ALBANY, New York, June 9, 2020 /PRNewswire/ -- Video telemedicine has become an integral part of remote health care services, gaining popularity due to their use in chronic disease management, driving the evolution of the video telemedicine market. In the light of emerging coronavirus disease (COVID-19) pandemic and subsequent social distancing restrictions, video telemedicine services have become a necessity for a substantial portion of patient populations, especially in disease diagnosis.
Video call tools and software in telemedicine are gaining wide acceptance among clinicians and patients, increasingly supported by government initiatives and a favorable regulatory framework.
In 2019, the global valuation of video telemedicine market stood at one billion dollars in revenue. During the forecast period of 2020–2030, it is expected to rise at compound annual growth rate of ~13%. In coming years, video chat apps will gain prominence among patient population. By the end of 2030, the valuation will climb to ~US$ 4 bn.
Analysts at Transparency Market Research opine the increasing trend of psychological counselling will pave way to substantial revenues in the video telemedicine market. They assert that players to reap the benefit of larger adoption should focus on the convenience of end users. https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=536
Key Findings of Video Telemedicine Market Report
- Of all types of communication technologies, asymmetric digital subscriber line (ADSL) and integrated services digital network (ISDN) jointly hold the leading share in video telemedicine market
- Of the various types of component, the services segment is expected to be a remarkably lucrative market; integrative video telemedicine software to gain traction among users
- Among the various key regions, North America contributed the leading share in market in 2019; vast uptake of telemedicine is the driver
- The North America video telemedicine market is trailed by Europe as the second most lucrative region
Explore 185 pages of top-notch research, incisive insights, and detailed country-level projections of Ancillary Services for Video Telemedicine Market (Communication Technology: 3G, 4G, 5G, Asymmetric Digital Subscriber Line [ADSL], Broadband Integrated Services Digital Network [ISDN], and Satellite Communication; Application: Oncology, Cardiology, Dermatology, Gynecology, Orthopedics, Neurology, and Others; Component: Hardware, Software, and Services; and End User: Hospitals, Clinics, Home Care Services, and Others) - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/report-toc/536
Video Telemedicine Market: Key Driving Factors and Promising Avenues
Numerous healthcare industry trends and factors related to providers and payers drive the expansion of the video telemedicine market.
- Video telemedicine is becoming a preferred option for behavioral and mental health treatment particularly in rural areas in developing as well as developed countries. This has perhaps imparted a big fillip to adoption of services in the video telemedicine market.
- Health Insurance Portability and Accountability Act (HIPPA)-compliant video platforms in telemedicine are gathering acceptance for improving the privacy and safety of patients' medical information.
- Over the years, video telemedicine has become an essential part of chronic disease management, especially for diseases that have wide prevalence and morbidity, such as diabetes.
- Payers are becoming increasingly considerate toward the need for reimbursement for increasing the adoption of video telemedicine by patients
- Digitization of healthcare services heralded by AI and Big Data technologies has opened expand the horizon of the video telemedicine market
- In developing economies, Asia Pacific is expected to see an increasing shift toward improving the accessibility to patient care through telemedicine. This will be a potential revenue generation avenue for providers and other players in video telemedicine market.
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Key Impediments to Video Telemedicine Market Players
Despite the advantages of telemedicine in improving the access to quality and timely care, the video telemedicine market has some genuine challenges.
- Patients in low income countries still lack awareness or technical expertise to use video telemedicine. Oftentimes, these economies have less-than-adequate internet infrastructure and ICT platform—a key enabler for digital technologies in healthcare.
- Another key impediment in the evolution of the video telemedicine market is the reluctance of elderly populations to use, reason having to do with inconvenience associated with the use of remote healthcare services.
- Lack of standardization of platforms and regulations have led to difficulty in data transfer, especially related to privacy and security of medical data.
Video Telemedicine Market: Competitive Landscape
The video telemedicine market has seen companies who aspire to tap into opportunities harp on the cost and time benefits of video telemedicine. They are expected to unveil cost-effective video telemedicine integrated solutions. Several players are leaning on developing software and solutions that can be integrated with web-based systems of healthcare facilities. At present, the competitive landscape is characterized by relatively few players, accounting for high degree of consolidation of shares.
Some of the promising players in the video telemedicine market are Vidyo Inc., Cisco Systems, Inc., Huawei Technologies Co Ltd., Amwell, GlobalMed Inc., and Siemens Healthcare GmbH.
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Global Video Telemedicine Market: Segmentation
- Video Telemedicine Market, by Communication Technology
- Asymmetric Digital Subscriber Line (ADSL)
- Broadband Integrated Services Digital Network (ISDN)
- Satellite Communication
- Video Telemedicine Market, by Application
- Video Telemedicine Market, by Component
- Video Telemedicine Market, by End User
- Home Care Services
- Video Telemedicine Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Telehealth Market - The telehealth market is riding on the wave of growth. This is because telehealth is no longer an option, but a necessity due to the increasing dangers of COVID-19. The crisis is serving as an opportunity for the telehealth market to grow at a rapid pace. During this uncertain COVID-19 pandemic, telehealth serves as a boon. With a large populace forced to stay at home due to the lockdowns imposed to flatten the curve of the SARS-CoV-2 pandemic, telehealth technology plays an important role for routine clinical follow-ups and treatment.
Telemedicine Market - The telemedicine industry is growing at an unprecedented pace as new opportunities emerge in the global healthcare industry. The relevance of telemedicine can be gauged from the growing using of digital technologies in the healthcare industry. The advent of electronic health records that provide holistic information about patients' medical history has emerged as a resilient trend. Telemedicine is a part of the global healthcare ecosystem that can help in expediting the process of healthcare treatment. The ability to remotely communicate with the patients helps doctors in creating a virtual platform for providing recommendations and advise.
COVID-19 Detection Kits Market - The growth of the global COVID-19 detection kits market relies on the responsiveness of countries to contain the spread of the coronavirus. The pandemic has wreaked havoc across the healthcare industry, and has led medical researchers to redirect all their might towards developing test kits and antidotes for coronavirus. The World Health Organization (WHO) declared the coronavirus as a global health emergency, following an outbreak of cases in several parts of the world. Currently, more than 180 countries have reported cases of coronavirus in individuals of all age groups.
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