Market size for video telemedicine to reach USD 8.5 billion by | Panda Anku

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 US$2.2 billion in 2021 to US$8.5 billion in 2030 , at a CAGR of 16.3%. in the forecast period 2022-2030.

Video telemedicine is treatment patients receive through video calls, voice calls, and mobile apps. The teams responsible for video telemedicine use high quality audio and video technology to accurately assess disease states and communicate with patients. When the patient books a doctor for treatment, the patient places an order along with the lab results. Doctors review the lab results and then schedule the consultation with the patient. The video telemedicine market is growing due to the increased demand for online doctor consultations in urgent situations. The video telemedicine appointment is often made with a doctor close to the patient. REACH Health 2017 conducted a benchmark US telemedicine industry survey of US healthcare executives, nurses, physicians and other healthcare professionals. The survey revealed that video telemedicine is evolving from a specialty service to a mainstream service. The study also found that 94% of patients nowadays choose the video conferencing feature, which is integrated with the best audio and video quality for the patients’ live interaction with the doctor. According to the World Health Organization (WHO), around 17.7 million people died from cardiovascular diseases in 2015, accounting for 31% of global deaths. In addition, about 3 million people died in 2015 from chronic obstructive pulmonary disease (COPD), a chronic lung disease.

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Competitive landscape:

To improve their market positions in the global Video Telemedicine Market, the major players are now focusing on executing strategies such as product innovation, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships.

● In March 2020, two Israeli hospitals, Ichilov Hospital and Sheba Medical Center, launched an AI-based tele-intensive care unit to support COVID-19 patients.

Market growth and trends:

The increasing prevalence of chronic diseases is one of the main factors driving the market growth. Furthermore, the outbreak of Covid-19 has boosted the growth of the market as several people started consulting doctors via video and audio calls for minor ailments to avoid contact with patients suffering from Covid-19. Even in hospitals, the hospitals and doctors were so busy treating Covid-19 patients that they hardly found time to consult regular patients. This turned into an opportunity for the growth of the market. In addition, the rising internet penetration also presented growth opportunities for the market during the forecast period. However, lack of physical disease diagnosis restrains the growth of the market as several people or individuals from the geriatric population are satisfied when they are diagnosed physically.

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Important Findings

● In 2021, the service segment dominated the market with the largest market share of 63% and a market revenue of 1.38 billion.

The Components segment is divided into Services and Products. In 2021, the service segment dominated the market with the largest market share of 63% and a market revenue of 1.38 billion. The telemedicine services segment is growing due to the increasing demand for consulting, training and monitoring services.

● In 2021, the 4G segment accounted for the largest market share 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 market share with 27% and a market revenue of 0.5 billion. The increasing need for high-speed internet connections in the healthcare sector is driving the growth of the segment.

● In 2021, the gynecology segment had the largest market share with 16% and a market revenue of 0.35 billion.

The application segment is divided into cardiology, neurology and psychiatry, orthopaedics, radiology, dermatology, gynaecology, dentistry, oncology and pathology. In 2021, the gynecology segment had the largest market share with 16% and a market revenue of 0.35 billion. The segment has grown due to the high demand for privacy when treating women.

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Regional segmental analysis of the video telemedicine market

● North America (USA, Canada, Mexico)
● Europe (Germany, France, Great Britain, Italy, Spain, rest of Europe)
● Asia Pacific (China, Japan, India, rest of APAC)
● South America (Brazil and the rest of South America)
● 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 investments in regional research and development activities are driving the growth of the market. Furthermore, the presence of advanced healthcare facilities and infrastructure coupled with higher insurance coverage for telemedicine treatments supports the growth of the market in the region.

Major Players 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.
● VSeelab Inc.

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This study forecasts revenue at global, regional and country level from 2019 to 2030. Brainy Insights has segmented the global video telemedicine market based on the segments mentioned below:

Global Video Telemedicine Market by Component:

● Services
● Products

Global Video Telemedicine Market by Communication Technology:

● Broadband ISDN
● 3G
● 4G
● 5G
● DSL
● Satellite communications

Global Video Telemedicine Market by Application:

● Cardiology
● Neurology and Psychiatry
● Orthopedics
● Radiology
● Dermatology
● Gynecology
● Dentistry
● Oncology
● Pathology

About the report:

The Global Video Telemedicine Market is analyzed by value (Billion USD). All segments were analyzed on a global, 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 to provide a critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, commodity analysis, supply and demand analysis, competitor position grid analysis, distribution and marketing channel analysis.

About the Brainy Insights:

The Brainy Insights is a market research company that aims to provide companies with actionable insights through data analysis to improve their business acumen. We have a robust forecasting and estimation model to achieve clients’ goals in terms of high quality results within a short period of time. We offer both customized (custom) and syndicated reports. Our repository of syndicate reports is diverse across all categories and subcategories across all domains. Our bespoke solutions are tailored to the needs of customers, whether they are expanding or planning to launch a new product on the global market.

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