Global Video Telemedicine Market Expected to Reach USD 1.62 billion globally by 2020 : Transparency Market Reserach
Albany,NY (PRWEB) February 19, 2015 -- According to a new market report published by Transparency Market Research “Video Telemedicine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,” the global video telemedicine market was valued at USD 559.0 million in 2013 and is expected to grow at a CAGR of 16.5% in the forecast period from 2014 to 2020, to reach an estimated value of USD 1,624.4 million in 2020.
According to the United Nations around 46% of the global population is based in rural areas without complete access to proper infrastructure including advanced healthcare. Video telemedicine and the deployment of advanced communication technologies have assisted the rural population to obtain affordable and timely healthcare assistance even in the remotest part of a country. Wireless technologies and high quality video capturing devices are some of the few examples of advanced communication technologies that allow for remote connectivity and as a result the timely healthcare assistance via video telemedicine.Software integration has further assisted patient record maintenance and increased the privacy measures of the healthcare providers, a factor in great demand known from the responses of early video telemedicine service users. Video telemedicine has therefore come a long way and is expected to evolve with the dynamic requirements of medical professionals and patients alike, thereby offering a highly reliable and efficient medical service along with a global reach.
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The greatest benefit of video telemedicine and other forms of virtual healthcare assistance is perhaps the cost. According to the Health Care Cost Institute’s (HCCI) report for U.S in 2011, the outpatient growth had reduced from 8% for 2009-2010 to 6.8% in 2011. This clearly signifies the change in trend among patients, with increased preference for home based video telemedicine services. Safety and convenience and decreased risk of acquiring hospital infections are other factors responsible for choosing video telemedicine over traditional medicine.
The global video telemedicine market has been primarily segmented in terms of communication technology and application. Based on medical application of video telemedicine services, The market has been further segmented into cardiology, neurology, dermatology, orthopedics, oncology, pathology, radiology, gynecology, and dentistry. Gynecology emerged as the segment leader in terms of market revenue among the video telemedicine applications. Growing concern among urban women about infant mortality and rising number of cervical and breast cancer incidences in the U.S and Europe are some of the major factors contributing towards the large market size of gynecology segment.
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However, neurology & psychiatry segment displayed the highest growth rate among the applications with a CAGR of over 17% during the forecast period. This is attributed to the increasing video telemedicine practice of neurosurgeons in consulting and monitoring the therapy of patients. Psychiatry consultations are also the most frequently recorded form of neurological consultations worldwide.
By communication technology, ADSL based video telemedicine dominated the global video telemedicine market in terms of market revenue in 2013. This is because ADSL is among the most widely deployed communication technology used for networking in the world. However, the next generation 4G technology exhibited the highest growth rate at a CAGR of over 18% closely followed by the now common 3G technology. Wireless technologies such as 3G and 4G are seeing a great growth pattern compared to fixed lines as they allow faster data transfer rates and increased bandwidth at lower infrastructural costs thereby making them more efficient in video telemedicine.
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In terms of geography, North America accounted for the largest share of the video telemedicine market in the year 2013. This is attributed to factors such as country wide implementation of video telemedicine and the high presence of telemedicine service providers who have established their operational base in the U.S. The North American region also displayed the fastest growth rate in the video telemedicine market at a CAGR of over 15%. The increased shift towards video telemedicine services are seen as the result of the Federation Of State Medical Boards of the U.S declaring video telemedicine consultation to be equivalent to in person visit in cases where a person is an existing patient or one with a confirmed condition, thereby allowing for prescriptions and consecutively the eligibility for reimbursement from insurers. The second fastest market growth rate was exhibited by the Asia Pacific region. The ever growing population in the developing and developed countries of this region provides a large market for video telemedicine, primarily because of the increasing reach of video telemedicine services by the assistance of wireless technologies such as 3G, 4G and satellite communications.
The global market of the video telemedicine industry is characterized by the presence of three major stake holders - device manufacturers, system integrators and network solution providers. Many players are present in different categories (device manufacturers, system integrators and network solution providers) of the video telemedicine market. However, a noted few players present themselves as the largest video telemedicine companies globally, these include: Cisco Systems Inc., Logitech International S.A, AMD Global Telemedicine Inc., Polycom Inc., Siemens Healthcare, Sony Corporation, GlobalMed Inc., VSee lab Inc., Vidyo Inc., Vermont Tel, LifeSize Communication Inc., Permier Global Services Inc., Huawei Technologies Co Ltd and ZTE Corporation. Among these, Cisco Systems Inc. and Polycom Inc. are the leading companies in the global video telemedicine market. Cisco Systems Inc. offers a wide range of TelePresence products and services in order to provide remote patient care and offer high quality and immersive video consultation experience to patients and medical practitioners worldwide. Cisco’s “HealthPresence” software is a healthcare exclusive program, designed specifically to cater the needs of medical professionals and healthcare institutions worldwide. The company has partnered with various national governments to provide network assistance for video tele-medical services. The Jordan Ministry of Health under the monarchial custody is one such example. Similarly, Polycom Inc. is known for their integrated high-definition video, integrated network solutions, and collaboration tools along with customized software design that provide convenience, efficiency and high quality patient-doctor consults with high degree of data security as well as privacy.
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