Video Telemedicine Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI480
Video Telemedicine Market size is forecast to grow at over 16% CAGR from 2016 to 2023 and exceed USD 2.2 billion by 2023.
The growing demand amidst patients residing in remote and inaccessible places for healthcare services will drive the industry in the coming years. Development of mobile technologies permitting exchange of medical information to multiple locations by expert medical professionals, constantly increasing number of outpatients and attempts to reduce healthcare costs are also likely to fuel global video telemedicine market size.
Surge in the occurrence of white coat syndrome, hospital acquired/nosocomial infections and the demand for rapid and effective treatments coupled with government initiatives will further boost industry growth. These regulations center on promoting the use of latest medical technology offering reduced costs and enhanced time efficiency. The development of efficient and versatile communication technologies and enhanced video capturing devices such as webcams, cameras etc. are other growth drivers.
Rapidly increasing disabled and geriatric population is forecast to present attractive growth opportunities to industry participants. According to the UN, global geriatric population is set to exceed 1.13 billion by 2023. Lack of proper network infrastructure in the remote areas along with difficulty in adapting to new technologies and dearth of proper skilled staff in these areas are the biggest restraining factors affecting the video telemedicine market. Another restraint is the resistance by the villagers to using the technology, which can be attributed to lack of awareness.
U.S. video telemedicine market occupied considerable revenue in share in 2015; this trend is expected to continue through the forecast timeframe owing to continuous improvements and technology developments, and efficient resource utilization.
Asia Pacific video telemedicine market share is projected to grow at a quick pace during the forecast period due to rapidly increasing population, significant geriatric population base afflicted with chronic diseases, and rising patient awareness. Lower video telemedicine market price trend is China on account of large number of domestic manufacturers is also a driver for regional industry growth.
The industry is divided on the basis of communication technology and application. Communication technology comprises 3G (GSM, CDMA), 4G (LTE, WiMax), satellite communication, ADSL (Asymmetric Digital Subscriber Line), and Broadband ISDN (Integrated Services Digital Network). Amongst these, ADSL was the biggest segment in 2015 as a result of its high popularity over the other existing technologies. Nonetheless, usage of 4G technology is predicted to rise rapidly at an approximate CAGR of above 17% and will surpass 3G in the near future, due to the requirement of faster upload, download and data transfer rates.
Based on application, the industry is categorized into cardiology, orthopedics, radiology, neurology, dermatology, gynecology, dentistry, oncology and pathology. The gynecology segment is expected to be the maximum revenue generator on account of growing demand for privacy amongst patients and medical professionals, growing awareness amongst the female population regarding various health risks coupled with the availability of 24/7 assistance to the patient.
The neurology segment is also forecast to show high growth rate in the near future as a consequence of the prevalence of long term chronic disorders requiring post treatment care and surging number of psychiatric consultancy cases. Increased video consultancy options in the sector for the treatment of stroke, Parkinson’s and Alzheimer’s among other long term ailments will also provide a fillip to growth.
Presently, pathology and cardiology have been witnessing moderate growth, which is expected to increase over the long term. Dermatology, oncology, dentistry and radiology are predicted to grow slower than the global average in the coming years.
The video telemedicine market share is composed of manufacturers, network solution providers, and system integrators. The chief manufacturing companies comprise Logitech International and AMD Global Telemedicine, while Polycom is an important player amongst system integrators. Cisco Systems Inc is the prime company in the networks solution. Other major players are Life-Size Communication Inc., Vermont Tel, Huawei Technologies Co Ltd., Premier Global Services Inc., VSee lab Inc., GlobalMed Inc., Sony Corporation, and Vidyo Inc.
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