The global telemedicine cart market value is expected to reach around US$ 1,740 Mn by 2026 and is anticipated to grow at a CAGR of around 22% in terms of revenue during the forecasting period 2019 to 2026.
Increasing technical research and development in the telemedicine industry is improving the overall telemedicine cart business. Increasing demand for rural health-care services and rising government initiative. Growth in the telemedicine carts industry is due to increasing use of home monitoring devices, and increased benefits for chronic disease patients. Increasing small-scale production cooperation with large-scale manufacturers providing better investment opportunities in the forecast period would fuel the telemedicine cart industry.
Market Drivers and Challenges
Increasing costs for hospital treatment services is a major factor driving market demand. The rise in the incidences of chronic diseases worldwide is directly ascribed to help this market's growth. Increasing prevalence for effective treatment procedures in rural areas propels the telemedicine market's growth rate. The use of electronic health records in every hospital where a provider is able to browse patient health data everywhere increases market demand.
Nevertheless, the cost of installing and managing monitoring devices is a bit costly and this aspect steadily hampers market demand. The lack of skilled individuals in evaluating the case from remote locations impedes the market's growth rate. Rapid changes in the economic strategies can restrict telemedicine market demand. The government's stringent rules and regulations regarding the launch of new applications are a challenging attribute to market developers.
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North America held significant share in global telemedicine cart market and anticipated to continue its dominance over the forecast time span. Rising spending on health care would increase demand for price-sensitive alternatives. The increasing number of telemedicine payment providers would accelerate acceptance of the system. In addition, an increasing market propensity towards home care and a participation of key players in the region would lead to the growth of the regional sector.
Asia Pacific is projected to grow at fastest CAGR during forecast period. The region represents a large percentage of the global population, the majority of who reside in rural areas. Increasing complexity of telecommunications services, coupled with increased internet penetration, should prove conducive to growth in the sector. In addition, government initiatives fostering telemedicine development will increase the adoption of telemedicine solutions. These factors will boost Asia Pacific’s market share for the telemedicine cart. Due to shortage of resources and structural hurdles, Latin America and Middle East & Africa anticipated to show slow growth trend in the estimated year 2019-2026
About the Market
Telemedicine carts have the potential to help promote health services delivery to regions that lack facilities for the diagnosis of major diseases. Modern advances in electronic communication technologies have seen improvements in various telemedicine operating systems. Telemedicine carts can be used for various purposes, such as health, medical and logistical purposes, which will create enormous potential for the telemedicine carts industry to expand in the coming years. With the popularity and growth of artificial intelligence utilization in several fields such as telemedicine in the future will spur the telemedicine cart market.
Key Players & Strategies
Top companies operating in the global market are AMD Global Technologies, American Well, Ergotron, Poly, Parsys, and others.
2019, The Polycom and Plantronics merged to form Poly. This will allow Plantronics access to audio capabilities from Polycom which will be built into their telemedicine solutions. But Poly extended its activities by combining the best of its technologies.
Telemedicine Cart Market By Product
- Single Display Medical Cart
- Dual Display Medical Cart
Telemedicine Cart Market By Application
- Clinic & Hospitals
- Earthquake Relief
- Field Medical Training
Telemedicine Cart Market By Geography
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of MEA