Telemedicine Equipment Market Trends, Growth And Scope By 2033

Overview and Scope

Telemedicine equipment refers to the hardware and software tools healthcare professionals use to deliver remote medical care to patients. It enables healthcare providers to assess, diagnose, educate, and treat patients remotely, eliminating the need for in-person visits. This technology offers convenience, increased healthcare accessibility, reduced disease exposure, and enhanced medication adherence.

Sizing and Forecast

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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Segmentation & Regional Insights

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

North America was the largest region in the telemedicine equipment market in 2023. The regions covered in the telemedicine equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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.

The telemedicine equipment market report table of contents includes:

1. Executive Summary

2. Telemedicine Equipment Market Characteristics

3. Telemedicine Equipment Market Trends And Strategies

4. Telemedicine Equipment Market - Macro Economic Scenario

5. Global Telemedicine Equipment Market Size and Growth

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33. Global Telemedicine Equipment Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Telemedicine Equipment Market

35. Telemedicine Equipment Market Future Outlook and Potential Analysis

36. Appendix

List Of Tables:

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global Telemedicine Equipment Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global Telemedicine Equipment Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global Telemedicine Equipment Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 74: International Business Machines Corporation Financial Performance

Table 75: Medtronic plc Financial Performance

Table 76: Koninklijke Philips N.V. Financial Performance

Table 77: Resideo Technologies Inc.  Financial Performance

Table 78: Allscripts Healthcare Solutions Inc. Financial Performance

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