Press release
What's driving the Telemedicine Cart Market growth? Key Players are: American Well, Poly, AMD Global Telemedicine, Parsys, and Rubbermaid
Telemedicine Cart Market
Telemedicine Cart Market is expected to exceed USD 1.5 billion by 2026.
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Some major findings of the telemedicine cart market report include:
- Increasing technological advancements related to telemedicine carts will be a major factor affecting the telemedicine cart market growth
- Reduction of healthcare expenses owing to the implementation of telemedicine services will foster the market expansion
- Major players operating in the telemedicine cart market include American Well, Poly, AMD Global Telemedicine, Parsys, and Rubbermaid.
- Competitors focus on inorganic growth strategies such as mergers and acquisitions to increase market share and gain an edge over the competition
Growing technological advancements in telemedicine carts will have a major positive impact on the market growth over the analysis timeframe. As market players continue to innovate, telemedicine carts grow increasingly sophisticated. Modern telemedicine carts often include additional features such as sensors for pulse rate, oxygen saturation and advanced imaging solutions. This will lead to product adoption among the consumers. Furthermore, technological advancements are positively augmenting the ease of use and accuracy of diagnoses, this will lead to an increased adoption among medical professionals. Hence, technological advancements will significantly drive the telemedicine cart market.
Telemedicine carts are also used to provide remote consultation services to patients. Remote consultations save time and money for the patient as there is no need to commute, which reduces overall healthcare expenses. For instance, in U.S., the per capita healthcare expenditure is more than USD 10,000. With implementation of telemedicine services and adoption of telemedicine carts, the overall healthcare expenditure will decrease. Hence, decreased healthcare expenses owing to implementation of telemedicine carts will foster the market growth.
Product segment of telemedicine carts market is bifurcated into single display carts, dual display carts, and others. Dual display cart segment held revenue of USD 164 million in 2019 and will witness significant growth over the forecast period. Dual display carts use two monitors for display and can be used in video conferencing with multiple caregivers or display vital information while teleconferencing. Moreover, increasing technological advancements in telemedicine carts will further fuel segmental growth.
By operation, telemedicine carts are classified as powered and non-powered. The powered segment is further classified as LiFe (Lithium iron phosphate) and SLA (sealed lead acid) battery powered. The powered segment will witness a CAGR of 21.9% over the forecast period owing to its advantages such as not being dependent on a power source and can be used in remote areas where the power connection might be unstable. Furthermore, during emergencies, when there is no power available, battery powered telemedicine carts will be the preferred product. These factors will contribute to segmental growth.
Based on lift technology, the telemedicine carts market is segmented into manual and electronic. The electronic powered lift segment had a market share of approximately 60% in 2019. The electronic powered lift systems do not need manual adjustments, and usually have a memory setting to select the height setting by default. Advantages provided by the nature of electronic lift technology such as convenience and ease of handling will be a factor positively impacting segmental growth.
By end-use, telemedicine cart market is bifurcated into hospitals, clinics, specialty centers, and home care settings. The home care segment was valued at USD 51 million in 2019 and will witness lucrative growth over the forecast period. Increasing inclination of patients towards home healthcare and reduced expenses associated with remote consulting will be factors positively impacting segment growth.
The U.S. telemedicine market is forecasted to witness a lucrative growth of 21.2% across the analysis period. High growth can be attributed to high healthcare expenditure along with strong presence of key market players in the region. Furthermore, a large percentage of population in the remote areas will be another factor propelling the regional business growth.
Few notable companies operating in the telemedicine cart market include Poly, American Well, AMD Global Telemedicine, Parsys, GlobalMed, InTouch, and Ergotron. These market players are implementing various strategies to increase their geographical presence and consolidate their market share. For instance, in April 2018, American Well acquired Avizia a leading player in acute care telehealth. This acquisition has strengthened American Well's product portfolio and increased their customer base.
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Report Content
Chapter 1. Methodology
1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary
Chapter 2. Executive Summary
2.1. Telemedicine cart industry 360 degree synopsis, 2014 - 2025
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Operation trends
2.1.4. Lift technology trends
2.1.5. End-use trends
2.1.6. Regional trends
Chapter 3. Telemedicine Cart Industry Insights
3.1. Industry segmentation
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