The rapid growth in the information technology sector has encouraged and supported growth of several industries such as banking, education, entertainment, e-commerce, and most importantly healthcare. It has brought the world closer and changed the face of communication today. The same changes can be felt in the healthcare systems all around the world, that now look at dispensing medical advice in many more convenient ways and with greater efficiency. To put it simply, the global video telemedicine market uses communication method such as videoconferencing to communicate with patients across borders.
The global video telemedicine market has witnessed rapid expansion ever since broadband networks were implemented all across United States and other parts of the world. As these networks enabled video conferencing, they opened up a whole new market for video telemedicine. The video conferencing ushered in a new progress in the field of telemedicine with three crucial factors such as efficient network solution providers, device manufacturers, and system integrators.
Market Segmentation for Global Video Telemedicine Market
The global video telemedicine market is segmented on the basis of communication technology, application, and geography. The communication technology segment of the global video telemedicine market is inclusive of 3G which further includes GSM and CDMA, 4G which includes LTE, WiMax, and others, satellite communication, ADSL or asymmetric digital subscriber line, and broadband ISDN. The application segment is inclusive of cardiology, dermatology, neurology and psychiatry, orthopedics, oncology, radiology, pathology, gynecology, and dentistry. Lastly, in terms of geography the global video telemedicine market has been segmented on the basis of North America, which includes device manufacturers, system integrators, and network solution provider, Europe, Asia Pacific, and Rest of the World (RoW).
Future of Global Video Telemedicine Market
The global video telemedicine market was valued at US$559.0 million in 2013 and is expected to reach value of US$1,624.4 million in 2020, growing at a CAGR of 16.5% from 2014 to 2020. The primary factors contributing to the growth of global video telemedicine market are a great number of people living in the rural areas. United Nations stated about 46% of the global population resides in the rural areas and do not have proper access to infrastructure and healthcare. The growing need to provide better healthcare solutions to the population in these areas has led to growth of global video telemedicine market. Setting up of advanced means of communication technologies in rural areas has truly helped people to get affordable and efficient healthcare assistance. Additionally, software integration has also helped in maintaining flawless patient records thereby improving efficiency. The privacy video telemedicine technology provides is also making a stronger case for this market. The one key factor that has thoroughly helped in developing the global video telemedicine market is its ability to reach out to a global audience.
Some of the key players driving the global video telemedicine market are Cisco Systems Inc., AMD Global Telemedicine Inc., Logitech International S.A, Polycom Inc., Sony Corporation, GlobalMed Inc., Siemens Healthcare, VSee lab Inc., Vidyo Inc., Vermont Tel, Permier Global Services Inc., LifeSize Communication Inc., ZTE Corporation, and Huawei Technologies Co Ltd. The notable leaders out of these are Cisco Systems Inc. and Polycom Inc.
Regionally, North America held the largest market share in the global video telemedicine market in 2013. The main reasons for the same were implementation of video telemedicine all across the country and the ubiquitous nature of telemedicine service providers. Owing to these reasons, North America has grown at a CAGR of more than15%. As the use of video telemedicine facility increased, Federation Of State Medical Boards of the U.S declared it as a real-time consultation, thus giving the market its much-needed impetus. The next region expected to grow at a fast pace is Asia Pacific. The factors supporting this growth will be growing rural population and assistance from wireless technologies.
About The Author :
This is a guest article and has been contributed by Smita Deshmukh. All the information in the article is taken from Transparency Market Research.
(Disclaimer: This is a guest article contributed on Techstory. Techstory is not responsible or liable for the content in this article.)