USD 87 billion
Telemedicine Equipment Market Size, Share, Growth Analysis, By Product(Telemedicine cart, Single display cart, Dual display cart, Others), By End-Use(Hospitals, Clinics, Healthcare Facilities, Specialty centers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2558 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
75
|Figures:
75
Telemedicine Equipment Market Insights
Global Telemedicine Equipment Market size was valued at USD 87 billion in 2022 and is poised to grow from USD 102.23 billion in 2023 to USD 371.42 billion by 2031, growing at a CAGR of 17.50% during the forecast period (2024-2031).
Telemedicine has experienced significant expansion in recent times. This approach not only facilitates remote connections between patients and doctors but also plays a role in alleviating the financial burden associated with healthcare.
These benefits have sparked the interest of medical professionals and medical institutions in adopting digital health technologies in their practices. This trend has also prompted governmental bodies to create regulations and reimbursement policies pertaining to telehealth.
Advancements in this sector have democratized healthcare by making it more affordable and accessible to a wider population. The growing provision of healthcare services from a distance, spanning acute care as well as fields like radiology, cardiology, and behavioral health, has given rise to fresh business and healthcare models centered around telehealth.
The marketplace is gradually intensifying its competition due to the launch of diverse platforms and the entry of new contenders backed by substantial funding. As an illustration, in March 2023, a startup named OpenLoop secured USD 15 million in series A funding to advance its virtual care services. The company introduced a nationwide insurance payer network, enhancing reimbursement services for its clientele.
US Telemedicine Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Healthcare Facilities
Fastest Growth
Healthcare Facilities
Growth Rate
17.50% CAGR
Global Telemedicine Equipment Market ($ Bn)
Country Share for North America Region (%)
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Telemedicine Equipment Market Segmental Analysis
The global telemedicine equipment market is segmented on the basis of product, end - use, region. By product, the market is segmented into telemedicine cart, single display cart, dual display cart, others, telemedicine kit, telemedicine kiosk, peripherals, digital camera, stethoscopes, digital scopes, pulse oximeters, others. By end - use, the market is segmented into hospitals, clinics, healthcare facilities, specialty centers, home care settings, others. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Telemedicine Equipment Market Analysis By End - User
The healthcare facilities sector is positioned to exert significant dominance within the market. This projection is chiefly driven by a mounting count of government-backed pilot initiatives in telemedicine, the integration of telecommunications tools for educating medical students in academic institutions, and the increasing proliferation of service providers offering virtual consultation services. These dynamic factors collectively position the healthcare facilities segment for a substantial surge from 2023 through 2030.
On the other hand, the homecare segment is anticipated to exhibit the most rapid CAGR during the envisioned forecast period. The driving forces behind the expansion of this segment are multifaceted. Firstly, there's a substantial potential for cost savings in healthcare service expenditure, as home-based care tends to be more economical compared to hospital-based treatments. Secondly, the ongoing increase in the geriatric population contributes significantly to the growth of homecare services, as older individuals often prefer the comfort and convenience of receiving care within their own homes.
Global Telemedicine Equipment Market By End-Use
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Telemedicine Equipment Market Regional Insights
The valuation of the North American market had surged to USD 45 billion, as of 2023. This remarkable growth trajectory can be attributed to a confluence of factors, where the rise of prominent players like Teladoc, MDLive, and others has been complemented by robust governmental support and a steady escalation in teleconsultation practices. The amalgamation of these dynamics stands as the driving force behind the expansion of the telemedicine market within this geographic region. A noteworthy development supporting this trend is a survey conducted by the American Medical Association, revealing that a substantial 93% of physicians acknowledged the unequivocal advantages of integrating digital health tools in 2022. This marks a noteworthy progression from the 85% reported in 2016. The momentum is further accentuated by the progressively ascending percentage of telehealth visits, which surged from 14% in 2016 to 28% in 2019, and eventually reached an impressive 80% in 2022. This pronounced surge is positioned to significantly contribute to the fortification of the telemedicine market in North America.
In parallel, Europe is poised to secure its position as the second most influential region in terms of market share. This strategic standing can be attributed to the proactive implementation of supportive government directives that prioritize the integration of digital health solutions. Additionally, the escalating prevalence of chronic diseases within the region is a significant driver. A telling illustration of this phenomenon can be found in the British Skin Foundation's data, which unveils the annual diagnosis of at least 100,000 new cases of skin cancer in the U.K. This growing health challenge imposes a considerable financial burden on the country's healthcare system. Consequently, the U.K. government introduced Telederm, a tele-dermatology service designed to diagnose over 50,000 skin cancer patients annually without necessitating hospital visits. This innovative approach has led to substantial cost efficiencies. The proactive adoption of such solutions is poised to play a pivotal role in propelling the expansion of the telemedicine market in the European region.
