Telemedicine Equipment Market Expected to be over $14 Billion by 2030

A recent report has estimated that the Telemedicine Equipment Market worth is expected to grow to over $14 billion by 2030. The study was conducted by Acumen Research and Consulting, a global provider of market intelligence and consulting services to various markets such as information technology and telecommunication. 

In 2021, the global telemedicine equipment market was valued at approximately $3.5 billion. However, researchers believe the market’s compound annual growth rate will remain at 17.2 percent until 2030. The major growth comes as a result of the COVID-19 pandemic. Healthcare providers had to quickly adapt to alternative healthcare practices in order to prevent the spread of the virus. Hospitals, clinics, and physicians turned to telemedicine to deliver healthcare services. 

The healthcare sector’s transition to telemedicine services has demonstrated the many benefits to the technology. Telemedicine has shown to enhance long-term healthcare services and patient safety. Additionally, the technology offers a brand-new and improved method for patients to communicate with healthcare providers and store their health information. As a result, patient accessibility is improved and the quantity of visits that both patients and medical professionals may be required to make is reduced. Telemedicine can also encourage patients to accept more responsibility regarding their own protection, to improve patient access to healthcare, expedite patient treatment, to improve patient medical record accuracy, and reduce cost of care. 

The researchers of the report believe that there are several reasons for rapid growth of the telemedicine equipment market. These include large government spending on the healthcare information sector, the intense focus of key figures on encouraging innovation in digital management and therapy, continuous innovations in medical diagnostics, advancements in telehealth software and improved healthcare facilities, and growing preference among physicians and patents for virtual consultations. 

Despite these incentives for growth, the telemedicine equipment market may be burdened by a lack of telemedicine awareness and appreciation among healthcare professionals and service providers. Telemedicine can be unappealing to providers as a result of limited reimbursement policies. Healthcare providers must adapt to the changing healthcare landscape and recognize the many benefits of telemedicine in order to provide the best quality of care to their patients.