The growing demand for smartphones coupled with the increasing use of mobile apps for health in the US propels the video telemedicine market's growth in the North America region.
Newark, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global video telemedicine market is expected to grow from USD 2.2 billion in 2021 to USD 8.5 billion by 2030, at a CAGR of 16.3% during the forecast period 2022-2030.
Video telemedicine is treatment patients receive over video calls, voice calls, and mobile apps. The teams responsible for video telemedicine use high-quality audio and video technology to assess and communicate accurate disease conditions with patients. When the patient books a physician for the treatment, the patient places an order along with lab results. The doctors review the lab results and then book the time and date for consultation with the patient. The video telemedicine market has been growing owing to the increased demand for online doctor consultations in any urgent situation. The video telemedicine appointment is often made with a doctor in the patient's locality. The 2017 REACH Health conducted a U.S. Telemedicine Industry Benchmark Survey among healthcare executives, nurses, physicians, and other healthcare professionals in the U.S. The survey found that video telemedicine is evolving from specialty service to mainstream service. The study also found that 94% of patients these days chose the video conferencing feature, which is integrated with the best quality audio and video for live engagement of patients with the doctor. As per World Health Organization (WHO), around 17.7 million people in 2015 died from cardiovascular diseases, which is 31% of the global deaths. Furthermore, approximately 3 million people in 2015 died from Chronic obstructive pulmonary disease (COPD), a chronic lung disease.
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To enhance their market position in the global video telemedicine market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In March 2020, two Israeli hospitals, Ichilov Hospital and Sheba Medical Center, launched AI-based tele-ICU to support COVID-19 patients.
Market growth and trends:
The increasing prevalence of chronic diseases is one of the major factors driving the market growth. Furthermore, the outbreak of Covid-19 boosted the market's growth as several people started consulting doctors over video and audio calls for minor ailments to avoid contacting patients suffering from Covid-19. The hospitals and doctors were also too busy in hospitals handling Covid-19 patients that they hardly found time to consult regular patients. This became an opportunity for the market's growth. In addition, the increasing internet penetration also provided growth opportunities for the market during the forecast period. However, the lack of physical disease diagnosis is a restraint to the market's growth, as several people or people from the geriatric population feel satisfied when they are physically diagnosed.
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● In 2021, the services segment dominated the market with the largest market share of 63% and market revenue of 1.38 billion.
The component segment is divided into services and products. In 2021, the services segment dominated the market with the largest market share of 63% and market revenue of 1.38 billion. The telemedicine services segment is growing owing to the increasing demand for consulting, education, and monitoring services.
● In 2021, the 4G segment accounted for the largest share of the market, with 27% and a market revenue of 0.5 billion.
The communication technology segment is divided into Broadband ISDN, 3G, 4G, 5G, ADSL, and satellite communication. In 2021, the 4G segment accounted for the largest share of the market, with 27% and market revenue of 0.5 billion. The rising need for high-speed internet connectivity in healthcare drives the segment's growth.
● In 2021, the gynecology segment accounted for the largest market share, with 16% and a market revenue of 0.35 billion.
The application segment is divided into cardiology, neurology and psychiatry, orthopedics, radiology, dermatology, gynecology, dentistry, oncology, and pathology. In 2021, the gynecology segment accounted for the largest share of the market, with 16% and market revenue of 0.35 billion. The segment has been growing owing to the high demand for privacy in treatment among women.
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Regional Segment Analysis of the Video Telemedicine Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global video telemedicine market, with a market share of around 36% and 0.79 billion of the market revenue in 2021. The increasing investment in regional research and development activities drives the market's growth. Furthermore, the presence of advanced healthcare facilities and infrastructure coupled with higher insurance coverage of telemedicine treatment supports the market's growth in the region.
Key players operating in the global video telemedicine market are:
● Logitech International
● Cisco Systems Inc.
● Vidyo Inc. (Enghouse Systems Ltd)
● Huawei Technologies Co Ltd.
● Polycom (Plantronics)
● Life-Size Communication Inc.
● AMD Global Telemedicine
● GlobalMed Inc.
● Premier Global Services Inc.
● VSee lab Inc.
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This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global video telemedicine market based on the below-mentioned segments:
Global Video Telemedicine Market by Component:
Global Video Telemedicine Market by Communication Technology:
● Broadband ISDN
● Satellite Communication
Global Video Telemedicine Market by Application:
● Neurology and Psychiatry
About the report:
The global video telemedicine market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.