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.
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.
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.
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.
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
Global Telemedicine Equipment Market: Research Scope
Global Telemedicine Equipment Market, by Product
- Telemedicine kit
- Telemedicine kiosk
- Peripherals - Digital camera, Digital scopes, Others
- Telemedicine Cart - Single display cart, Dual display cart, Others
Global Telemedicine Equipment Market, by End-user
- Specialty centers
- Home care settings
Global Telemedicine Equipment Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.