Video Telemedicine Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to the report, the global Video telemedicine market size is projected to surpass around US$ 3.7 bn by 2028.

Global Video telemedicine market size was valued at US$ 1.1 Bn in 2020 and growing at a CAGR of 12.6% during the forecast period 2021 to 2028.

Video telemedicine is not a distant possibility in emerging economies. Rise in awareness and initiatives by various governments, healthcare associations, and organizations have encouraged healthcare facilities to setup video telemedicine solutions and offer services to patients, especially in remote areas. The application of video telemedicine in various medical procedures such as cardiology, oncology, gynecology, dermatology, neurology, radiology, and orthopedics is propelling the global market.

Chronic health conditions create a burden on health system in a country. Managing these conditions becomes difficult due to ill-equipped healthcare facilities and lack of experienced workforce. The prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases is rising in developing countries, where there is significant demand for technologically advanced platforms. Video telemedicine makes a doctor available to customers in case of emergencies for managing chronic health conditions. Therefore, video telemedicine is an effective way to address increase in incidence and prevalence of various illnesses.

Advancements in Mobile Penetration, Connectivity, and ICT Services to Drive Video Telemedicine Market

The mobile connectivity is becoming ubiquitous across the world. Developed markets, such as South Korea, Australia, the U.S., the U.K., Germany, Sweden, and Japan already have penetration of mobile connectivity greater than 100%. Moreover, increase in penetration of smartphones as well as 3G, 4G, and 5G networks is projected to significantly boost the use of mobile platform for providing healthcare services. The video telemedicine market in developing countries is anticipated to grow at a rapid pace during the forecast period driven by advancements in technology. According to the UN Telecommunication Union’s annual report titled, “Measuring the Information Society 2011,” the Republic of Korea is ranked the world’s most advanced ICT economy, followed by Sweden, Iceland, Denmark, and Finland.

Insurance Companies Cover Video Telemedicine Services to Improve Patient Outcomes

With growing digital influx, individual physicians are increasingly adopting video telemedicine practices. Since most patients are living in the online and on-demand network, it has become imperative for clinicians to practice video telemedicine. Likewise, insurance companies and government-administered healthcare programs are also supporting telehealth services and technology solutions.

This is evident since hospitals are capitalizing on the trend of telehealth services to provide remote monitoring of the patient’s heart. Currently, cardiology applications generate the third-highest revenue in the video telemedicine market. Moreover, robust healthcare infrastructure of the U.S. has laws, which mandate insurance companies to cover telemedicine services in the same manner in which in-person services are handled.

Video Call Tools and Software Highly Preferred by Business Class Individuals

HIPAA (Health Insurance Portability and Accountability Act)-complaint video call tools and telemedicine software are bolstering the credibility of companies in the video telemedicine market. Innovative tools and software are favoring robust growth of the video telemedicine market, which is estimated to expand at a robust CAGR of 12.6% during the forecast period. Thus, the trend of video telemedicine is eliminating the need to wait in long queues for obtaining medical test results or seek consultation from doctors.

The advantages of video telemedicine tools and software are being combined with smart devices that help to track pulse, temperature, and other measurements of patients. The video telemedicine market is advancing at a rapid pace since increasing number of businessmen and women are opting for telehealth services. Companies are keeping in mind the comfort and convenience of elderly patients, while innovating in video call tools and software.

Healthcare Systems in Developing Countries Demand Clarity for Guidelines in Video Telemedicine Services

Patients in remote locations now have the privilege to connect with best clinicians and doctors to seek advice for their ailments with the help of video telemedicine. However, patients in developing economies are facing inequalities in the delivery of care. Such challenging factors are anticipated to inhibit the growth for the video telemedicine market. The revenue of Asia Pacific is projected for aggressive growth in the video telemedicine market; however, lack of guidelines and legislative norms in India are hampering market growth. Thus, a greater clarity in the regulatory environment will help ensure safe data transfer and also improve connectivity in healthcare settings.

Artificial intelligence (AI) is also playing a major role in the digitization of healthcare services. AI helps patients to click pictures and upload them on video telemedicine platforms that can further be assessed by healthcare practitioners. Companies in the video telemedicine market are using Big Data to assess the percentage of individuals who are at the risk of diabetes and cardiovascular conditions in order to build new software.

