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Telemedicine Equipment Market Share Analysis, Trends, Growth Report 2024-2033
Telemedicine Equipment Market Share
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Telemedicine Equipment Market 2024 Key Insights:
• The telemedicine equipment is expected to grow to $11.25 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%.
• The Role of Telemedicine Equipment in Addressing the Global Surge in Infectious Diseases
• Telemedicine Companies Embrace RDMP for Enhanced Profitability and Advanced Healthcare Solutions
• North America was the largest region in the telemedicine equipment market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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