December 01, 2020
As cited by the business intelligence report titled ‘Telemedicine Cart Market Size By Product, By Operation, By Lift Technology, By End-use, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report LLC, global telemedicine cart market valuation is estimated to surpass a valuation of USD 1.5 billion by 2026.
As per credible experts, rising product adoption by medical professionals owing to its advanced features including oxygen saturation and pulse rate, technological advancements, and beneficial attributes such as accurate diagnosis and ease of use are bolstering the growth of global telemedicine cart market.
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Additionally, rising implementation of telemedicine services, declining healthcare expenses, increasing number of business centric activities among major companies, and growing focus of industry participants towards achieving inorganic growth are further stimulating the overall market outlook.
Based on product terrain, global telemedicine cart market from the dual display cart segment garnered a revenue of USD 164 million in the year 2019 and is expected to amass lucrative gains through 2026. Technological advancements along with the availability of two display monitors that facilitate during diagnosis is impelling the product adoption for video conferencing with multiple caregivers as well as for displaying vital data, thereby boosting the segmental share.
With regards to operation type, the powered segment is slated to grow with a robust CAGR of 21.9% over 2020-2026. Escalating product demand due to it being independent of a power source along with increasing adoption of powered telemedicine carts for emergencies in remote areas are fostering the growth of the segment.
Moving on to lift technology type, the electronic powered lift segment accounted for around 60% of the global telemedicine cart market share in 2019 and is projected to show similar growth during the analysis timeframe. Advantageous attributes associated with the technology such as ease of handling, convenience, and automatic adjustments are propelling the expansion of the segment.
Speaking of end-user landscape, the home care segment was worth USD 51 million in the year 2019 and is anticipated to accrue significant revenue through 2026. Reduced healthcare expenses associated with remote consulting coupled with increasing patient preference towards home healthcare are emerging as lucrative opportunities for the growth of the segment.
As per the country-level analysis, U.S. telemedicine cart industry size is calculated to exhibit a CAGR of 21% during 2020-2026, on account of increasing healthcare expenditure, rising product adoption in remote areas, and high concentration key players.
Prominent players that define the worldwide telemedicine cart industry trends are Rubbermaid Healthcare, Poly, PARSYS Telemedicine, InTouch Health, GlobalMed Telemedicine, First Healthcare Products Inc., Ergotron Inc., American Well (Amwell), AMD Global Telemedicine Inc., and AFC Industries.