Increased Awareness about Video Telemedicine Helps Transform Remote Healthcare Facilities

Telehealth services have stirred a revolution in the remote healthcare sector. However, several individuals still prefer visiting doctors physically in order to be sure about their diagnosis. Moreover, many individuals lack the awareness about telehealth services, which acts as a roadblock for growth of the video telemedicine market. Hence, companies in the market should invest in advertising and marketing strategies to increase awareness about telehealth services among individuals.

Furthermore, governments are increasing efforts to implement awareness policies and are allotting funds to make video telemedicine services more accessible to individuals. For instance, in September 2019, the Dubai Health Authority (DHA) adopted new telehealth services that involve online consultations and the use of e-medical files to review the patient’s medical history. The idea of obtaining information in real-time is playing an instrumental role in triggering the growth of the market.

Asymmetric Digital Subscriber Line & Integrated Services Digital Network to Dominate Market

In terms of communication technology, the global video telemedicine market has been categorized into 3G, 4G, 5G, asymmetric digital subscriber line (ADSL), integrated services digital network (ISDN), and satellite communication. Wired networks form a major portion of the communication base for video telemedicine globally due to large-scale deployment of ADSL and ISDN connectivity. Being a technology-based medical solution, companies need to constantly update their video telemedicine products and services to remain competitive in the market.

Services to Offer Lucrative Opportunities

Based on component, the global video telemedicine market has been classified into hardware, software, and services. Video telemedicine systems are expensive and incur significant cost in the deployment and installation of relevant IT infrastructure. Being a technology driven market, companies need to innovate in order to sustain in the market. Therefore, companies are adopting different strategies such as collaboration with system integrators or development and commercialization of a novel video telemedicine solution that reduces cost and improves image quality. Companies are introducing integrative video telemedicine software that eliminates the need for a standalone system or video conferencing room. Furthermore, streamlining of processes besides the usual strategic actions planned for the company’s growth will aid companies to reduce commercialization cost.

North America to Lead Global Market

The global video telemedicine market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global video telemedicine market in 2019, followed by Europe. North America accounted for major share of the global video telemedicine market in 2019. This can be attributed to rapid development and adoption of telecommunication technologies, government support in establishing a setup involving usage of new medical technologies for the benefit of people, and favorable reimbursement policies. Moreover, advent of new integrated solutions eliminating the use of standalone video telemedicine devices is expected to drive the market in North America. This solution will lead to a decrease in revenue for video telemedicine device manufacturers globally.

Competition Landscape

The global video telemedicine market is fragmented, with the presence of large number of players. Key players in the global market include American Well, Siemens Healthcare GmbH, GlobalMed, Inc., Amwell, Huawei Technologies Co. Ltd., VSee Lab, Inc., Cisco Systems, Inc., Vidyo, Inc., Teladoc, Inc., and Lifesize, Inc. New product development through robust R&D and mergers & acquisitions are key strategies adopted by these players to strengthen presence in the global video telemedicine market.

Market Segmentation

By Communication Technology

  • 3G
  • 4G
  • 5G
  • Asymmetric Digital Subscriber Line (ADSL)
  • Broadband Integrated Services Digital Network (ISDN)
  • Satellite Communication

By Application

  • Oncology
  • Cardiology
  • Dermatology
  • Gynecology
  • Orthopedics
  • Neurology
  • Others

By Component        

  • Hardware
  • Software
  • Services

By End User

  • Hospitals
  • Clinics
  • Home Care Services
  • Others

By Region

    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific          
      • China
      • India
      • Japan
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

Report Scope

The Video telemedicine market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Video telemedicine market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Video telemedicine market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Video telemedicine market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Video telemedicine market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Video telemedicine capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Video telemedicine by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Video telemedicine market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Video telemedicine market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Video telemedicine market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Video telemedicine industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Video telemedicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Video telemedicine market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Video telemedicine market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Video telemedicine market. These factors have benefited the growth of the global market for Video telemedicine. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Video telemedicine. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Video telemedicine are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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