The Global Telemedicine Equipment Market size was valued at USD 3,471 Million in 2021 and is expected to reach USD 14,220 Million by 2030 at a CAGR of 17.2% during the forecast period 2022 to 2030.
Telemedicine, also known as telehealth or m-Health, is the remote delivery of healthcare services such as examining and counseling sessions via communications infrastructure. Telemedicine equipment allows healthcare professionals to analyze, diagnose, and treat patients without having to see them in person. Also, Patients can interact with healthcare professionals from the comfort of their own homes by using new technology or visiting a telehealth kiosk. Telemedicine equipment is a constantly developing system that aims to improve access to high-quality, productive, and cost-effective healthcare, especially in the face of the current COVID-19 disease outbreak. However, the advantages of e-health and telehealth, as well as advances in telecommunication services and the use of advanced technologies, are spurring the telemedicine and telemedicine equipment market forward.
Telemedicine Equipment Market Dynamics
|Market||Telemedicine Equipment Market|
|Market Size 2021||USD 3,471 Million|
|Market Forecast 2030||USD 14,220 Million|
|CAGR During 2022 - 2030||17.2%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Product, By End-user, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||AMD Global Telemedicine, Iris Telehealth, CardioNet, Parsys, Resideo Technologies Inc., AFC Industries, InTouch Technologies Inc., Allscripts Healthcare Solutions Inc, Cura Carts and Ergotron, IBM Corporation, American Well, and Koninklijke Philips N.V.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
10 hrs of free customization and expert consultation
Telemedicine equipment consists of kiosks, peripheral devices, carts, and kits used to provide telemedicine services. Telemedicine equipment uses telecommunication technology to remotely diagnose and treat patients. Such technology allows physicians and patients to schedule video or mobile appointments from a distance, reducing the need for in-person meetings. The rising prevalence of the COVID-19 pandemic, as well as global lockdowns, have influenced the development of telemedicine equipment for medical evaluation, with the goal of bridging the gap between patients and clinicians. The use of telemedicine equipment in the medical industry allows patients in remote areas to receive emergency treatment while attempting to avoid infection in a healthcare facility. As a result, the following factors are expected to significantly accelerate the growth of the telemedicine equipment market in the forecasted timespan.
Furthermore, using telemedicine equipment, health care professionals can virtually reach service users who reside in remote areas. The concept of telemedicine is also new to doctors, physicians, and care providers in developing countries, resulting in a slow adoption rate. Furthermore, advanced countries such as Europe and North America are seeing significant growth in the telemedicine equipment market, due to the rapid adaptation of telemedicine equipment in this region.
Telemedicine Equipment Market Segmentation
The global telemedicine equipment market segmentation based on the product, end-use, and region.
Market by Product
Based on the product, the peripherals segment is projected to dominate the telemedicine equipment market share in 2021. Peripheral devices are frequently used by customer-facing healthcare professionals for remote or overall check-ups and clinical services. Peripheral devices, which include stethoscopes, ultrasound probes, digital cameras, digital scopes, and pulse oximeters, are an essential component of telemedicine equipment. This commonly diagnosed equipment is needed to manage telemonitoring consultations effectively and to store patient information for transmitting to a professional for diagnosis.
Furthermore, the telemedicine carts segment is expected to grow at the fastest rate in the coming years. Telemedicine carts have the potential to aid in the delivery of medical consulting services to areas where healthcare facilities are inaccessible for the diagnosis of chronic conditions. The rapid development of information and communication technologies has resulted in advancements in various telemedicine methods. Telemedicine carts can be used for a variety of purposes, including instructional, clinical, and administrative functions, providing massive growth opportunities for the telemedicine carts segment in the coming years.
Market by End-use
In terms of end-use, the hospital segment held a sizable market share in 2021. Telemedicine equipment is designed to meet the needs of today's healthcare consumers and has the potential to revolutionize hospital healthcare delivery. It helps to improve medical performance by increasing accessibility and efficiency, providing clinical support, limiting the need for travel, providing various types of communication devices, overcoming geographic barriers, and achieving better health outcomes. Given the current emphasis on cost containment, improving care delivery to all segments of the population, and meeting consumer demand, telemedicine is a promising tool for success in these areas. Furthermore, the growing numbers of hospitals in emerging regions, as well as the pandemics of COVID 19, are driving the hospital segment in the market.
Telemedicine Equipment Market Regional Overview
The Middle East & Africa (MEA)
North America will account for a considerable proportion of the global telemedicine equipment market by 2021. This is primarily due to the rapid adoption and development of telecommunications technology, government support for the establishment of a system involving the use of advanced medical technology for the benefit of others, and favorable government initiatives. In addition, the emergence of new sustainable systems that suppress the need for fully functional healthcare devices is expected to drive market growth in North America. Due to the increasing number of COVID-19 cases, non-emergency surgical techniques have been halted in order to control the disease's propagation and further drive the market in the region. Furthermore, due to the constraints, in-person medical consultations and diagnostic testing were severely limited; as a result of the mentioned aspects, telemedicine adoption has increased.
Telemedicine Equipment Market Players
Some of the prominent players in global telemedicine equipment market are AMD Global Telemedicine, Iris Telehealth, CardioNet, Parsys, Resideo Technologies Inc., AFC Industries, InTouch Technologies Inc., Allscripts Healthcare Solutions Inc, Cura Carts and Ergotron, IBM Corporation, American Well, and Koninklijke Philips N.V.
The market of global telemedicine equipment market in 2021 was accounted to be USD 3,471 Million.
The projected CAGR of telemedicine equipment during the analysis period of 2022 to 2030 is 17.2%.
The prominent players of the global telemedicine equipment market involve AMD Global Telemedicine, Iris Telehealth, CardioNet, Parsys, Resideo Technologies Inc., AFC Industries, InTouch Technologies Inc., Allscripts Healthcare Solutions Inc, Cura Carts and Ergotron, IBM Corporation, American Well, and Koninklijke Philips N.V.
North America held the dominating share for telemedicine equipment during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for telemedicine equipment during the analysis period of 2022 to 2030.
COVID-19 epidemic and social isolation measures and growing technological advancements in telemedicine equipment to reduce healthcare costs and widespread of disease are the prominent factors that fuel the growth of global telemedicine equipment market.
Based on product, peripherals segment held the maximum share for telemedicine equipment market in 2021.