Video Telemedicine Market Share, Trends Under Covid-19 Analysis, Growth, Future Outlook, Business Opportunity 2027: SPER Market Research
The effective growth in demand for healthcare services in remote and backward locations is one the leading causes for the increment in the video telemedicine market value. The effective growth in technological innovation such as mobile collaboration technologies will further generate lucrative growth opportunities for the video telemedicine market. Upsurge in the prevalence of white coat syndrome is another aspect propelling growth in the demand for video telemedicine. Growing geriatric and disabled populations and growing personal disposable income are some other indirect market growth determinants. The effective growth in the prevalence of chronic diseases will further foster growth in the market value.
With the increasing digital influx, individual physicians are progressively adopting video telemedicine practices. Since most patients are living in online and on-demand networks, it has become important for clinicians to practice video telemedicine. Similarly, insurance companies and government-administered healthcare programs are also assisting with telehealth services and technology solutions.
According to SPER market research, ‘Global Video Telemedicine Market– By Communication Technology (3G, 4G, Satellite Communication, ADSL, Broadband ISDN), By Application (Cardiology, Dermatology, Neurology & Psychiatry, Orthopedics, Oncology, Dentistry, Radiology, Gynecology, Pathology), By Deployment (On- Premise Video Conferencing, Cloud- Based Video Conferencing), By Component (Software, Hardware), End- Users (Hospitals, Home Care Services Clinics),and By Region (North America, Europe, Asia Pacific, Middle East, & Africa, and South America)- Global forecast from 2020-2027’ state that the global video telemedicine market is fostering the market growth in the wake of growing medical expenses and developing chronic diseases. The global video telemedicine market has the potential to rise with a potential CAGR in the forecast period from 2020-2027. The emerging requirement for video telemedicine owes to the growth in chronic diseases that demand frequent advice and consultation from physicians. In addition, the growing treatment bills are fostering market requirements for global video telemedicine.
Video telemedicine is the use of video conferencing technology to provide remote medical consultations and services. The video telemedicine market refers to the industry and businesses that develop and provide video telemedicine technology and services. This market is expected to grow in the coming years as more healthcare providers adopt telemedicine as a way to improve access to care and reduce costs. Some of the key areas of growth in the video telemedicine market include remote patient monitoring, telepsychiatry, and telerehabilitation.
In addition, the benefits of video telemedicine tools and software are being amalgamated with smart devices that aid to track pulse, temperature, and several other measurements of patients. The video telemedicine market is advancing at a speedy pace since a growing number of businessmen and women are choosing for telehealth services. Companies are keeping in mind the relief and convenience of elderly patients, while revolutionizing in video call tools and software.
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The COVID-19 pandemic has had a significant impact on the video telemedicine market. The widespread implementation of social distancing measures and lockdowns has led to a surge in demand for remote medical consultations. As a result, many healthcare providers have rapidly adopted video telemedicine technology to continue providing care to patients while minimizing the risk of transmission. The need for remote medical services has increased due to the fear of getting infected by COVID-19 in hospitals. This has led to an increase in the use of video conferencing technology for remote patient monitoring, telepsychiatry, and telerehabilitation.
Telehealth services have stimulated a revolution in the remote healthcare segment. However, different individuals still prefer visiting doctors physically in order to be sure about their diagnosis. In addition, different individuals lack awareness about telehealth services, which functions as a roadblock to the growth of the video telemedicine market. Hence, major market players in the market should invest in advertising and marketing strategies to augment awareness about telehealth services among individuals.
The video telemedicine market has seen an unprecedented growth during the pandemic, with a compound annual growth rate (CAGR) of around 30%. This rapid growth is expected to continue post-pandemic as well, as more patients and healthcare providers become familiar with the technology and its benefits.
The COVID-19 pandemic has also highlighted the need for more robust telemedicine infrastructure and technology. Governments and private organizations are investing in the development and implementation of telemedicine technology to improve access to care in underserved and remote areas. This has opened up new opportunities for companies in the video telemedicine market.
North America registers the video telemedicine market due to the growing adoption of cloud-based technologies and presence of sophisticated healthcare infrastructure. Asia-Pacific on the other hand is predicted to undergo the highest growth rate throughout the forecast period due to the augmented focus on decreasing healthcare expenditure and favorable initiatives by the government.
Sara Lopes, Business Consultant — USA
SPER Market Research