Telemedicine Equipment Market size to exceed $10.2bn by 2028

Telemedicine Equipment Market size is set to exceed USD 10.2 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Telemedicine equipment industry is booming owing to its growing implementation of telemedicine services in hospitals, clinics, and ambulatory surgical centers. Telemedicine equipment assist in reducing external costs that are associated with healthcare delivery. Thus, by limiting the cost of transportation from nursing home to the provider, arranging child or elder care and time spent in the waiting room are few factors that have limit the healthcare cost considerably for both the patient and the provider. This could potentially increase the adoption of telemedicine equipment, thereby augmenting the market statistics.
 

Increasing technological advancements in telemedicine will foster the market statistics

Telemedicine equipment market is growing significantly owing to its growing penetration and several applications that has benefited the healthcare providers and patients. Telemedicine carts make it easy to get the patients telemedicine programs up and running. Recent technological advancements in telemedicine carts have propelled the market growth positively.
 

For instance, in January 2019, American Well announced the launch of new acute care telemedicine cart for virtual specialist care. The American Well 760 Cart, allows acute care teams to bring a specialist on site at health systems. American Well 760 Cart is used in myriad of situations including telepsychiatry and telestroke cases. The system allows a physician in emergency room to connect a neurologist if a stroke was suspected. Such introduction of telemedicine equipment in the market by players is expected to spur the industry statistics over the coming years.
 

Dearth of specific regulations and various stringent regulations may slow down the market growth

Telemedicine services require a regulatory body to accredit and monitor practitioners. However, only a small proportion of countries have implemented a specific regulatory body governing telemedicine services. This is majorly due to lack of awareness among the population about various telemedicine products including equipment and services. Also, few of the developing economies of the world are deprived of regular internet penetration. Hence, these countries lack proper telemedicine network, thus there are no specific regulations to control them.
 

Moreover, few of the countries have similar regulatory bodies that control both medical practitioners that practice without telemedicine and professionals that practice via telemedicine services. Hence, lack of defined regulations pertaining to telemedicine is a major drawback for industry expansion.
 

Browse key industry insights spread across 200 pages with 285 market data tables & 14  figures & charts from the report, “Telemedicine Equipment Market Forecasts 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, 2022 – 2028” in detail along with the table of contents:   
https://www.gminsights.com/industry-analysis/telemedicine-equipment-market
 

Increasing adoption of telemedicine carts owing to its advantages offered will propel the market expansion

By product, telemedicine equipment market is classified into telemedicine cart, telemedicine kit, telemedicine kiosk and peripherals product. Telemedicine carts segment held considerable market share of 18% in 2021 and is expected to witness significant CAGR during the projected timeframe. High segmental growth is owing to introduction of novel equipment in the market coupled with emergence of infectious disease including COVID-19 outbreak. For instance, in January 2021, Ergotron, Inc introduced new vaccination cart to support the COVID-19 vaccine distribution inside and outside of clinics.
 

Furter, the telemedicine carts are equipped with computers monitor, camera, storage system, computer, keyboards, and mobile medical device and provides a mobile frame to the telehealth providers. The ability of the cart to wheel from room-to-room and the facility to transmit patient data coupled with introduction of novel product are few factors influencing the market size.
 

Rising shift from in-person visits to virtual visits is expected to spur the overall industry scenario

By end-use, the telemedicine equipment market is segmented into hospitals, clinics, specialty centers, homecare settings and others. The clinics segment accounted for USD 383 million revenue in 2021 and is estimated to grow at 17.9% CAGR between 2022 to 2028. The adoption of novel technological solutions and care provided by the primary and specialty clinics is expected to fuel the market growth. According to the Russian Culture Heritage Network (RCHN) Community Health Foundation, during the initial stage of pandemic, on an average 54% of community health center visits were conducted virtually by using telemedicine equipment to provide remote clinical care services. Thus, rising shift from in-person visits to virtual visits is expected to spur the segmental demand.
 

European telemedicine equipment is expected to show lucrative growth

Europe telemedicine equipment market accounted for USD 860.6 million in 2021 and is expected to witness lucrative CAGR of 17.5% during the forecast timeframe. Established healthcare IT infrastructure, rising focus on increasing healthcare access to underserved/rural populations, along with funding for telehealth services will be the major factors fostering regional market statistics.
 

Furthermore, large number of people across the Europe are living in remote areas could access to the primary and specialty healthcare services with the help of telemedicine equipment. Therefore, the immediate access to care without travelling to the healthcare clinics and hospitals is expected to boost the regional market size of telemedicine equipment.
 

Inorganic growth strategies by key players are expected to fuel the market expansion

Major market players in the telemedicine equipment industry 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 November 2021, Ergotron, Inc announced partnership with Imprivata, a digital identity company and Coretek, a leading Microsoft Azure Service Provider (MSP) and healthcare solutions provider. This partnership aimed to integrate Imprivata Confirm ID technology with the CareFit Pro Medical Cart to deliver improved security and automated authentication for healthcare professionals. This strategy is expected to add value to their existing services portfolio, maintain long term business relations as well as strengthen the revenue stream.