Selbyville, Delaware, May 19, 2021 (GLOBE NEWSWIRE) -- As per expert analysts, global video telemedicine market was worth USD 1.25 billion in 2020 and is projected to expand at 15.9% CAGR over 2020-2027, amassing USD 3.55 billion by the end of the forecast period. Booming elderly population, surging demand for healthcare services, and technological advancements are stimulating the industry growth. Moreover, strategic developments between urgent care providers and hospitals is accelerating the adoption of video telemedicine.
Apart from this, the research literature puts forth a broader view of the marketplace through in-depth segmental analysis including communication channel, components type, application spectrum, and regional bifurcation. It also contains complete profiles of each major player, inclusive of their product/service portfolio, financial parameters, and recent developments like investments, mergers, and partnerships. Additionally, informative insights into the upstream suppliers, downstream buyers, and distributors is provided for a holistic understanding of the industry value chain.
For the unversed, telemedicine is defined as a medical professional's use of technology (message, video, computers, phone) to diagnose and treat patients at a remote place. Technology upgradation such as chatbots, robots use of artificial intelligence (AI) has further made hospitality more feasible. Besides, rising cognizance regarding telemedicine is adding significant traction to the industry progression.
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Speaking of the factors restraining global video telemedicine market expansion, fraudulent activities and expensive healthcare continue to pose as a major challenge for business in this domain.
Market segmentation overview
With respect to communication channel, global video telemedicine industry segmentation comprises ADSL, satellite communication, broadband ISDN, 5G, 4G, and 3G. Based on components type, the market is split into products and services.
Based on application spectrum, the industry is divided into pathology, dentistry, oncology, gynecology, radiology, dermatology, orthopedics, cardiology, and neurology & psychiatry.
Geographical terrain summary
North America presently holds considerable portion of global video telemedicine market share, attributable to growing usage of mobile health apps, high deployment rate of video telemedicine applications, and escalating demand for smartphones.
On the other hand, Asia Pacific industry is poised to accumulate notable gains by the year 2027, owing to overcrowding of hospitals and rising pervasiveness of chronic diseases in the region.
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Competitive landscape review
GlobalMed Telemedicine, Lifesize Inc., Sony Corporation, Plantronics Inc., Cisco Systems Inc., Logitech International S.A., Huawei Technologies Co. Ltd., and AMD Global Telemedicine Inc. are some of the key players in global video telemedicine industry space. These companies are focusing on strategies like new product development and collaborations to improve their market stance.
Global Video Telemedicine Market by Communication Channel (Value, USD Billion, 2018-2027)
- ADSL
- Satellite Communication
- Broadband ISDN
- 5G
- 4G
- 3G
Global Video Telemedicine Market by Components Type (Value, USD Billion, 2018-2027)
- Products
- Services
Global Video Telemedicine Market by Application Scope (Value, USD Billion, 2018-2027)
- Pathology
- Dentistry
- Oncology
- Gynecology
- Radiology
- Dermatology
- Orthopedics
- Cardiology
- Neurology & Psychiatry
Global Video Telemedicine Market Geographical Landscape (Value, USD Billion, 2018-2027)
North America
- Canada
- U.S.
Europe
- Italy
- Spain
- France
- Germany
- U.K.
Rest of Europe
Asia Pacific
- South Korea
- Australia
- Japan
- India
- China
Rest of Asia Pacific
Latin America
- Mexico
- Brazil
Rest of The World
Global Video Telemedicine Market Major Vendors (Value, USD Billion, 2018-2027)
- ZTE Corporation
- Vermont Telephone Company Inc.
- Vidyo Inc.
- GlobalMed Telemedicine
- Lifesize Inc.
- Sony Corporation
- Plantronics Inc.
- Cisco Systems Inc.
- Logitech International S.A.
- Huawei Technologies Co. Ltd.
