September 04, 2020
According to the research report titled ‘Telemedicine Equipment Market Size By Product, 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 equipment market is expected to register significant growth during 2020-2026.
Shifting focus towards offering advanced care to patients remotely coupled with technological developments are major factors driving the telemedicine equipment market growth. Telemedicine refers to the use of telecommunication systems in order to offer remote healthcare services.
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Although people have easy access to telecommunication technology such as internet, telephone, and computer, most of the solutions require additional equipment for efficient services. Various industry players are focusing on providing different types of medical products which are equipped with audio and video recording devices, which in turn is further fueling the market size.
Moreover, this equipment allows solution providers to acquire images of the medical examination and share it on other device. For instance, digital stethoscopes enable physicians to record and share lung and heart sounds of a patient.
Rising adoption of telemedicine services among retail clinics and other medical companies is stimulating the industry outlook. Healthcare providers in remote regions require portable and durable telemedicine devices which comprise of a small computer and are equipped with a camera & screen.
As per product type, telemedicine equipment market is classified into peripherals, telemedicine kiosk, telemedicine kit, and telemedicine cart. The peripherals segment is predicted to grow with a CAGR of 16.4% during 2020-2026, claims the research report.
Citing the end-use landscape, homecare settings held 13.8% market share in the year 2019 and is expected to record a y-o-y growth rate of 16.9% between 2020 and 2026.
Regionally, Latin America telemedicine equipment industry was worth USD 50 million in the year 2019 and is anticipated to showcase a 19% growth rate through 2026. On the other hand, Middle East & Africa market generated revenues worth USD 35 million in 2019 and is set to record a 17.5% CAGR during 2020-2026.
The top contenders in global telemedicine equipment industry are VSee, Sonka, Parsys, Poly, PZU Zdrowie, Olea Kiosk, OnMed, Maestros, Ergotron, InTouch Health, GlobalMed, CloudMD, Cura Carts, American Well, AMB Global Telemedicine, and AFC Industries among others.