Video Telemedicine Market size is set to gain notable proceeds during the period 2022-2028 due to the rising advancements in mobile collaboration technologies and the growing government support towards allotment funds and awareness policies. The increasing threat of cardiovascular conditions has led to higher investments by hospitals in telehealth services that help monitor heart conditions remotely. The surging popularity of video chat apps among the patient pool that requires urgent care will also add impetus to the market expansion.
The escalating household incomes, rapidly growing geriatric and disabled population, and the higher burden of chronic diseases have paved the path for the amplified requirement for healthcare services. However, the dearth of awareness and the lack of proper network infrastructure, mainly across the remote and backward regions may pose as barriers for the market progression.
The 4G technology segment, in terms of communication technology, will see an inclination in the video telemedicine market with the growing regulatory support and the surging need for high-quality healthcare. This technology is witnessing higher popularity as it allows users to access high-speed internet connectivity. The increasing penetration of 4G wireless technologies across the healthcare sector will also foster market development.
Based on application, the video telemedicine industry share from the gynecology segment will rise with the thriving need to offer patient safety and the highest quality of high-touch postoperative care. This is ascribed to the rising requirement for privacy amongst care users along with the surging awareness of the health risks pertaining to gynecological complications, including C-sections in women. The rise in inaccessibility of gynecological healthcare services across rural areas has resulted in higher government support, further enhancing the product application scope. The growing instances of telemedicine video visits in maternal-fetal medicine practices, specifically in the ongoing coronavirus pandemic is an impact rendering trend favoring the segment growth.
North America video telemedicine market is expected to record significant gains through 2028 owing to the strong presence of well-established healthcare infrastructure and the higher coverage of telemedicine services by insurance companies. The surging adoption of smartphones has led to the elevated use of mobile health apps. The increasing rate of COVID-19 patients, the rise in the number of government initiatives along the burgeoning adoption of cloud-based technologies will drive the regional market growth.
The video telemedicine market is competitive and comprises the presence of numerous network solution providers, manufacturers, and system integrators. These participants are initiating focused marketing team-ups, such as partnerships, and acquisitions to reinforce their competitive stronghold. They are also working on technological advancements to expand their global presence.
For instance, in November 2020, Sony announced plans of expanding NUCLeUS, its vendor-neutral medical imaging platform in a bid to include recording functionalities and remote monitoring attributes. The NUCLeUS platform will also integrate new telestration capabilities to permit multiple users to simultaneously interpret live stream videos or still images.
Logitech International, Polycom (Plantronics), Cisco Systems Inc., AMD Global Telemedicine, Vidyo Inc. (Enghouse Systems Ltd), Huawei Technologies Co Ltd. (Huawei Investment & Holding Co., Ltd.), Vermont Tel, Life-Size Communication Inc., GlobalMed Inc., Premier Global Services Inc., and VSee lab Inc. are some other solution providers in video telemedicine technology.
The COVID-19 pandemic brought severe repercussions to the global economy driven by the emergence of nationwide lockdowns and quarantine regulations. On the flip side, the video telemedicine industry observed lucrative growth, impelled by the limited number of healthcare workers and the elevating need for consultation with physicians. The growing infection rate also pushed various health systems to rapidly expand the use of telemedicine services for urgent as well as non-urgent healthcare delivery, particularly in urban settings.