Selbyville, Delaware, April 22, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on telehealth devices market which estimates the global market valuation for telemedicine equipment will cross US$ 7.9 billion by 2026. Increasing importance of social distancing and need to minimize the spread of COVID-19 infection to the physicians will drive the market growth. Countries have imposed partial or total lockdown in a bid to contain the corona virus pandemic.
Stringent regulations imposed by the federal governments will encourage the patients to seek healthcare services remotely. As telemedicine technology ensures healthcare services similar to in-person visits, a greater number of people will adopt telehealth services, thereby propelling the telemedicine equipment market.
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Telemedicine assist in reducing external costs that are associated with healthcare delivery. It limits the cost of transportation to nursing home or the physician and saves time spent in waiting rooms. Telemedicine is assisting in reducing the length of the average hospital stay wherein the bills for overnight stay in hospitals is expensive for majority of patients. Physicians can also increase the outreach to patient located in remote areas with scarce or limited healthcare services using telemedicine. Thus, with the growing penetration and awareness of telemedicine, overall cost of hospital visits has considerably reduced that has further propelled the market growth positively.
The telemedicine cart market is expected to show robust growth at 17.4% during 2020 to 2026. High growth is attributed to various technological advancements introduced by the manufacturers. For instance, on 22nd January 2019, American Well announced the launch of new acute care telemedicine cart for virtual specialist care. The American Well 760 Cart, allows acute care teams to bring a specialist on site at health systems. The system can be used for myriad of disorders including telepsychiatry and telestroke cases. Such technological advancements will spur the telehealth devices market demand.
Growing implementation of telemedicine services in hospitals, clinics and, ambulatory surgical centers are some of the factors that are boosting the market growth. Hospitals as an end-use segment is estimated to hold maximum revenue of USD 1.0 billion in 2019. Hospitals are estimated to witness significant growth across the forecast timeframe, owing to increasing number of telemonitoring cases due to growing COVID-19 infections. Furthermore, presence of state-of-the-art telemedicine equipment in the hospital settings is another major factor boosting product demand, thereby augmenting business growth.
Browse key industry insights spread across 200 pages with 286 market data tables & 25 figures & charts from the report, “Telemedicine Equipment Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/telemedicine-equipment-market
India telehealth devices market is projected to expand at a CAGR of more than 22% over the forecast period. India ranks 2nd in the Asia Pacific region in terms of number of COVID-19 positive cases. The exponential increase in the number of cases have led to country-wide lockdown since 25th March 2020. Amid country-wide lockdown, people needing healthcare services are inclining towards telemedicine and remote consultations. This will positively drive the telemedicine equipment industry across the country.
Some major findings of the telehealth devices market report include:
- Social distancing and need to contain COVID-19 pandemic will drive the market demand.
- Reduction in external healthcare costs will drive the industry.
- Technological advancements to be the major driving factor for telemedicine carts market.
- Minimizing the spread of COVID-19 infection among healthcare staff will lead to growth in the hospital segment.
- Competitors focus on expansion strategies in a bid to capture market share and strengthen revenue generation.
Some of the prominent players operating in the telehealth devices market share are AMD Global Telemedicine, Cura, American Well, VSee, Ergotron, H4D, Parsys, Poly, and GlobalMed. These players are undertaking numerous strategies for market expansion. For instance, in November 2019, American Well, announced the definitive agreement to acquire Align Telehealth; one of the leaders in telepsychiatry and behavioural telehealth services to health plans and hospitals. This acquisition will assist both the companies to offer extended telemedicine services, thus augmenting the revenue.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Telemedicine equipment industry 360⁰ synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. End-use trends
2.1.4. Regional trends
Chapter 3. Telemedicine Equipment Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Telehealth Devices Market Growth drivers
3.3.1.1. The COVID-19 outbreak and social distancing measures
3.3.1.2. Increasing technological advancements pertaining to telemedicine equipment
3.3.1.3. Adoption of telemedicine services to limit healthcare expenses
3.3.1.4. Growing prevalence of infectious diseases across the globe
3.3.2. Industry pitfalls & challenges
3.3.2.1. High cost of telemedicine equipment
3.3.2.2. Dearth of specific regulations
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By end-use
3.5. COVID-19 impact analysis
3.5.1. Impact of COVID-19 on major markets
3.5.1.1. Overview
3.5.1.2. U.S.
3.5.1.3. Canada
3.5.1.4. Germany
3.5.1.5. UK
3.5.1.6. France
3.5.1.7. Spain
3.5.1.8. Italy
3.5.1.9. Switzerland
3.5.1.10. China
3.5.1.11. Japan
3.5.1.12. Saudi Arabia
3.5.2. Impact of COVID-19 on industry segments, by 10 major markets (2020)
3.5.2.1. Telemedicine carts
3.5.2.2. Telemedicine kits
3.5.2.3. Telemedicine kiosks
3.5.2.4. Peripherals
3.5.3. Impact of COVID-19 on industry value chain
3.5.3.1. Research and development
3.5.3.2. Manufacturing
3.5.3.3. Marketing
3.5.3.4. Supply
3.5.4. Impact of COVID-19 on industry competition
3.5.4.1. Strategy
3.5.4.2. Distribution network
3.5.4.3. Product portfolio
3.5.4.4. Business growth
3.6. Porter’s analysis
3.7. Competitive landscape, 2019
3.7.1. Strategy dashboard
3.8. PESTEL analysis
Browse reports complete table of contents (ToC): https://www.gminsights.com/toc/detail/telemedicine-equipment-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.