Telemedicine Device Market in the United States, Western Europe and Australia

Telemedicine Device Market (Virtual Care Medical Devices):

United States, Western Europe and Australia

The study covers detailed analysis on the United States telemedicine device market, Western Europe telemedicine device market and Australia telemedicine device market. In the year 2021, the United States, Western Europe and Australia together, generated a revenue of $1,180 million in telemedicine devices sales. This research study on Telemedicine devices market is exclusively on the three most potential target geographies which are the United States, Western Europe and Australia.

Expected compounded annual growth for the three geographies, for the time period (2022 2030):

• The United States Telemedicine Devices Market – 15%
• Western Europe Telemedicine Devices Market – 16%
• Australia Telemedicine Devices Market – 19%

This report on telemedicine medical devices, also called virtual care medical devices, covers detailed analysis on medical devices that are integrated with telehealth hardware equipment like a telemedicine cart/telemedicine case or a wall mounted telemedicine system. These devices are used for delivering virtual healthcare services and allow clinicians to perform a thorough patient examination while they are not physically present with the patient. A continuous rise in the demand for telemedicine carts and case is also fueling the market for these telemedicine medical devices.

Medical devices covered in this Telemedicine Devices Market (virtual care medical devices market) are:

• Telemedicine Digital Vital Signs Monitor
• Telemedicine Exam Camera, otoscope and dermatoscope
• Telemedicine Stethoscopes
• Telemedicine Digital ECG Devices
• Telemedicine Ultrasound Devices
• Telemedicine Spirometers
• Telemedicine Colposcope
• Telemedicine Ophthalmoscope
• Telemedicine Videoconferencing Cameras
• Other Devices

“The telemedicine device market size was $1,180 million in 2021 which is expected to surge to $5.5 billion by 2030. This is excluding the market for telemedicine hardware equipment (carts, cases, kiosks and tablets) and software”.

The United States Telemedicine Devices Market Coverage

• State level market analysis, revenue and sales break down, United States Telemedicine Cart & Cases Market trends and opportunity assessment
• States covered are California, Texas, Florida, New York, Pennsylvania, Illinois, Rest of the U.S.

Western Europe Telemedicine Devices Market Coverage

• Country level market analysis, revenue and sales break down, Western Europe Telemedicine Cart & Cases Market trends and opportunity assessment
• Countries covered are Germany, France, UK, Benelux, Italy, Spain, Austria and Rest of WE

Australia Telemedicine Devices Market Coverage

• Regional market analysis, revenue and sales break down, Australia Telemedicine Cart & Cases Market trends and opportunity assessment
• Regions covered are NSW, Victoria, Queensland, Western Australia, Rest of Australia

Telemedicine Device Market (virtual care medical devices market) Introduction

As mentioned above, telemedicine medical devices are connected medical devices that are used with a telemedicine set up like a cart, case, tablet, kiosk or a wall mounted set up. Some of the most important devices in this category are:

• Telemedicine Digital Vital Signs Monitor: This is a device that measures the vital signs like SpO2, Pulse Rate, temperature and blood pressure. This is most basic requirement for any telemedicine set up and hence, these devices are in very high demand. The cost of a telemedicine digital vital signs monitor is between $(700 to 1,500).
• Telemedicine Stethoscopes: Telemedicine stethoscopes are another most important telemedicine device used by remote healthcare practitioner to listen live heart and lung sounds in real time, from remote location. The cost of a telemedicine stethoscope is between $(400 to 1,200).
• Telemedicine Exam Camera: This is a very important equipment used for general medical examination and close-up skin inspections. These are video cameras systems that include high quality lend and LEDs. The camera can also be used with other lens types like otoscope & dermatoscope. In general, cost of a telemedicine exam camera, including otoscope & dermatoscope lens, is between $(1,500 to 5,500).

Apart from this, there are other devices like ECG devices, ultrasound devices, spirometers, colposcope, ophthalmoscope and others. The report covers market analysis, price trends and detailed analysis on each of these devices across regions and countries.

The biggest advantage of telemedicine devices is that these are connected devices and are capable of transmitting patient data in real time to the clinician. Hence, a real time patient examination is possible through these devices just like a face to face examination. For example, a telemedicine stethoscope transmits live patient heart and lung sounds to the doctor. Similarly, a telemedicine ECG device streams ECG data from the patient to the clinician.

Telemedicine Devices Market Trends

Telemedicine devices are not a new thing and these have been in the market for quite some time. However, the Covid 19 pandemic has contributed massively to the rise in the popularity of these devices in the recent past. In the year 2020, the demand for telemedicine services increased by around 60 times in the United States in comparison to 2019, and a similar trend was observed in the Western Europe and some other countries of the world. As the pandemic has subsided, this steep growth trend has stabilized, however, there has been a cultural shift in the delivery patterns and technological adoption.

Service providers have reimagined how virtual care can be an integral part of their organization. Hospitals and healthcare systems not only in the developed markets but across the world have started embracing telehealth in their organizational framework.

• Location and time independent healthcare: Clinicians have realized that telemedicine infrastructure has the capability to revolutionize the healthcare industry by allowing them to cater to multiple locations at the same time irrespective of their physical presence. Modern, connected telemedicine equipment are capable of patient diagnosis even in the most critical situations like heart failure and critical traumatic injuries.
• Time and cost savings: Telemedicine is helping hospitals as well as patients to save costs and time. American Journal of Emergency Medicine states that there is a saving of $(19 to 121) on each telemedicine visit. This is just because virtual visits are charged relatively lesser in comparison to actual face to face visit. Moreover, there are additional savings such as transportation costs etc. In coming years, this technology will expand to emerging economies where there are affordability concerns related to healthcare.
• Healthcare in remote locations: There are remote locations which lack proper healthcare quality. Telemedicine is the most effective way to deliver healthcare services in such locations. Even large service providers can expand their presence quickly in outskirts and remote locations by the use of telehealth technologies. In the United States, around 15% of the population lives in rural areas. In many emerging economies, the share of rural population is as high as 60%. Hospital chains can open their virtual care centers in targeted rural areas and effectively use telemedicine carts and case along with connected telemedicine devices to cater to the healthcare needs of these people.

“Telemedicine technology is a boon for patients as well as clinicians/healthcare service provider. On one hand, while the patients have access to the best healthcare professionals from their home, clinicians have the opportunity to expand their presence, reach out to a broader target audience and also their time and effort”

U.S., Western Europe and Australia Telemedicine Devices Market Size and Forecast

The entire telemedicine equipment market comprises of telemedicine hardware and medical devices. Hardware devices include carts, cases, kiosks and tablets. Medial devices include products like vital signs monitor, telemedicine stethoscopes, exam cameras, ECG devices, ultrasound devices, spirometers, colposcope, ophthalmoscope and others.

In the year 2021, the market for telemedicine devices in the U.S., Western Europe and Australia stood at $1,180 million. This is only the market for telemedicine medical devices and does not include hardware devices (carts, cases, kiosks and tablets).

The United States telemedicine devices market size was $690 million in 2021. The country will continue to be the largest market for the next 10 years. Western Europe region is the second largest market for telemedicine equipment in 2021 with a global market share of 20%. Five largest European telemedicine device markets in 2021 were – Germany, Italy, France, Spain and UK. Australia is the fastest growing market among these three geographies.

Telemedicine adoption trends by specialty

In the present scenario, telemedicine is finding most of its application in non-invasive care (both critical and non-critical. Vital signs monitoring, ear nose & throat examination, dermatology, ophthalmology, audiology, women’s health and cardiology are among the ones where telemedicine is most commonly being used. Hence, the demand for telemedicine general exam camera, vital signs monitor, ECG device, dermatoscope, otoscopes, spirometers and other devices are increasing notably.

United States Telemedicine Device Market Size and Trends

The United States accounted for over 50% of the Global telemedicine devices market revenue in 2021. Telemedicine devices market in the United States generated $690 million in sales revenues in 2021 and the demand will rise at a CAGR of over 15% for the next six years.

During the Covid 19 pandemic, the healthcare ecosystem of the country was badly affected and the population was struggling to get access to healthcare during the lockdowns. This was the time when the government of United States intervened and started taking steps to promote telehealth.  The Federal Communications Commission has provided two rounds of COVID-19 Telehealth funds to healthcare organizations in order to support the implementation of telemedicine and to keep the healthcare services running during the pandemic. For example, in In May 2020, Yale New Haven Health, the leading hospital in United States, was awarded a grant of $2,875,781 to expand telemedicine during the pandemic.

Top users of telemedicine in the country are hospitals, clinics, long term care facilities, military & government, emergency medical services and others.

On Going Technological Advancements in Telemedicine Devices Market in the United States, Western Europe and Australia

This market is witnessing continuous advancements in terms of technologies and new products are being developed to match with needs of real time patient examination in the best way. Some of the ongoing developments are:

• Most telemedicine medical devices are now available in a wireless variant which earlier were only USB connection based. Devices such as stethoscopes, ECG, examination cameras and most others can now be used in a wireless mode through Bluetooth connectivity.
• Camera and lens quality in the devices are being improved. This is to facilitate a better examination. High magnification lens and multiple ultra-bright LEDs are being used in these devices.
• Top telemedicine equipment players like Amwell and Teladoc have started using wearables to monitor vital signs in place of conventional monitors.
• Companies are also trying to make the telemedicine devices slimmer and lighter so that these are easily movable and transferrable.

Smart hospitals and clinics in the United States are spending heavily on Telemedicine

Telemedicine device companies are partnering with hospitals, clinics and other healthcare providers to increase their sales. Amwell and Teladoc are the top two telemedicine solution providers that capture the largest share in the United States. However, it should be noted that both these companies are buyers of telehealth equipment for their carts and cases from manufacturers like 3M, JedMed, Welch Allyn, Firefly and other manufacturers.

• Cleveland Clinic has partnered with Amwell for telemedicine equipment and supplies. The two companies also have come up with a joint venture named “The Clinic™”, under which, Cleveland Clinic will provide medical services using the Amwell telehealth platform.

Telemedicine Devices Market, Restraints and Challenges

Although telemedicine is a very effective method of improving healthcare, the adoption still remains very low even in the most developed countries around the world. In the United States, just 15% of the healthcare service providers have currently adopted telemedicine in their framework while the rest are yet to do this. In fact, most service providers are still evaluating the ways how the technology can be implemented in their organization. Cost is also a restraining factor in the mass scale adoption of this technology. Let us have a quick look on the implementation costs of telemedicine in an organization:

• The cost of a telemedicine cart costs around $10,000 and the add on medical devices such as exam camera, stethoscope, otoscope and others based on organizational requirements, cost $(7,000 to 10,000). Apart from this, there is a recurring software cost associated which is $(3,000 to 4,500) per system/year.
• There are several telemedicine companies selling low-cost carts, cases and medical devices. However, these products are sub standard and compromise on several aspects like low quality cameras etc.

“In order to penetrate into mass market and in emerging economies, telemedicine device and equipment providers will have to come up with a more cost-effective solution, without compromising on quality”.

Telemedicine Device Price Trend

Telemedicine devices are costlier than the regular medical devices due to the reason that these are equipped with advanced camera systems, digital technologies and IoT connectivity. The prices of telemedicine devices have increased in past couple of years mainly due to the surging demand and limited number of quality suppliers.

Top 5 Companies in the United States telemedicine devices market, Western Europe telemedicine device market, Australia telemedicine device market, 2021

1. JedMed (a leading supplier of exam cameras to top telemedicine equipment companies like Amwell, Teladoc and GlobalMed).
2. 3M (a leading supplier of stethoscope to top telemedicine equipment companies like Teladoc, Amwell Dictum and many others)
3. Welch Allyn (a leading supplier of ophthalmoscope and ECG suite to top telemedicine equipment companies like GlobalMed, AMD and many others)
4. Firefly (is a leading supplier of exam camera, endoscopes and ophthalmoscopes and to top telemedicine equipment companies like Dictum and Advantech)
5. Thinklab (is a leading supplier of stethoscope to top telemedicine equipment companies like Advantech, Amwell and many others)

Key Insights that the Telemedicine Device market analysis report presents are:

• Global Telemedicine Device market revenue and demand in the United States, Western Europe and Australia
• Target customers and product segments that are relatively more potential and are faster growing
• Global Telemedicine Device market competitive scenario, market share analysis
• Global Telemedicine Device market business opportunity analysis

##Related tags – United States telemedicine device market, Western Europe telemedicine device market, Australia telemedicine device market, telemedicine accessory market, telemedicine virtual care devices market, Telemedicine Digital Vital Signs Monitor, telemedicine exam camera market, telemedicine stethoscopes market, telemedicine otoscopes market, telemedicine digital ECG devices market, telemedicine ultrasound devices market, telemedicine spirometers market, telemedicine colposcope market, telemedicine ophthalmoscope market, telemedicine videoconferencing cameras market.