Telemedicine equipment is an important tool that makes healthcare more cost effective, accessible and increased patient engagement. Telemedicine equipment include kits, software, hardwires. Additionally, old age population is highly benefited from telemedicine as they can access the medical care from home. Moreover, with the help of telemedicine equipment’s physician can virtually reached to patient that live in rural area. The concept of telemedicine still new to doctors, physician and service provider in developing countries which result into slow adaption rate. Furthermore developed region such as North America, Europe show significant growth in telemedicine equipment market. Due to high adaption rate of telemedicine equipment in this region.
The factors which driving the telemedicine equipment market are due to increase in the incidence and prevalence of chronic disease such as cancer and others. In addition, rise in the generic population with chronic disease will show positive impact and boost the growth of Telemedicine equipment market. As Advancement in telemonitoring and home telehealth will be instrumental in increased adoption of telemedicine among the generic population. Moreover, advancement in telemedicine software and improved healthcare facility is anticipated to growth in telemedicine equipment market over the forecast period. Additionally, improved quality of telemedicine equipment will raise the product demand in the market
However, the growth of Telemedicine equipment market is hindered due to lack of awareness and acceptance of telemedicine among doctors and service providers. Moreover, limited reimbursement policy makes telemedicine equipment unattractive to providers. Additionally costly software and kits also restrain the growth of telemedicine equipment market. Moreover, software errors, slow internet connections, poor infrastructure development, lack of awareness, low acceptance in the developing region. This are some factors hinder the growth of Telemedicine equipment market.
Rapid increase in COVID-19 pandemic almost all major countries announced social distancing and lockdown. However, COVID-19 e pandemic will have a positive and long lasting impact on the telemedicine equipment market. As WHO announced telemedicine services into essential services during COVID-19 emergency. Telemedicine provide better solution to patients to their health concerns during this pandemic. Moreover, physician and healthcare workers prefer telemedicine to minimize their chances of infection. This factors will boost the demand for telemedicine equipment market.
The global telemedicine equipment market is segmented based on Product Type, End User and Geography:
Based on the Product Type, telemedicine equipment market are segmented into:
Based on the End User, telemedicine equipment market are segmented into:
Based on the segmentation, Tele-medicine Kit are expected to dominate the telemedicine equipment market due to utilization of Tele-medicine kits by frontline caregivers in rural area. Furthermore, based on the end user, Hospitals are show significant growth due rising adoption rate of the telemedicine equipment by hospital.
Geographically, the global telemedicine equipment market is segmented into regions such as Latin America, Europe, North America, South Asia, East Asia Middle East & Africa and Oceania. North America is projected to emerge as prominent market in the global telemedicine equipment market due to rise in awareness about tele- medicine and improved healthcare facilities. Europe is the second leading region in the telemedicine equipment market due to technological advancement and government initiative towards development in tele medicine. Asia pacific is expected to show to show significant growth in the telemedicine equipment market.
Some of the major key players competing in the global telemedicine equipment market are AMD Global Telemedicine Inc., Resideo Technologies Inc. (Honeywell Life Care Solutions), InTouch Technologies Inc., Allscripts Healthcare Solutions Inc, CardioNet, IBM Corporation, Iris Telehealth, Koninklijke Philips N.V., TeleVital, Tunstall Healthcare, Medvivo Group Ltd and Aerotel Medical Systems Ltd The key players operating in the telemedicine equipment market follow various promotional strategies such as development of new and advanced products and partnerships with other companies to boost the market consolidation activities.
The report covers exhaustive analysis on:
Regional analysis includes