Video Telemedicine Market Size Is Projected To Be Around $3 Billion By 2025
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A research study titled, Video Telemedicine Market by Technology and Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the video telemedicine market is projected to be around $3 billion by 2025.
Telemedicine refers to interactive healthcare facilitated over a distance using telecommunication and information technology. Video telemedicine systems are used for diagnosis of patients located at remote locations. These systems transmit medical information in audio, video and graphical form between two or more sites using video and telecommunication technology. Video telemedicine can also be used for remote clinical consultation between healthcare professionals. Video telemedicine systems can play an important role in training and education of the medical staff and in administrative functions at healthcare institutions.
The components of a video telemedicine system can differ based upon the configuration selected by the buyer. Usually, a telemedicine videoconferencing system comprises of a monitor, a camera, a codec, user interaction devices such as a mouse, keyboard, input devices such as document scanners, storage and output devices including CD-ROM drives and printers among other such components. Patient examination is carried out using instruments such as stethoscopes, ophthalmoscopes and cameras connected to the video telemedicine system. A nurse or a technician operates the instruments in an examination room at the patients’ end. Data and images are then transmitted to a physician at a remote location for real time analysis and interaction with the patient. Such systems enable patients to receive consultation from distant experts in situations when one is not locally available. This largely saves the time and effort required to physically commute the distance and facilitates diagnosis of patients who are not capable to travel due to their severe medical condition. Similarly, seeking second opinion from a distant expert in such medical conditions has also become easily possible using these advanced video telemedicine systems. From a patient care perspective, these systems are being increasingly used in domains such as dermatology, wound care, cardiology, neurology, diabetic training, drug screening and psychiatry. Increasing adoption of video telemedicine is being witnessed lately due to the rising awareness among women about the health risks and their desire for privacy enabled doctor consultations.
Some of the key factors driving the video telemedicine market growth are rising demand for accessible healthcare by people residing in remote areas, technological advancements in telecommunication and medical devices, increasing need to reduce the overall expense on healthcare by the patients. With significant rise in prevalence of geriatric population worldwide, video telemedicine systems will witness favorable demand in coming years. Moreover, increase in prevalence of long term chronic diseases such as stroke, Parkinson’s disease and Alzheimer’s is also expected to fuel the further growth of video telemedicine market.
Asymmetric digital subscriber line (ADSL) technology segment accounted for the major share of the overall video telemedicine market in 2016 whereas 4G technology segment is projected to grow at the fastest rate throughout the forecast period. The rising popularity and demand for 4G technology in order to access high-speed internet connectivity is expected to boost the growth of this segment over the forecast period. On the basis of applications, gynecology segment held a significant share of the video telemedicine market in 2016 due to increased preference for video telemedicine and rising awareness related to health risks among women. However, neurology segment is projected to grow to grow with the fastest CAGR between 2017 and 2025.
The major players operating in the global video telemedicine market emphasize on product development and innovation to enable efficient online patient–doctor interaction and thus secure a larger share of the overall market. Some of the key players in the global video telemedicine market are, ZTE Corporation, VSee, Vidyo, Inc., Vermont Telephone Company, Inc., Lifesize, Inc., GlobalMedia Group, LLC. (GlobalMed), Polycom, Inc., Logitech International S.A., Huawei Technologies Co., Ltd., Sony Electronics Inc., Cisco Systems, Inc. and AMD Global Telemedicine, Inc.
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Key Findings of the Research Study:
- Asymmetric digital subscriber line (ADSL) segment dominated the global video telemedicine market in 2016 owing to the extensive presence of ADSL network as compared to other technologies.
- 4G technology segment is expected to witness tremendous growth throughout the forecast period due to the rapid shift towards 4G by telecom companies as well as consumers in order to leverage its capability to deliver high-speed internet connectivity. The segment is expected to grow with double-digit CAGR between 2017 and 2025.
- Gynecology segment held the major share of the video telemedicine market in 2016 whereas; neurology segment is expected to exhibit significant growth during the forecast period due to increase in incidence of neurological disorders such as Alzheimer’s and Parkinson’s disease.
- North America dominated the global video telemedicine market in 2016 as a result of extensive adoption of video telemedicine by healthcare fraternity as well as the patient community along with availability of advanced healthcare IT infrastructure in the region.
- Asia-Pacific video telemedicine market is expected to witness rapid growth during the forecast period due to the rising need for reducing the overall cost of healthcare and for enabling healthcare delivery in rural areas.