. This will drive the demand for telemedicine and will augment the market expansion.

 

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A growing prevalence of infectious diseases will fuel the market progression. Factors such as rising zoonotic diseases, and a lack of vaccines for these diseases will lead to an increased prevalence of diseases. The COVID-19 outbreak has forced the majority of nations to adopt social distancing and isolation to reduce the spread of the disease. Patients have been unable to consult doctors owing to these tactics and will turn to teleconsultations. This will spur the demand for telemedicine equipment as doctors seek to provide accurate diagnoses with the help of sophisticated instruments. Furthermore, telemedicine enables caregivers to reach out to patients in remote areas. During epidemic outbreaks, this helps provide expert care to patients in remote parts of the world.
 

The COVID-19 outbreak will have a long-lasting impact on the telemedicine equipment market demand. Isolation and social distancing measures imposed by the governments have resulted in a growing number of people turning to telemedicine as a viable alternative to in person consultations. According to the Boston Children’s Hospital, the number of daily telemedicine consultations has significantly increased since the outbreak of the pandemic. This has resulted in an increased awareness of benefits of telemedicine such as monetary savings and reduced wait time. This will impel the demand for telemedicine equipment as a growing number of practitioners adopt it, especially in price sensitive markets. Additionally, technological advancements in telemedicine equipment have enabled practitioners to provide accurate diagnoses and increased the scope of telemedicine. This will result in increased demand for telemedicine equipment from caregivers and influence the industry growth.
 

The high cost of telemedicine equipment and dearth of regulatory bodies might inhibit the industry expansion in the coming years. However, as telemedicine comes to the forefront due to exponentially increased demand, these factors will have a minor effect on the market revenue.
 

Browse key industry insights spread across 200 pages with 286 market data tables & 25  figures & charts from the report, “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” in detail along with the table of contents:   

https://www.gminsights.com/industry-analysis/telemedicine-equipment-market
 

Telemedicine carts will witness significant growth due to increased adoption

Telemedicine carts segment captured 17.8% of the market share in 2019. Telemedicine has seen an exponential increase in acceptance owing to the COVID-19 outbreak. As growing number of practitioners try to take advantage of this boom in telemedicine, there will be a surge in demand for telemedicine carts. Developing economies which have seen lower rates of adoption led by their price sensitive nature will also show an increase in demand because of the pandemic.
 

Hospitals will dominate the revenue share

The hospital end-use segment accounted for USD 1 billion in 2019. Hospitals use telemedicine to record patient data, for teleconsultations, and to consult a remote physician. A high number of use-cases for telemedicine in hospitals, will increase the demand for telemedicine equipment in hospitals. Segment growth can be attributed to increased demand for telemedicine from patients due to the COVID-19 outbreak, and the preference of patients for hospitals. Hospitals are preferred by patients owing to the high quality of care and availability of caregivers.
 

COVID-19 will propel the regional expansion in North America

North American telemedicine equipment market is predicted to expand at a CAGR of 16.2% through 2026 on account of the COVID-19 outbreak in the region. North America has been significantly affected and thus social distancing has been in force. This has led to an increase in demand for telemedicine, driving the market. In addition, high rate of technology acceptance and presence of key market players in the region along with favorable reimbursement scenario will foster the regional growth.
 

The U.S. dominated North American market and accounted USD 1.1 billion in 2019. Local market growth can be attributed to the high impact of COVID-19 on the country. High healthcare costs have encouraged the people to adopt telemedicine owing to availability of high-quality healthcare services at economical rates. Also, large number of people living in remote areas along with long wait times have boosted the telemedicine market. This has resulted in a rising demand for telemedicine equipment.
 

Inorganic growth strategies by market leaders will fuel the market progression

Key companies functioning in the market are AMD Global Telemedicine, Cura, American Well, Vsee, Ergotron, H4D, Parsys, Poly, and GlobalMed. Industry participants are focusing on strategies such as new product launches, collaborations, partnerships, and acquisitions to consolidate their market share.
 

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