Global Video Telemedicine Market Foreseen to Expand Leaps and Bound Until 2020

Healthcare extracts the foremost attention and expense out of populations in comparison to all other aspects of life. But the number of medical practitioners and hospital facilities is limited, and confined mostly within metropolitan areas. Thanks to advancements in telecommunication technologies, it is now possible to remotely examine patients with the help of video telemedicine. The demand in the global video telemedicine market is projected to expand at an impressive CAGR of 16.5 percent from 2014 to 2020. Revenue-wise, the global video telemedicine market attains a value of USD 1624.4 million by the end of 2020, incrementing radically from its evaluated worth of merely USD 559.0 million as of 2013.

The opportunities are expanding furiously and, at the same time, the number of participants is multiplying too in the global market. The value chain comprises of healthcare organizations, manufacturers, system integrators, and network solution providers. Some of the leading manufacturers of the tools and software for video telemedicine are AMD Global Telemedicine and Logitech International, whereas Polycom and Cisco Systems Inc. have emerged as a key system integrators and network solution providers in the recent times. Siemens Healthcare, Permier Global Services Inc., Huawei Technologies Co Ltd, GlobalMed Inc., and Sony Corporation are some of the other prominent players pioneering the possibilities with video telemedicine.

A collaboration of data advancements and media transmission, the concept of video telemedicine not only has the potential to expand the horizons of healthcare to the rural areas, it can reduce the cost of consultancy and treatment by a fair margin too, owing to reduced requirement of travel for the caregivers and the patients. Growing demand for healthcare services among residents of remote areas, consistently advancements to the technology such as mobile collaboration technology, prevalence of various chronic diseases, and increasing percentage of geriatrics in the global population are some of the other factors augmenting the demand in the global video telemedicine market. On the other hand, strong lack of awareness and resistance of consumers to move beyond traditional methods are obstructing the market from attaining its true potential. – Transparency Market Research