Healthcare extracts the foremost attention and expense out of populations in comparison to all other aspects of life. But the number of medical practitioners and hospital facilities is limited, and confined mostly within metropolitan areas. Thanks to advancements in telecommunication technologies, it is now possible to remotely examine patients with the help of video telemedicine. And an up to date business intelligence study by Transparency Market Research (TMR) has urged investors to make a foray in the field, projecting the demand in the global video telemedicine market to expand at an impressive CAGR of 16.5% during the forecast period of 2014 to 2020. Revenue-wise, the TMR estimations are that the global video telemedicine market attain a value of US$1,624.4 million by the end of 2020, incrementing radically from its evaluated worth of merely US$559.0 million as of 2013.
Plenty of Opportunities for New and Niche Players to Make a Mark
The analyst of the report has notified of a competitive landscape in the global video telemedicine market wherein the opportunities are expanding furiously and, at the same time, the number of participants is multiplying too. The value chain comprises of healthcare organizations, manufacturers, system integrators, and network solution providers.
Some of the leading manufacturers of the tools and software for video telemedicine are AMD Global Telemedicine and Logitech International, whereas Polycom and Cisco Systems Inc. have emerged as a key system integrators and network solution providers in the recent times. Siemens Healthcare, Permier Global Services Inc., Huawei Technologies Co Ltd, GlobalMed Inc., and Sony Corporation are some of the other prominent players pioneering the possibilities with video telemedicine.
Based on communication technology, the market for video telemedicine has been segmented into satellite communications, B-ISDN, ADSL, 4G, and 3G, whereas on the basis of application, the market has been bifurcated into neurology, dermatology, cardiology, dentistry, gynecology, radiology, pathology, oncology, and orthopedics. Geographically, North America has been rated as the region with maximum demand potential for video telemedicine, followed by Europe.
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Demand from Rural and Isolated Areas Opening New Opportunities
A collaboration of data advancements and media transmission, the concept of video telemedicine not only has the potential to expand the horizons of healthcare to the rural areas, it can reduce the cost of consultancy and treatment by a fair margin too, owing to reduced requirement of travel for the caregivers and the patients. Growing demand for healthcare services among residents of remote areas, consistently advancements to the technology such as mobile collaboration technology, prevalence of various chronic diseases, and increasing percentage of geriatrics in the global population are some of the other factors augmenting the demand in the global video telemedicine market. On the other hand, strong lack of awareness and resistance of consumers to move beyond traditional methods are obstructing the market from attaining its true potential.
- Global video telemedicine market to breach a billion dollar mark before 2020
- Key players are finding vast new opportunities in the developed countries in North America and Europe
- Increase in geriatric population will reflect positively over the market
The information presented in this review is based on a Transparency Market Research report, titled, “Video Telemedicine Market (Communication Technologies: 3G, 4G, ADSL, B-ISDN, and Satellite Communication; Applications: Cardiology, Dermatology, Neurology, Orthopedics, Oncology, Pathology, Radiology, Gynecology, & Dentistry) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”