Video Telemedicine Market
Video Telemedicine Market (Communication Technologies: 3G, 4G, ADSL, B-ISDN, and Satellite Communication; Applications: Cardiology, Dermatology, Neurology, Orthopedics, Oncology, Pathology, Radiology, Gynecology, & Dentistry) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Press Release :
Video Telemedicine Market – Snapshot
A perfect combination of Information Technologies and Telecommunications, Video telemedicine is a boon to the healthcare industry, providing patients with the last mile connectivity that was elusive few years back. And, as awareness levels in these areas increase, demand from patients for video telemedicine increases leading to growth in the concerned market, which is set to chart a double digit CAGR (Compound Annual Growth Rate) of 16.5%, taking the market worth up to USD 1624.4 from USD 559.0 million in 2013. Thus, it does not come as a surprise that the disruption is paving the way to care provision in the farthest corner of the globe and will generate a slew of opportunities in the market landscape.
It is worth mentioning here that the world sees rapid ageing and rise in the incidence of Other factors that are critical to drive growth in the market include rising prevalence of white coat disorders, Hospital Acquired Infections, and demand for faster prognosis. Overall, the market is slightly fragmented and key players include Vermont Tel, Life-size Communication Inc., Cisco Systems Inc., Logitech International S.A, Premier Global Services Inc., Huawei Technologies Co Ltd, Sony Corporation, GlobalMed Inc., VSee lab Inc. and Vidyo Inc.
Gynecology Segment to Dominate the Global Video Telemedicine Market over the Forecast Period
The report is segmented by communication technology, application and technology, and geographies. The first segment is divided into the following sub segments – 3G (GSM, CDMA, Others), 4G (LTE, WiMax, Others), Satellite Communication, ADSL (Asymmetric digital subscriber line), Broadband ISDN (Integrated Services Digital Network). And, by application, the sub segments include Cardiology, Dermatology, Neurology & Psychiatry, Orthopedics, Oncology, Radiology, Pathology, Gynecology, and Dentistry.
Here, it is worth noting that the highest growth would be observed in gynecology sub-segment as awareness regarding female health is rising. Besides, more and more women are now entering the workforce, raising disposable incomes and spending power. However, the sub segment growing swiftly is the neurology sub segment. This pace is attributable rise of cases related to the psychiatry domain. Incidence of Parkinson’s and Alzheimer’s is at an all-time high. And, as the geriatric population is rapidly increasing – one in every six people by 2050 - the segment will only see a further increase in revenue.
North America to Hold the Spotlight in Terms of Global Video Telemedicine Market Share over the Forecast Period
The global video telemedicine market report is segmented in to the following regions – Europe, North America, Asia Pacific (APAC), and Rest of the World. In the past North America, followed by Europe held the largest share and as per analysts, the trend is going to continue over the forecast period. The growth is attributable to a mature landscape for video telemedicine and a high technological adoption across the region. And, as innovation continues across the landscape, thanks to major presence of prominent players, the region will only see further growth over the forecast period.
It is worth mentioning here that one of the other regions that will chart a significant CAGR over the forecast period is that of Asia Pacific. The untapped opportunities would arise in a large part of the region. The terrain and lack of high quality medical care present in a number of these regions is a major factor behind the supreme attractiveness of the region for global video telemedicine market players. This, again will lead to a higher trajectory charted by the global video telemedicine market.
The global video telemedicine market is treading along a lucrative pathway in recent times. There is increased demand for remote patient monitoring across the globe, and this factor has brought telemedicine under the spotlight of attention. Healthcare IT has become a crucial component of the digital healthcare infrastructure. The healthcare industry has evolved into a digital ecosystem that consist of telemedicine, electronic health records, and patient monitoring. Successive deployment of technologies has produced remarkable results in several regions including the US, Norway, Denmark, and parts of Central Europe. Henceforth, the global video telemedicine market is an important juncture in its journey to fruition.
