Telemedicine cart equipment to witness demand across hospitals
According to Global Market Insights, the global telemedicine equipment market size is expected to cross $7.9bn by the end of 2026. Telemedicine equipment market share is witnessing considerable gains due to regulations established by the governments, in both developed and developing nations, such as the announcement of total or partial lockdown in a bid to control the coronavirus spread.
The recent COVID-19 pandemic that has affected millions across the globe is supporting the need for social distancing and requires the need to reduce stepping out of homes to control the spread of the pandemic.
Strict rules established by the governments will motivate the patients to seek medical services remotely. Since telematics offers medical services similar to in-person healthcare visits, a greater number of people will use telehealth services in the coming years to avoid the contraction of any infection from doctors or other healthcare professionals.
Telemedicine helps in reducing the cost associated with the delivery of healthcare services. It also controls the cost of transportation to physicians to nursing homes and saves time spent in the waiting rooms. The technology helps in reducing the length of stay in hospitals where the cost of stay is extremely expensive.
Physicians with limited healthcare solutions can reach patients based in rural and remote areas with the help of telemedics. With the increasing penetration and awareness among people regarding telematics, there will be a significant decline in the number of hospital visits in the coming years, driving the developments across telemedicine equipment market.
The telemedicine cart will enjoy widespread demand in the coming years and will register a growth of 17.4% in terms of revenues between 2020-2026. Advanced technologies are adopted by manufacturers to offer more innovative solutions. Initiatives are undertaken by the telemedicine equipment providers to constantly introduce the latest technology in workings to expand customer base and global footprint. Prominent telemedicine industry players include AMD Global Telemedicine, H4D, GlobalMed, and Ergotron, among various others.
In January 2019, Boston based telemedicine company- American Well introduced a new acute care telemedicine cart for virtual expert care. The American Well 760 Cart permits acute care teams to bring a medical expert on-site at health systems. The system may be used to treat various disorders such as telestroke and telepsychiatry cases.
India has recorded the second-highest number of coronavirus cases in Asia Pacific in 2020 and initiatives undertaken by the government in the region are supporting the adoption of digital healthcare solutions to control the rising cases as well as support Digital India. Reportedly, India telemedicine equipment industry is expected to record a notable CAGR of over 22% through 2020 to 2026.
In a bid to control the rising coronavirus cases and consequent deaths, the government of India announced a countrywide lockdown on March 25, 2020. During the lockdown, people are turning to telemedicine services for their healthcare needs.
An increasing volume of investments made by private institutions along with governments to increase the number of hospitals, especially in the developing nations is a major factor supporting the demand for telehealth services. Hospitals witnessed a considerable increase in the number of telemonitoring requirements due to increasing cases of COVID-19 infections. Moreover, the availability of telemedicine equipment in hospitals is a vital factor amplifying access to the products.
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