Newark, Aug. 16, 2022 (GLOBE NEWSWIRE) — Report by The Brainy Insights shows that the global video telemedicine market is expected to grow from $2.2 billion in 2021 to $8.5 billion by 2030, with a CAGR of 16.3% over the forecast period 2022-2030.
Video telemedicine is treatment that patients receive through video calls, voice calls, and mobile apps. Video telemedicine teams use high-quality audio and video technology to assess and communicate with patients for specific disease states. When the patient books a doctor for treatment, the patient places an order with the lab results. Doctors review the lab results and then book the time and date for the consultation with the patient. The video telemedicine market has grown due to the increased demand for online medical consultations in any emergency situation. The video telemedicine appointment is often made with a doctor in the patient’s locality. REACH Health 2017 conducted a benchmark survey of the US telemedicine industry of healthcare executives, nurses, physicians, and other healthcare professionals in the United States. The survey revealed that video telemedicine is evolving from a specialized service to a consumer service. The study also revealed that 94% of patients today choose the video conferencing feature, which is integrated with the best audio and video quality for live patient engagement with the physician. According to the World Health Organization (WHO), around 17.7 million people in 2015 died of cardiovascular diseases, representing 31% of deaths worldwide. Additionally, around 3 million people in 2015 died from chronic obstructive pulmonary disease (COPD), a chronic lung disease.
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To strengthen their position in the global video telemedicine market, the major players are now focusing on adopting strategies such as product innovations, 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 patients with COVID-19.
Market growth and trends:
The increasing prevalence of chronic diseases is one of the major drivers of market growth. Additionally, the Covid-19 outbreak has boosted the growth of the market as several people have started consulting doctors through video and audio calls for minor ailments to avoid contacting patients suffering from Covid-19. Hospitals and doctors were also too busy in hospitals treating Covid-19 patients that they barely found time to see regular patients. This has become an opportunity for market growth. Additionally, the growing internet penetration has also provided growth opportunities to the market over the forecast period. However, the absence of physical disease diagnosis is hindering the growth of the market as several people or people in the geriatric population feel satisfied when they receive physical diagnosis.
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● In 2021, the service segment dominated the market with the largest market share of 63% and revenue of 1.38 billion.
The component segment is divided into services and products. In 2021, the service segment dominated the market with the largest market share of 63% and revenue of 1.38 billion. The telemedicine services segment is growing owing to the growing demand for consulting, training and monitoring services.
● In 2021, the 4G segment accounted for the largest market share, with 27% and a turnover of 0.5 billion.
The communication technology segment is divided into ISDN broadband, 3G, 4G, 5G, ADSL and satellite communication. In 2021, the 4G segment accounted for the largest market share, with 27% and revenue of 0.5 billion. Growing need for high-speed internet connectivity in healthcare is driving the growth of the segment.
● In 2021, the gynecology segment accounted for the largest market share, with 16% and revenue of 0.35 billion.
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 market share, with 16% and revenue of 0.35 billion. The segment has grown due to the high demand for intimacy in treatment among women.
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Regional Segment Analysis of Video Telemedicine Market
● North America (United States, Canada, Mexico)
● Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, rest of APAC)
● South America (Brazil and Rest of South America)
● Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America has emerged as the largest market in the global video telemedicine market, with a market share of around 36% and 0.79 billion in market revenue in 2021. The growing investment in regional research and development activities is driving the growth of the market. Furthermore, the presence of advanced healthcare facilities and infrastructure coupled with higher insurance coverage for telemedicine treatment is supporting the growth of the market in the region.
Leading 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)
● Communication Grandeur Nature Inc.
● AMD Global Telemedicine
● GlobalMed Inc.
● Premier Global Services Inc.
● VSee Laboratory 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:
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 on the basis of value (USD billion). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain a critical overview of 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, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer needs, whether they are looking to expand or planning to launch a new product in the global market.
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