- The geriatric population has emerged as the most prominent consumers of video telemedicine. This mode of healthcare enables this population demographic to access healthcare services without any hassles or discrepancies. People in the latter stages of their life become bedridden, making it necessary to subscribe to remote medical facilities. In this scenario, video telemedicine has emerged as an important factor responsible for advancements in healthcare.
- A look into the digital landscape of the healthcare industry reveals key improvements in telemedicine. Video telemedicine is an advanced version of communications between patients and healthcare practitioners. Several new mobile apps have been developed to facilitate telemedicine, and this is an important consideration from the perspective of market growth.
- Based on regions, video telemedicine as a service has matured disparately across various countries. The US has stayed at the helm of advancements in healthcare, and this factor has aided growth across the North America market. Efforts of the National Health Service (NHS) in the UK have also led to the development of intelligent telemedicine facilities. The Scandinavian countries deploy smart health technologies with a sound level of dexterity. Therefore, the Europe video telemedicine market is set to expand at a sturdy pace.
A survey conducted by the United Nations revealed that about 46% of the global population resides in rural areas, with little or no access to appropriate healthcare facilities. The advent of video telemedicine and deployment of superior communication technologies will enable the rural population to obtain timely and affordable healthcare assistance. Video telemedicine capitalizes on wireless technologies and high-quality video capturing devices to facilitate remote connectivity to offer timely healthcare assistance to the rural population.
The research report is compiled to provide a comprehensive blueprint of the global video telemedicine market. The elementary components shaping the development of the market are analyzed in the report to define the determinants of market growth and examine the potential market restraints. The report evaluates the market in terms of distinct product segments, consumer groups, end-use industries, critical applications, distribution network, and key geographic regions.
For a more comprehensive overview, the report segments the video telemedicine market in terms of communication technology, applications, and geography. Based on communication technology, the market is divided into satellite communication, 3G, 4G, Broadband ISDN, and ADSL. With regard to application, the market is classified into dermatology, oncology, dentistry, cardiology, orthopedics, pathology, radiology, gynecology, and neurology & psychiatry.
Overview of the global video telemedicine market
The global video telemedicine market is projected to expand from its market value of US$559.0 million in 2013 to an estimated total of US$1,624.4 million by the end of 2020. Based on the projections, the market is likely to develop at a remarkable 16.5% CAGR between 2014 and 2020.
As early as the 1980s, telemedicine largely relied on the progress exhibited by the video conferencing technology. However, with the integration of webcams, high-quality video sensors, and fiber optic broadband systems, the video telemedicine market has revolutionized modern medicine by enabling face-to-face communication between healthcare service providers and patients.
Impelled by factors such as rapidly increasing geriatric and disabled populations, favorable government initiatives encouraging the use of the latest technology in medicine, enhanced cost and time efficiency offered by the technology to the healthcare sector, and proliferation of new communication technologies, the market for video telemedicine is expected to demonstrate robust growth during the forecast period.
However, resistance in rural areas to accept new technologies, inadequate network infrastructure at present, and lack of skilled staff will emerge as the major bottlenecks for the market. Nonetheless, the untapped markets in emerging economies will present significant market opportunities for the market players in the healthcare sector.
Companies mentioned in the research report
The video telemedicine market primarily comprises system integrators, manufacturers, and network solution providers. Among the device manufacturers, key players in the market are AMD global Telemedicine and Logitech International S.A. Cisco Systems Inc. leads the market among the network service providers. Polycom Inc. is the most prominent among system integrators. Other key players in the market are Sony Corporation, Siemens Healthcare, Vermont Tel, Permier Global Services Inc., VSee lab Inc., Huawei Technologies Co Ltd, GlobalMed Inc., LifeSize Communication Inc., Vidyo Inc., and ZTE Corporation.
Global Telemedicine Market Segmentation, by Communication Technology
- 3G (GSM, CDMA, Others)
- 4G (LTE, WiMax, Others)
- Satellite Communication
- ADSL (Asymmetric digital subscriber line)
- Broadband ISDN (Integrated Services Digital Network)
Global Telemedicine Market Segmentation, by Application
- Neurology & Psychiatry
Major geographies analyzed under this research report are:
- North America
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments