The Video Telemedicine market size is estimated to reach USD 3.55 billion from USD 1.08 billion in 2019, delivering a CAGR of 15.9% till 2027. The market growth is driven by a plethora of factors, including increasing incidence rate of chronic conditions, expanding patient pool across the globe, the surging requirement for diverse healthcare services like radiology and cardiology, lack of healthcare professions and service providers in rural areas, among others.
Video telemedicine is the systematic blend of telecommunication and IT to provide healthcare services at distant or remote places. It enables healthcare professionals to share information at multiple locations, reducing outpatient visits, along with effectively reducing the overall cost of healthcare. The growing demand for healthcare services amongst patients living in isolated communities and remote areas is generating huge demand for video telemedicine services. Moreover, the lack of availability of skilled healthcare professionals in these areas is also bolstering the demand for video telemedicine market.
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The recent outbreak of novel coronavirus is a major contributing factor to the global video telemedicine market growth. The increasing incidence rate of the disease, growing burden on healthcare organizations, a limited number of healthcare works, lack of personal protective equipment, has prompted the healthcare industry to look for alternative ways for providing services. Moreover, social distancing being the key weapon and way of coping with the virus has further made video telemedicine highly relevant in the current crisis. Several benefits offered by video telemedicine services, including minimizing the risk of transmission of the virus due to hospital visits, will bolster market growth through 2027.
Top Companies operating in the Market and Profiled in the Report include:
Cisco Systems, Inc, Huawei Technologies Co. Ltd., AMD Global Telemedicine, Inc., Logitech, Plantronics, Inc., Cisco Systems, Sony Corporation, GlobalMed, Vidyo, Inc., Lifesize, Inc., ZTE Corporation and Vermont Telephone Company, Inc., among others.
Further key findings from the report suggest
- By Component, the services segment accounted for a majority of the industry share of nearly 50% in 2019. This can be attributed to the growing focus on enhancing and developing rural healthcare services in various nations to minimize deaths related to accidents and emergencies.
- The products segment is forecast to exhibit a CAGR of 16.3% through 2027, owing to the surging demand for telemedicine products, such as telehealth video conferencing platforms and software.
- Based on communication technology, the 4G technology segment held nearly 25 % of the video telemedicine market share in 2019 and is set to register a considerable growth rate owing to broader access to 4G wireless technologies in the healthcare sector in the rural parts and developing countries in the world.
- The 5G technology segment is estimated to contribute significantly to the video telemedicine market revenue share, delivering a major growth rate of 22.7% through 2027 due to increasing penetration of smartphones and massive commercialization of 5G networks in various countries across the globe, including Germany, South Korea, China, Hong Kong, and others.
- Based on application, the Gynecology segment accounted for 15 % of the video telemedicine market in 2019 and is likely to register substantial growth over the forecast period on account of the lack of availability of gynecological healthcare services in rural areas. Studies suggest that nearly 40% of the counties in the United States lacked an obstetrician-gynecologist, and the number is much higher in Asian countries.
- In terms of end-user, the home care services segment is estimated to register a substantial growth rate of nearly 17.1% over the projected timeframe on account of the expanding geriatric population base, generating huge demand for home care services.
- In the regional landscape, North America accounted for more than 35 % of the video telemedicine market in 2019 and is forecast to witness a notable growth rate on account of increased usage of mobile health apps, high deployment rate of video telemedicine applications, coupled with strong government support for the deployment of advanced healthcare service in the U.S.
- The Asia Pacific region is estimated to witness a CAGR of 16.7% through 2027 on account of favorable government initiatives by several regional countries to enhance medical facilities and healthcare services.
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The report discusses in detail the top companies in the market along with their recent initiatives such as mergers and acquisitions, joint venture, partnerships, corporate and government deals, collaborations, and brand promotions and product launches among others. The report further discusses the companies’ initiatives and investments in key regions across the globe such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
Region analysis Covers:
- North America (U.S.A., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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