Telemedicine Equipment Market revenue worth over $7.9 Bn by 2026

Telemedicine Equipment Market size is estimated to exceed 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 on the market expansion. 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 spur the telemedicine equipment market growth.


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A rising prevalence of infectious diseases will boost the market growth

A growing prevalence of infectious diseases will boost the telehealth devices market size. Factors such as growing 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 due to these tactics and will turn to teleconsultations. This will drive 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.

COVID-19 pandemic will have a long-lasting impact on the market expansion

Due to COVID-19, 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. Which will spur the demand for telemedicine equipment as a growing number of practitioners adopt it, especially in price sensitive markets.

Additionally, technological advancements in telemedicine devices 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 boost the telemedicine equipment market.

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

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:

Telemedicine carts will witness significant growth due to increased adoption

Telemedicine carts market held significant share at around 17.8% in 2019 and will witness significant growth. Carts are further divided into single display and dual-display carts. Telemedicine has seen an exponential increase in adoption due 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 due to their price sensitive nature will also show an increase in demand due to the pandemic.

Hospitals will dominate the telehealth equipment market share

The hospital segment dominated the market and was valued at 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. Furthermore, increased demand for telemedicine from patients due to the COVID-19 outbreak, and the preference of patients for hospitals will also drive industry demand. Hospitals are preferred by patients due to the high quality of care and availability of caregivers.

COVID-19 will spur the regional industry expansion in North America

North America telemedicine devices market is expected to witness lucrative growth of over 16.2% CAGR during 2020 to 2026. The high-growth is attributed to 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 growth. Furthermore, high rate of technology adoption and presence of key market players in the region along with favorable reimbursement scenario will drive the regional market demand.

The U.S. dominated North American market and was valued at USD 1.1 billion in 2019. Local market growth can be attributed to the high impact of COVID-19 on the country. Furthermore, 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, driving the United States telehealth equipment market.

Inorganic growth strategies by market players will drive the market growth

Key players in the telemedicine equipment market share are AMD Global Telemedicine, Cura, American Well, Vsee, Ergotron, H4D, Parsys, Poly, and GlobalMed. Companies are focusing on strategies such as new product launches, collaborations, partnerships, and acquisitions to consolidate their market share. For instance, in April 2018, American Well announced the acquisition of Avizia, one of the leading players providing acute care telemedicine services. This acquisition has strengthened the company’s telemedicine equipment portfolio and market penetration.

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