The telemedicine equipment market, valued at over USD 3.5 billion in 2021, is projected to experience significant growth at a compound annual growth rate (CAGR) of 17.3% throughout the forecast period.
It is due to cost-shifting from government programmes to private payers. Low reimbursement rates of telehealth machine and telemedicine machine have exacerbated the cost-shifting burden on hospitals and doctors, who charge higher fees to private payers for the same facilities, affecting health insurance premiums.
Telemedicine has decreased healthcare costs while boosting efficiency through improved chronic illness management, reduced travel times, pooled health professional staffing, and fewer and shorter hospital stays. Just because of these reasons, the telemedicine equipment market is likely to develop rapidly throughout the forecast period.
The increase of chronic illnesses is a worldwide problem that strains healthcare resources.
Tele-homecare is a novel approach to providing care, monitoring a patient, and disseminating information that makes use of cutting-edge telecommunications technology.
Monitoring provides for the early detection of illnesses and the prevention of chronic problems.
Telemedicine is a fast-developing component of healthcare in the United States, owing to the country’s high adoption of innovative healthcare technology and the growing burden of chronic illnesses. Telemedicine adoption has improved care management, patients’ quality of life, and healthcare costs.
Rising demand for mobile technologies increased patient adoption of home care, and a reduction in hospital visits are likely to drive telemedicine equipment market growth throughout the forecast period.
The rise of telemedicine apps that assist Americans in becoming engaged in personal health management, particularly during the present COVID-19 pandemic, is a good trend in healthcare in the United States.
- Estshara, a Cairo-based firm that provides an online platform for health consultations and tele pharmacy services, received USD 500,000 in early investment from Egypt Venture in July 2021. The firm presently has over 2 million users and a track record of over 200,000 consultations.
- MediTelecare will launch “MediTely” on the market in May 2021. It is a direct-to-consumer mobile health technology aimed at the elderly population who live outside of long-term care institutions.
- Teladoc Health joined forces with Vivo in May 2021 to expand access to excellent healthcare in Brazil, notably through the use of telemedicine.
- Kry, a Swedish digital health start-up that provides telehealth services and software solutions to link physicians with patients for remote consultations, funded EUR 312 million in April 2021. Its telehealth platform and software solutions are used by around 6,000 practitioners.
- AMD Global announced its merger with PointClickCare Technologies, the global leader in cloud-based software solutions for the long-term and post-acute care (LTPAC) sector, in March 2021.
- BioTelemetry Inc. and Royal Philips agreed to a final merger agreement in December 2020.
- Morneau Shepell will introduce its first unified telemedicine solution in the United States in November 2020.
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Key Market Segments
By Product:
- 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:
- Hospitals
- Clinics
- Specialty centers
- Home care settings
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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