The term telemedicine refers to the utilization of telecommunication technologies in the healthcare industry. Doctors use such technologies to diagnose or treat a patient remotely. Video telemedicine deals with that part of the telemedicine market, which is done through video conferencing.
The global telemedicine market was estimated to be USD 740 million in 2011. The market will grow to reach USD 877.50 million in 2012, and will grow at an estimated CAGR of 18.58% from 2012 to 2018, to reach USD 2440 million by 2018. The U.S and Europe hold the majority of the market share in the video telemedicine market.
The video telemedicine market could be segmented into three categories based on the type of business a vendor is involved in, into the following sub segments: equipment providers, technology providers, and telemedicine consultants. The market could again be segmented on the basis of end users into the following sub segments: consulting, surgery, education and others, and on the basis of applications into the following sub segments: cardiology, oncology, mental health, pathology, radiology and dental applications. The geographic segmentations of the video telemedicine market include: North America, Europe, Asia Pacific, and the rest of the world regions.
Rising cost of healthcare, lack of required number of medicine consultants, ground breaking technological advancements in the field of telecommunications, presence of a large number of underserved patients, and the serious government involvements in the video telemedicine frontier, are driving the video telemedicine market forward.
The video telemedicine market is relatively new and so is not completely understood by the end users or the vendors. The market is only prevalent in the developed continents such as Europe and the U.S. The developing and underdeveloped countries are still foreign to the video telemedicine concepts. All the aforementioned factors inhibit the growth of the video telemedicine market.
Innovations such as Consult a Doctor’s partnership with CSA Travel Protection to provide telemedicine care to the reward points holding customers of Marriot, are very helpful for the future growth of the market. The establishment of remote clinics to provide medical assistance to underdeveloped countries will also serve as an opportunity for the video telemedicine market in the future.
Some of the key players in the video telemedicine market are: Consult a Doctor, Philips, Bosch Healthcare, GE healthcare, Honeywell, Care Innovations, LG, Biotronik and others.
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