Telemedicine Equipment Market Analysis

Telemedicine Equipment Market Analysis

By product, the telemedicine equipment market is segmented into telemedicine carts, kits, kiosks, and peripherals. Peripherals segment accounted for a market share of over 65% in 2021 and is expected to exhibit significant CAGR over the forecast period. Peripherals are commonly used by the frontline caregivers for remote check-up and patient monitoring. Peripherals are an integral part of telemedicine hardware primarily consisting of digital camera, stethoscopes, digital scopes, ultrasound probes, pulse oximeters, among others. These common medical equipment are essential to handle telehealth visits and stores the patient’s data that can be transmitted to a specialist for diagnosis. Various market players are focusing on developing novel technological solutions to meet the increasing demand for novel solutions for better care and treatment in healthcare sector, thereby boosting the market statistics.
 

The end-use segment of telemedicine equipment market is bifurcated into hospitals, clinics, specialty centers, homecare settings. The specialty care centres segment is expected to register over 18% CAGR between 2022 and 2028. Speciality care centers provide services for emergency speciality needs to provide specific treatment. Speciality centres are expertise in providing specific treatment and care and include providing services in various areas such as dermatology, neurology, cardiology, orthopaedics, etc. Increasing prevalence of chronic diseases and adoption of sedentary lifestyle is expected to propel the demand for speciality care centers.
 

Speciality centers provide advanced care than the primary care centers but the limited access based on the geographic location, insurance type and physician referral is now being coped up the advent of novel technological solutions. Telehealth allows the specialist to connect with patients from remote areas and also enables rural care providers to connect and engage with speciality care providers allowing better access to care. Thus, the increasing adoption of telemedicine is expected to boost the segmental landscape.
 

North America telemedicine equipment market accounted for USD 2,263.0 million in 2021 and is anticipated to register 16.7% CAGR over the forecast timeframe. North America was significantly affected by the ongoing COVID-19 pandemic. For instance, according to the World Health Organization (WHO), from 3^rd January 2020 to 16^th February 2022, there were 77,301,430 confirmed cases of COVID-19 with 915,622 deaths reported in the United States alone. The local government bodies imposed strict lockdown to limit the spread of the coronavirus. The rising number of COVID-19 cases lead to halt the non-emergency surgical procedures in order to control the spread of the disease. Also, owing to the restrictions, the in-person medical consultations and diagnosis of other diseases were largely limited. Owing to the aforementioned factors there has been a surge in the adoption of telemedicine.
 

For instance, in 2020, the Centers for Disease Control and Prevention (CDC) issued guidance advising healthcare professionals and people in the areas affected by the coronavirus disease to adopt telehealth care facilities and provide clinical services through virtual means such as telehealth adhering to social distancing norms and imposed lockdown. Therefore, the aforementioned factors lead to increase in the adoption of telemedicine equipment for telehealth services, thereby fostering the regional market expansion.