Analysis of COVID-19 Crisis-driven Growth Opportunities in Video Telemedicine Market
Video Telemedicine Market: Introduction
According to the report, the global video telemedicine market was valued at ~US$ 1 Bn in 2019 and is projected to expand at a CAGR of ~13% from 2020 to 2030. 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.
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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.
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.
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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.
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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.
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