Video telemedicine is the precise mix of data advancements and media transmission to offer social insurance benefits even remotely. Video telemedicine market is foreseen to showcase lucrative development openings over the forecast duration attributable a number of factors, for instance, rising demand for human services for individuals residing in remote regions and segregated groups. Furthermore, mechanical progressions, for example, the advancement in portable coordinated effort advances that can enable the social insurance experts' to share data in various areas, growing pool of outpatient visits and rising interest to decrease general cost of human services are a few factors that are relied upon to support market development. In addition, surging frequencies of hospital acquired infections, prevalence of white coat disorder and rising interest for fast and effective prognosis are few elements which are required to support the video telemedicine market development.
The developing interest in the midst of patients living in remote and out of reach places for human services administrations will drive the business in the coming years. Improvement of versatile advancements allowing trade of restorative data to different areas by master therapeutic experts, continually expanding number of outpatients and endeavors to decrease medicinal services costs are additionally prone to fuel worldwide video telemedicine market.
The worldwide telemedicine market is expected to touch US$1,624.4 mn, going up from US$559.0 million from 2013. The market is predicted to enlist a CAGR of 16.5% over the forecast period.
Video Telemedicine Market to Witness Upswing Owing to Demand from Gynecology Segment
The video telemedicine market is essentially classified into applications and communication technology Gynecology is the segment pioneer as far as market share among the application segmentation of video telemedicine market is considered. Rising awareness among females regarding their health hazards and growing support of security empowered specialist discussions have prompt the development of video conferences in gynecology segment. Nonetheless, neurology segment is predicted to witness the swiftest development inferable from rising number of psychiatric consultancy cases. Moreover, a scope of neurological issue and conditions, for instance stroke, Alzheimer's and Parkinson's have guaranteed long haul constant care persistent returns that outcome in expanded video conferences. Dentistry, dermatology, oncology and radiology fragments however will experience saved development over the forecast period.
Surge in the event of white coat disorder, nosocomial contaminations and the interest for quick and viable medicines combined with government activities will additionally help industry development. These directions fixate on advancing the utilization of most recent restorative innovation offering lessened expenses and improved time effectiveness. The improvement of proficient and flexible correspondence advancements and upgraded video gadgets, for example, webcams, cameras and so on are some the other determinants of the market.
North America to Showcase High Market Opportunity On Account of Industry Percolation
Considering geographical analysis, North America was the biggest video telemedicine market regarding income for the year 2013, closely followed by Europe. The briskest growth of the international video telemedicine market is likewise ascribed to North America due to the exceptionally created and infiltrated video telemedicine market in the U.S. Telemedicine itself includes roots inside the United States and should keep on directly empower development inside the video telemedicine arrangement with the progression of innovation and the increasing expense of medicinal services in the nation. The Asia Pacific is predicted to show swift development rate over the duration of forecast.
Some of the leading players of the world market are Permier Global Services Inc., Siemens Healthcare, GlobalMed Inc., Huawei Technologies Co Ltd and Sony Corporation.
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