© 2021 All rights reserved
Datavagyanik- Your Research Partner
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):
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:
“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
Western Europe Telemedicine Devices Market Coverage
Australia Telemedicine Devices Market Coverage
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:
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.
“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:
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.
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:
“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.
##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.
“Every Organization is different and so are their requirements”- Datavagyanik
Add the power of Impeccable research, become a DV client