The telemedicine equipment global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Telemedicine Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The telemedicine equipment market size has grown rapidly in recent years. It will grow from $5.02 billion in 2023 to $5.92 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to increasing demand for remote healthcare services, advancements in technology enabling telemedicine solutions, rising healthcare costs and the need for cost-effective alternatives, improving internet connectivity and infrastructure, growing awareness and acceptance of telemedicine among healthcare professionals and patients.
The telemedicine equipment market size is expected to see rapid growth in the next few years. It will grow to $11.25 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to adoption of 5G technology for enhanced connectivity, increasing global aging population and chronic diseases, government initiatives promoting telehealth services, integration of artificial intelligence in telemedicine solutions, expanding telemedicine in emerging markets. Major trends in the forecast period include technological advancements, product innovations, investments, partnerships.
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Scope Of Telemedicine Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Telemedicine Equipment Market Overview
Market Drivers –
The growing prevalence of infectious diseases is expected to fuel the growth of the telemedicine equipment market going forward. Infectious diseases refer to illnesses caused by pathogenic microorganisms, such as bacteria, viruses, parasites, or fungi, that can be transmitted from person to person or from animal to human. Telemedicine allows healthcare providers to conduct remote consultations, enabling patients to receive medical advice and guidance without physically visiting a healthcare facility. For instance, in July 2022, according to the Australian Institute of Health and Welfare (AIHW), an agency under the Australian Government, the cases of leptospirosis in Australia saw a significant surge, with a percentage increase of approximately 154%, rising from 97 reported cases in 2020 to 247 in 2021. Therefore, the growing prevalence of infectious diseases is driving the growth of the telemedicine equipment market.
Market Trends –
Major companies operating in the telemedicine equipment market are focused on developing innovative products with advanced technologies, such as remote diagnostics and management platforms (RDMP), to increase their profitability in the market. A remote diagnostics and management platform (RDMP) is a comprehensive technological solution designed to facilitate the remote monitoring, analysis, and management of various aspects of healthcare, mainly focused on diagnostics. A Remote Diagnostics and Management Platform (RDMP) enhances telehealth by providing advanced tools and functionalities that improve remote healthcare services’ overall effectiveness, efficiency, and scope. For instance, in April 2021, Mayo Clinic, a US-based nonprofit hospital system, unveiled its groundbreaking initiative, the Remote Diagnostics and Management Platform (RDMP), as part of a technology platform to advance clinical decision support tools, diagnostic insights, and care recommendations. RDMP integrates data with innovative artificial intelligence (AI) algorithms, enhancing human decision-making within clinical workflows to facilitate faster and more accurate diagnoses. The platform supports ‘event-driven medicine,’ delivering insights in context and real-time, aiming to provide continuous care to patients.
The telemedicine equipment market covered in this report is segmented –
1) By Product: Telemedicine Cart, Telemedicine Kit, Telemedicine Kiosk, Peripherals
2) By Application: Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology, Other Applications
3) By End User: Hospitals, Clinics, Specialty centers, Home care settings, Other End Users
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Regional Insights –
North America was the largest region in the telemedicine equipment market in 2023. The regions covered in the telemedicine equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the telemedicine equipment market are International Business Machines Corporation, Medtronic plc, Koninklijke Philips N.V., Resideo Technologies Inc. , Allscripts Healthcare Solutions Inc., Omron Healthcare Inc., AFC Industries Inc., Wellspect Health , American Well Corporation, BioTel Systems Inc., CloudMD Software and Services Inc., Iris Telehealth Inc., TytoCare Inc., Butterfly Network Inc., AliveCor Inc., AMD Global Telemedicine Inc., iHealth Labs Inc., InTouch Technologies Inc., Visionary Medical Devices Inc., Eko Devices Inc., MedWand Technologies Inc., Welch Allyn Inc., BioIntelliSense Inc., CarePredict Inc., Cloud DX Inc., Parsys Medical Inc.
Table of Contents
- Executive Summary
- Telemedicine Equipment Market Report Structure
- Telemedicine Equipment Market Trends And Strategies
- Telemedicine Equipment Market – Macro Economic Scenario
- Telemedicine Equipment Market Size And Growth
…..
- Telemedicine Equipment Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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