- AMD Global Telemedicine Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Video Telemedicine Market, by Region, 2019-2027 (USD Billion)
1.2.2. Video Telemedicine Market, by Communication, 2019-2027 (USD Billion)
1.2.3. Video Telemedicine Market, by Components, 2019-2027 (USD Billion)
1.2.4. Video Telemedicine Market, by Application, 2019-2027 (USD Billion)
1.2.5. Video Telemedicine Market, by Region Analysis, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Video Telemedicine Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Video Telemedicine Market Dynamics
3.1. Video Telemedicine Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Technologies advancement
3.1.1.2. Increasing geriatric population
3.1.2. Market Challenges
3.1.2.1. Fraudulent activities
3.1.3. Market Opportunities
3.1.3.1. Digitalization
3.1.3.2. Awakening awareness
Chapter 4. Global Video Telemedicine Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Video Telemedicine Market, by Communication
5.1. Market Snapshot
5.2. Global Video Telemedicine Market by Communication, Performance - Potential Analysis
5.3. Global Video Telemedicine Market Estimates & Forecasts by Communication 2018-2027 (USD Billion)
5.4. Video Telemedicine Market, Sub Segment Analysis
5.4.1. 3G
5.4.2. 4G
5.4.3. 5G
5.4.4. Broadband ISDN
5.4.5. Satellite Communication
5.4.6. ADSL
Chapter 6. Global Video Telemedicine Market, by Components
6.1. Market Snapshot
6.2. Global Video Telemedicine Market by Components, Performance - Potential Analysis
6.3. Global Video Telemedicine Market Estimates & Forecasts by Components 2018-2027 (USD Billion)
6.4. Video Telemedicine Market, Sub Segment Analysis
6.4.1. Services
6.4.2. Products
Chapter 7. Global Video Telemedicine Market, by Application
7.1. Market Snapshot
7.2. Global Video Telemedicine Market by Application, Performance - Potential Analysis.
7.3. Global Video Telemedicine Market Estimates & Forecasts by Application Type 2018-2027 (USD Billion)
7.4. Video Telemedicine Market, Sub Segment Analysis
7.4.1. Neurology & Psychiatry
7.4.2. Cardiology
7.4.3. Orthopedics
7.4.4. Dermatology
7.4.5. Radiology
7.4.6. Gynecology
7.4.7. Oncology
7.4.8. Dentistry
7.4.9. Pathology
Chapter 8. Global Video Telemedicine Market, Regional Analysis
Related Report:
Telemedicine Equipment Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
The telemedicine equipment market is projected to witness immense growth in the coming years owing to the technological advancements and growing need for providing patients with best possible care remotely. Telemedicine is the use of telecommunications technology in order to provide healthcare from a distance. People generally have access to basic telemedicine or telecommunications technology, such as computers, telephones, and internet. However, most of the solutions require the need for more equipment, not just the basic ones. The technological advanced solutions often require the need for proper training as well as buying suitable equipment. The level of training as well as different types of equipment that are needed usually depends on the solution which is being provided.
Telemedicine equipment companies provide a wide variety of medical scopes combining visual and audio recording devices. Some of the medical scopes permits the provider to take images of the exam, share it with other equipment through a USB port. For example, digital stethoscopes let the physicians to record as well as share the heart and lung sounds of a patient.
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Telemedicine Cart Market, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Telemedicine Cart Market is expected to exceed USD 1.5 billion by 2026. Growing technological advancements in telemedicine carts will have a major positive impact on the market growth over the analysis timeframe. As market players continue to innovate, telemedicine carts grow increasingly sophisticated. Modern telemedicine carts often include additional features such as sensors for pulse rate, oxygen saturation and advanced imaging solutions. This will lead to product adoption among the consumers. Furthermore, technological advancements are positively augmenting the ease of use and accuracy of diagnoses, this will lead to an increased adoption among medical professionals. Hence, technological advancements will significantly drive the telemedicine cart market.
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