The Telemedicine Equipment Market, with a 2021 valuation exceeding US$ 3.5 Billion, is poised for substantial growth, projected to achieve an impressive 17.3% CAGR throughout the forecast period. As a result, the majority of outpatient oncology visits have been converted to telemedicine.
Though telemedicine services were integrated into most healthcare systems prior to the onset of the pandemic, they were only widely used during the COVID-19 crisis, which is primarily attributed to a lack of in-person visits as well as travel limitations and restrictions that encouraged clinicians to adapt to telemedicine-based consultations.
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Rising healthcare expenditures, technological breakthroughs, more remote patient monitoring, and the growing burden of chronic diseases are important drivers driving the growth of the telemedicine equipment market.
Globally, healthcare expenses are growing. The fundamental cause of growing healthcare expenses is increased consumption of healthcare services, which leads to increased consumer demand for inventive, telehealth monitoring devices and novel procedures, lifestyle variables, and so on.
It is due to cost-shifting from government programmes to private payers. Low reimbursement rates of telehealth machine and telemedicine machine have exacerbated the cost-shifting burden on hospitals and doctors, who charge higher fees to private payers for the same facilities, affecting health insurance premiums.
Telemedicine has decreased healthcare costs while boosting efficiency through improved chronic illness management, reduced travel times, pooled health professional staffing, and fewer and shorter hospital stays. Just because of these reasons, the telemedicine equipment market is likely to develop rapidly throughout the forecast period.
The increase of chronic illnesses is a worldwide problem that strains healthcare resources.
Tele-homecare is a novel approach to providing care, monitoring a patient, and disseminating information that makes use of cutting-edge telecommunications technology.
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Monitoring provides for the early detection of illnesses and the prevention of chronic problems.
Telemedicine is a fast-developing component of healthcare in the United States, owing to the country’s high adoption of innovative healthcare technology and the growing burden of chronic illnesses. Telemedicine adoption has improved care management, patients’ quality of life, and healthcare costs.
Rising demand for mobile technologies increased patient adoption of home care, and a reduction in hospital visits are likely to drive telemedicine equipment market growth throughout the forecast period.
The rise of telemedicine apps that assist Americans in becoming engaged in personal health management, particularly during the present COVID-19 pandemic, is a good trend in healthcare in the United States.
- Estshara, a Cairo-based firm that provides an online platform for health consultations and tele pharmacy services, received USD 500,000 in early investment from Egypt Venture in July 2021. The firm presently has over 2 million users and a track record of over 200,000 consultations.
- MediTelecare will launch “MediTely” on the market in May 2021. It is a direct-to-consumer mobile health technology aimed at the elderly population who live outside of long-term care institutions.
- Teladoc Health joined forces with Vivo in May 2021 to expand access to excellent healthcare in Brazil, notably through the use of telemedicine.
- Kry, a Swedish digital health start-up that provides telehealth services and software solutions to link physicians with patients for remote consultations, funded EUR 312 million in April 2021. Its telehealth platform and software solutions are used by around 6,000 practitioners.
- AMD Global announced its merger with PointClickCare Technologies, the global leader in cloud-based software solutions for the long-term and post-acute care (LTPAC) sector, in March 2021.
- BioTelemetry Inc. and Royal Philips agreed to a final merger agreement in December 2020.
- Morneau Shepell will introduce its first unified telemedicine solution in the United States in November 2020.
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