Telemedicine Equipment Market: Rapid development of technology and its rapid adoption is driving the market
Telemedicine Equipment: Introduction
- Telemedicine is the use of telecommunications and information technologies to share information and provide clinical care, education, public health, and administrative services
- High standard of living with sedentary lifestyle has fueled the advancement of telemedicine equipment in North America and Europe. Increased profitability of services, which can be attributed to the reduced infrastructure cost, with growing wireless telecommunication technologies have further boosted telemedicine equipment applications in North America and Europe.
- Hospitals across North America and Europe employ telemedicine as a standard assistive service and as an alternative to traditional medical services that they continue offering. Rapid development of technology and its rapid adoption has boosted innovation, thereby driving the telemedicine equipment market.
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Key Drivers and Restraints of Global Telemedicine Equipment Market
- Every country in the world is facing a critical shortage of doctors and nurses. The situation is worse in rural and remote areas. Hence, increasing shortage of physicians, need for increased & qualitative health care services, and rise in health care costs are anticipated to offer significant opportunities to key players in the telemedicine technologies and services market in the near future. According to a survey conducted by the Association of American Medical Colleges (AAMC), demand for physicians is projected to rise at a rapid pace as compared to supply, leading to a projected total physician shortfall of between 40,800 and 104,900 in the U.S. by 2030
- This shortfall is driven by projected stagnant supply levels for surgical specialists. Based on current trends, the number of newly trained surgeons is almost equal to projected future attrition. Hence, there is little projected increase in supply. However, there continues to be strong projected rise in demand.
- Telemedicine equipment are usually standalone solutions tailor-made for customer needs. However, standalone products incur high purchase and maintenance costs. Moreover, one needs to establish a dedicated space for telemedicine at his or her location. Therefore, developing a solution that can be embedded in the present operating system of the organization appears to be a more viable solution. Companies are focusing on the development and commercialization of equipment that can be easily integrated in the web-based systems of healthcare facilities. For instance, Vidyo, Inc. and AMD Global Telemedicine, Inc. collaborated to improve the web-based video telemedicine solution by integrating Vidyo’s browser-based video conferencing client VidyoWeb in AMD Global Telemedicine’s AGNES interactive software.
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North America to Account for Notable Share of Global Telemedicine Equipment Market
- In terms of geography, the global telemedicine equipment market can be segmented into five key regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are expected to hold a major share of the global telemedicine equipment market during the forecast period, owing to developed healthcare infrastructure and large patient population along with increasing technological development in these regions.
- North America accounted for a major share of the global telemedicine equipment market in 2019. This is attributed to rapid development and adoption of telecommunication technologies, government support in establishing a setup involving usage of new medical technologies for the benefit of people, and favorable reimbursement policies. Moreover, advent of new integrated solutions eliminating the use of standalone telemedicine devices is expected to drive the market in North America.
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Key Players Operating in Global Telemedicine Equipment Market
Manufacturers in the global telemedicine equipment market are increasingly investing in research & development of new and innovative drugs such as Alkeus Pharma's lead compound, ALK-001; Katairo GmbH lead product, Remofuscin; Gene Therapy to Activate ABCA4 for Stargardt Disease and Recombinant Enzyme for Age Related Macular Degeneration and Stargardt Disease. These players are also focused on offering highly efficient and patient compliant products.
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Leading companies operating in the global telemedicine equipment market are:
- AMD Global Telemedicine
- American Well
- InTouch Health
- AFC Industries
- Cura Carts
- Huawei Technologies Co., Ltd.
- InTouch Health
- PZU Zdrowie
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