Global Telemedicine Equipment Market By Region
- Largest
- Fastest
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Telemedicine Equipment Market Dynamics
Telemedicine Equipment Market Drivers
Rising Demand for Remote Healthcare Services
- The increasing need for remote healthcare services, especially in underserved and rural areas, is driving the adoption of telemedicine equipment. Telemedicine enables healthcare providers to reach patients who are geographically distant, improving access to medical care.
Aging Population and Chronic Diseases
- The global aging population and the growing prevalence of chronic diseases necessitate continuous monitoring and management of health conditions. Telemedicine equipment allows for regular remote monitoring of patients, helping in early detection and management of health issues.
Cost-Effectiveness
- Telemedicine offers potential cost savings by reducing hospital readmissions, minimizing travel expenses for patients, and optimizing healthcare resource allocation.
Telemedicine Equipment Market Restraints
Technological Barriers
- In certain areas with limited internet connectivity or outdated technology infrastructure, the effective implementation of telemedicine equipment can be hindered.
Patient Acceptance and Privacy Concerns
- Some patients might be hesitant to adopt telemedicine due to concerns about the security and privacy of their medical information. Building patient trust and addressing these concerns is crucial.
Lack of Proper Training
- Healthcare professionals and patients may require training to effectively use telemedicine equipment. The lack of training can impact the quality of care and hinder the adoption of telemedicine.
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Telemedicine Equipment Market Competitive Landscape
The competitive landscape of the global telemedicine equipment market is characterized by intense rivalry among key players striving to capture a significant share of the expanding market. Major companies like Teladoc, MDLive, and American Well are at the forefront, leveraging their extensive expertise and robust technological infrastructure to offer comprehensive telemedicine solutions. These industry giants are continuously innovating to enhance their offerings, incorporating advanced technologies such as AI, IoT, and VR/AR to provide more effective and personalized remote healthcare experiences.
Telemedicine Equipment Market Top Player’s Company Profiles
- Teladoc Health, Inc. (USA)
- MDLive, Inc. (USA)
- American Well Corporation (USA)
- Cisco Systems, Inc. (USA)
- Doctor on Demand, Inc. (USA)
- Philips Healthcare (Netherlands)
- Medtronic plc (Ireland)
- GlobalMed (USA)
- Aerotel Medical Systems Ltd. (Israel)
- Honeywell Life Care Solutions (USA)
- AMD Global Telemedicine, Inc. (USA)
- Medvivo Group Ltd. (UK)
- Cerner Corporation (USA)
- BioTelemetry, Inc. (USA)
- InTouch Technologies, Inc. (USA)
- General Electric Company (USA)
- Siemens Healthineers AG (Germany)
- Koninklijke Philips N.V. (Netherlands)
- Siemens Healthineers AG (Germany)
- McKesson Corporation (USA)
Telemedicine Equipment Market Recent Developments
- In March 2023, American Well, a telehealth company, announced that it had raised USD 500 million in Series F funding.
- In February 2023, Teladoc Health, a telehealth company, announced that it had acquired Livongo Health, a provider of connected care solutions for chronic conditions.
- In January 2023, MDLIVE, a telehealth company, announced that it had acquired CareDash, a healthcare marketplace.
Telemedicine Equipment Key Market Trends
- Mobile Health (mHealth) Apps: The proliferation of smartphones has led to the development of mobile health apps that enable patients to connect with healthcare providers easily. These apps facilitate remote consultations, appointment scheduling, prescription refills, and health data tracking.
- Specialized Telemedicine Services: Beyond general telehealth services, there is a growing trend toward specialized telemedicine services, such as telepsychiatry, teledermatology, and teleophthalmology. These services cater to specific medical specialties, enhancing access to specialized care.
Telemedicine Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global telemedicine equipment market analysis, the global telemedicine equipment market is on a robust growth trajectory driven by escalating demand for remote healthcare services, technological advancements, and favorable government initiatives. The market's landscape is characterized by the dominance of established players like Teladoc, MDLive, and American Well, who continuously innovate to enhance their offerings with AI, IoT, and VR/AR technologies.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 87 billion |
| Market size value in 2031 | USD 371.42 billion |
| Growth Rate | 17.50% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Telemedicine Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Telemedicine Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Telemedicine Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Telemedicine Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Telemedicine Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Telemedicine Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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