Press release
Telemedicine Equipment Market Size Forecasted To Achieve $13.24 Billion By 2029 With Steady Growth
Telemedicine Equipment Market
What Is the Current Telemedicine Equipment Market Size and Its Estimated Growth Rate?
There has been a swift expansion in the size of the telemedicine equipment market in the past few years. The market forecast indicates an increase from $5.92 billion in 2024 to $6.95 billion in 2025, with a compound annual growth rate (CAGR) of 17.4%. Factors that contributed to this growth during the historical timeframe include an escalating demand for remote health services, the advent of new technological advancements that facilitate telemedicine solutions, the rise in healthcare costs driving the necessity for cost-efficient alternatives, the enhancement of internet connectivity and infrastructure, along with growing cognizance and endorsement of telemedicine by healthcare professionals and patients.
We anticipate a quick expansion in the telemedicine equipment market, with the projected size likely to reach $13.24 billion by 2029, following a compound annual growth rate (CAGR) of 17.5%. This upsurge during this period is predicted due to factors such as the adoption of 5G technology facilitating better connectivity, a surge in the global aging population and chronic illnesses, governmental plans endorsing telehealth services, assimilation of artificial intelligence into telemedicine solutions, and the development of telemedicine in nascent markets. During the forecast period, some of the major trends likely to be observed include technological advancements, product innovations, investments, and partnerships.
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How Are Emerging Segments Shaping the Telemedicine Equipment Market Landscape?
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
Subsegments:
1) By Telemedicine Cart: Mobile Telemedicine Carts, Stationary Telemedicine Carts
2) By Telemedicine Kit: Basic Telemedicine Kits, Advanced Telemedicine Kits
3) By Telemedicine Kiosk: Self-Service Kiosks, Staff-Assisted Kiosks
4) By Peripherals: Diagnostic Cameras, Vital Signs Monitors, Stethoscopes, Otoscopes, Other Diagnostic Devices:
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Which Growth Factors Are Influencing Telemedicine Equipment Market Expansion?
The increase in incidences of infectious diseases is predicted to contribute to the expansion of the telemedicine equipment market. Infectious diseases, characterized by harmful microorganisms like bacteria, viruses, parasites or fungi, can transmit from one person to another or from animals to humans. Telemedicine permits healthcare authorities to facilitate remote consultations, helping patients gain medical advice and direction without needing to visit a healthcare center physically. The Australian Bureau of Statistics, a government unit based in Australia, indicated in September 2023 that there were 9,859 COVID-19 fatalities in Australia in 2022, a stark escalation from 1,122 in 2021 and the crude death rate climbed from 4.4 to 38 per 100,000. Likewise, Influenza mortalities surged from 2 in 2021 to 305 in 2022. Hence, the escalating occurrence of infectious diseases is steering the growth of the telemedicine equipment market.
Who Are the Dominant Players Across Different Telemedicine Equipment Market Segments?
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.
What Trends Are Driving Growth in The Telemedicine Equipment Market?
Leading firms in the telemedicine equipment industry are concentrating on creating innovative solutions, such as AI-enabled telemedicine equipment to advance remote healthcare provision and augment patient outcomes. AI-powered telemedicine equipment encompasses sophisticated healthcare apparatus and methods that employ artificial intelligence for remote patient diagnosis, observation, and treatment. For example, in June 2024, C3 Med-Tech Private Limited, an organization based in India that manufactures inexpensive and portable smartphone ophthalmic screening devices, received a confidential investment from Industrial Metal Powders to introduce groundbreaking telemedicine and AI-equipped portable devices for efficient eye examinations and instant detection of eye diseases. The combination of telemedicine and AI technology enables immediate precise diagnoses, increasing opportunities for prompt interventions to circumvent vision loss and blindness. This key investment signifies a substantial achievement for C3 Med-Tech, allowing the firm to widen its reach both in India and internationally through advanced marketing, team growth, and exploratory development efforts for future product innovation.
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Which Geographic Regions Are Expected to Dominate the Telemedicine Equipment Market in the Coming Years?
North America was the largest region in the telemedicine equipment market in 2024. The regions covered in the telemedicine equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Telemedicine Equipment Market?
2. What is the CAGR expected in the Telemedicine Equipment Market?
3. What Are the Key Innovations Transforming the Telemedicine Equipment Industry?
4. Which Region Is Leading the Telemedicine Equipment Market?
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