Video telemedicine refers to a group of technologies and devices used to enable interaction between patients in remote areas and medical professionals. According to a recent UN survey, close to 50% of the global population still resides in rural areas. In spite of the rapid pace of urbanization in most developing countries around the world, a significant chunk of the global population is still devoid of qualified medical attention. This calls for an effective solution to enable access to healthcare to this populace, which has led to the rapid emergence of the telemedicine sector, and the global video telemedicine market in particular, in recent years.
According to a market analysis report recently published by leading market intelligence firm Transparency Market Research (TMR), the global video telemedicine market was worth just under US$560 mn in 2013. However, boosted by the urgent need for effective healthcare in rural areas, the market is expected to almost triple in size by 2020; TMR analysts predict that the video telemedicine market will expand to US$1.6 bn by 2020 at a CAGR of 16.50% therein.
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Improved Streamlining of Healthcare Dispensation Boosts Video Telemedicine Market
The major advantage offered by video telemedicine technologies is the increase in efficiency brought about in management of diseases. Since physically visiting a doctor can be taxing or in some cases impossible for rural patients, video telemedicine allows doctors to prescribe medication or therapies through a diagnosis over video conferencing. Apart from patients in remote areas, urban patient-doctor interactions are also benefited by video telemedicine; support for the same from insurance companies is also growing, promoting the acceptance of video telemedicine.
Apart from doctor-patient interactions, video telemedicine also comprises interactions between hospitals. Due to the ease of teleconferencing, video telemedicine allows for much easier and faster transfer of information than with conventional media. This allows top medical institutes to collaborate on medical research of various kinds, boosting the overall healthcare scenario.
Emerging Regions Promising for Global Video Telemedicine Market
Even though, at first glance, video telemedicine is most helpful in emerging regions, due to the relatively lower spread of urbanization, it is in regions such as North America and Europe that the video telemedicine market has the strongest growth prospects. The availability of high-tech medical infrastructure in North American and Western European countries has so far allowed video telemedicine to become a major healthcare technology. The North America market for video telemedicine, which led the global market in 2013, is expected to exhibit a stellar 15% CAGR from 2014 to 2020.
On the other hand, the lack of skilled personnel, advanced medical infrastructure, and significant government funding has restrained the video telemedicine market in regions such as Asia Pacific, Latin America, and Africa. Innovation of cost-effective video telemedicine technologies will help the market post strong figures in these regions. The growing support from APAC and Latin American governments for upgradation of nationalized healthcare infrastructure will also help the market for video telemedicine massively, as the increasing availability of high-speed mobile data in these regions is making availing video telemedicine easier than ever. Accordingly, the market for video telemedicine accessed through 4G technology is expected to expand the fastest in the aforementioned forecast period, with an 18% CAGR expected for the segment.
Browse Full Global Video Telemedicine Market Report With Complete TOC @ http://www.transparencymarketresearch.com/v-telemedicine-market.html
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