Telemedicine Equipment Market Size

Telemedicine Equipment Market Size

Telemedicine Equipment Market size accounted for over USD 3.5 billion in 2021 and is estimated to grow at 17.3% CAGR between 2022 and 2028. The increasing demand for telemedicine equipment owing to the ability to treat wide range of medical conditions and less commuting time is boosting the market growth. For instance, in 2020, according to the Centre for Disease Control and Prevention (CDC) the number of telehealth visits in the first quarter of 2020 were increased by 50% as compared to the same period in 2019.

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The increasing incidence of COVID-19 pandemic and the imposed lockdowns across the globe has largely influenced the adoption of telemedicine equipment for teleconsultation bridging the gap between the doctors and patients. The market adoption of telemedicine equipment enables an immediate access for care to patients in remote locations and avoids the risk of picking up the infection at a healthcare facility. Thus, the aforementioned factors will significantly propel the telemedicine equipment industry growth in the projected timeframe.
 

Telemedicine equipment refers to carts, kiosks, peripherals, and kits that are used for providing telemedicine service. Telemedicine equipment uses telecommunication technology for the remote diagnosis and treatment of the patients. Such equipment allows video or telephonic appointments between the doctor and patients from remote location and minimizes the need of in-person visits.
 

The COVID-19 pandemic significantly affected all the sectors and industries operating within. Healthcare sector was also noted to be drastically affected with the surging cases and limited resources to cater to the increased patient inflow. Additionally, apart from patients infected with the virus, long-term care patients as well as patients of chronic illnesses further escalated the burden on healthcare facilities. With restrictions imposed by several national and local public authorities, further limiting the movement of goods and people, remote care alternatives largely gained prominence in the market among the home isolated, coronavirus patients among others with chronic illnesses. Remote care solutions such as telemedicine significantly gained traction with the advent of COVID-19 pandemic and hence, the telemedicine equipment played a major role in providing the telehealth services, allowing teleconsultation between doctors and patients.
 

Various activities such as education, patient monitoring, medication reminders, prescriptions as well as remote interventions were noted to be possible with the help of telemedicine equipment. The telemedicine equipment market is expected to remain driven with a significant pace owing to improved access to care, low cost and limited crowding in healthcare facilities. Therefore, the COVID-19 pandemic was noted to offer momentum in the market and the same is expected to influence the market expansion over the forecast period.