New York, May 07, 2020 (GLOBE NEWSWIRE) -- The Global Video Telemedicine market is forecast to reach USD 3.55 Billion by 2027, according to a new report by Reports and Data. The concept of Video Telemedicine has been prevalent some years. However, in the healthcare sector, the pace of its adoption has been comparatively slower. In recent years there has been a surge in the adoption of the healthcare service among care providing organizations. The underlying reason has been increasing emphasis on developing rural healthcare services in various developing nations and rising geriatric population, which has resulted in increasing the demand for video tele-home care services. It is the growing geriatric population that has resulted in rising demand for virtual consultation of doctors. It has also broadened the arena of application of this healthcare service in psychiatric care services.
The COVID-19 Impact: One of the immediate and positive impact of the pandemic on the sector has been elevated demand for this healthcare services from the healthcare industry. Due to the COVID-19 pandemic, the non-urgent healthcare providers have been emphasizing on shelter-in-place practices and social distancing that has forced them to close their doors for in-person care. It is one of the mentionable factor that has pushed many patients to opt for care services remotely. It has acted as a major boosting factor for the growth of the market. It is also considered as an effective means of providing care services to COVID-19 positive patients with mild symptoms. It ensures the availability of in-person care services for critical patients and reduces the exposure of frontline workers, i.e., healthcare professional, to the patients infected by the virus, thereby increasing their protection. In this context, the World Health Organization and the CDC have been strongly supporting medical distancing, i.e., ways of reducing physical contact between healthcare providers and patients. Such initiatives by healthcare agencies would foster the market growth.
Technological advancements is also playing a pivotal role in the expansion of the sector. As an instance, with the development of the 10G broadband technology platform, it would help in providing the healthcare agencies with low-latency connectivity with enhanced security and high capacity that is important for such remote healthcare services, which would boost the market growth.
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Further key findings from the report suggest
- In context to Component, the Products segment is projected to witness a considerable growth rate of 16.3% during the forecast period. Video Telemedicine products like telehealth video conferencing software, platforms are projected to witness a surging demand during the forecast period. The growth rate witnessed by the Product segment is attributed to its effectiveness in care user’s diagnosis & evaluation in remote areas and its cost-effectiveness, which is resulting in its growing popularity among healthcare service users.
- In regards to Communication technology, the 5G technology segment is projected to witness a faster growth rate of 22.7% during the forecast period. The increasing penetration of smartphones, commercialization of 5G networks in various nations like South Korea, China, Hong Kong and its advantages like enhanced connections on mobile devices making remote devices and IoT more efficient are some of the factors contributing to the growth rate witnessed by this segment.
- In context to Application, the Neurology & Psychiatry segment is projected to witness a considerable growth rate during the forecast period. The growth rate witnessed by the Neurology & Psychiatry segment is attributed to increasing occurrence rate of long term chronic disorders that needs post treatment care and increasing number of psychiatric consultancy cases. The rising geriatric population and associated rising occurrence rate of conditions like Alzheimer’s, dementia is opening new areas for application of this service that would allow continuous monitoring of the patients, which is essential in such health conditions.
- In regards to End-user, the Home Care Services segment is projected to witness a considerable growth rate of 17.1% during the forecast period. The increasing geriatric population is resulting in growing demand for home care services contributing to the growth rate witnessed by this segment. The COVID-19 outbreak and increasing burden on hospitals have also resulted in governments of various nations like Italy to support home care services for patients with mild symptoms to ascertaining availability of care services for patients with severe conditions. It would also contribute to the growth rate of this segment.
- In October 2019, OnMed, at Tampa Bay General Hospital, had deployed the first telemedicine station. This telemedicine station connects nurses, doctors, pharmacists, and patients for real-time consultations through high definition video and audio.
- In February 2019, Health for Humanity (H4D) had developed a telemedicine cabin. This telemedicine cabin is capable of connecting doctors to patients, hundreds of miles away, and allows measuring blood oxygen level, temperature, and pulse rate.
- Key participants include Cisco Systems, Inc, AMD Global Telemedicine, Inc.,Huawei Technologies Co. Ltd.,Logitech, Cisco Systems, Plantronics, Inc., Sony Corporation, Lifesize, Inc., GlobalMed, Vidyo, Inc., Vermont Telephone Company, Inc. and ZTE Corporation.
- Deals Landscape
- In November 2019, American Well had acquired Aligned Telehealth. With the help of this acquisition, American Well would be able to expand the service portfolio for behavioral health virtual care.
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For the purpose of this report, Reports and Data have segmented the global Video Telemedicine market on the basis of Component, Communication Technology, Application, End-user, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Services
- Products
Communication Technology Outlook (Revenue, USD Billion; 2017-2027)
- 3G
- 4G
- 5G
- Broadband ISDN
- Satellite Communication
- ADSL
Application Outlook (Revenue, USD Billion; 2017-2027)
- Neurology & Psychiatry
- Cardiology
- Orthopedics
- Dermatology
- Radiology
- Gynecology
- Oncology
- Dentistry
- Pathology
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Home Care Services
- Hospitals
- Clinics
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/video-telemedicine-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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