High Unmet Healthcare Needs in Under-developed Economies Open Growth Opportunities for Video Telemedicine Market, says TMR

The global video telemedicine market is highly consolidated with top four players collectively holding close to 90% of the overall market in 2013, as per a new analysis by Transparency Market Research. These are Cisco Systems Inc., Polycom Inc., LifeSize, and Vidyo Inc. Among these, Cisco Systems Inc. was the clear leader in the same year thanks to its diversified product portfolio and extensive geographical presence.

“Partnerships and collaborations are the key focus of top players in the global video telemedicine market in the bid to expand their geographical presence”, points out a TMR analyst. This is mainly to improve remote and rural patient care, security, and communication. An excellent example is AMD Global Telemedicine Inc. collaborated with Nexus Connected Healthcare in September 2012, the latter being a subsidiary of Nexus IS Inc., to augment the applications of telemedicine.

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Technological innovation and integration of applications is another key growth model that leading players are adopting to enhance their portfolio and broaden their regional footprint in the process. This is expected to increase the scope of video telemedicine from early detection and diagnosis to therapeutics.

Innovation in product design is also what top players in the global video telemedicine market are adopting for revenue growth. For instance, Global Media Group LLC’s TotalExam HD is the one of the world’s first true HD examination cameras.

Introduction of Government Reforms Favors Remote Healthcare Services 

“The global video telemedicine market is primarily driven by the rapidly increasing aging population that needs remote health diagnosis and monitoring”, says a TMR analyst. Moreover, regular healthcare needs of this population are driving the demand for mobile health and video telemedicine. According to estimates from the World health Organization (WHO), the percentage of individuals above the age of 60 years would double from 11% in 2011 to 22% by 2050. This indicates a significant rise in the geriatric population base would propel the need for efficient healthcare services that can be rendered remotely.

Government reforms that are favorable for improving the quality of healthcare is also fuelling the growth of the global video telemedicine market, says a TMR analyst. Proliferation of communication technologies and electronic devices is also propelling the growth of the global video telemedicine market.

Lack of Infrastructural Capabilities in Developing Countries Hampers Market Growth

Resistance for adopting new technologies, predominantly in developing nations such as India, Brazil, China, and Argentina is challenging the market’s growth. This is because the majority of the individuals in these countries prefer visiting the healthcare practitioner in place of receiving medical care remotely. Lack of modern healthcare infrastructure in several countries, which can support the deployment of video telemedicine is also restraining the market’s growth. Video telemedicine requires a high-level of technological capacity for the transmission of data and images unambiguously across the recipient’s network.

The dearth of skilled personnel that can operate video telemedicine systems is also an impediment to the growth of this market. The use of video telemedicine also requires dedicated medical personnel at all times to respond to queries.

The global video telemedicine market is expected to be worth US$1,624.4 mn by 2020. Video telemedicine based on asymmetric digital subscriber line (ADSL) communication technology contributed the highest revenue to the overall market in 2013. However, the 4G communication technology segment of the market will display the highest growth rate at a CAGR of more than 18% between 2014 and 2020. Gynecology stood as the leading application segment in 2013; however, neurology and psychiatry application segments are expected to display the highest growth rate during the forecast horizon, the report states.

The review is based on the findings of a Transparency Market Research report titled “Video Telemedicine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”

Rapid Rise In 3G/4G Reaching More Consumers Dictate Video Telemedicine Market's Growth

The rapid penetration of broadband internet will impel the growth of the video telemedicine market, finds a latest report by Transparency Market Research. The report titled "Video Telemedicine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", says that by 2020, the market valuation will touch US$1,624.4 mn, up from US$559.0 million as of 2013. The global video telemedicine market is expected to register a CAGR of 16.5% between 2014 and 2020, the report further states. 

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With age come a variety of mobility issues. As the world's graying population base expands dramatically, there is a pressing need for healthcare services and specialists to reach out to these aged individuals rather than the other way round. This factor will lead to an unprecedented interest in the deployment of video telemedicine solutions, especially in countries where the majority of the population is already connected to the internet. In both developed and underserved regions of the world, governments have realized the many benefits of video telemedicine consultations, creating a smoother path for the growth for the global video telemedicine market.

The key restraints that will stand in the way of the market's growth, however, are: Reluctance to adopt new technologies, a dearth of skilled staff to enable the seamless deployment of video telemedicine, and the underdeveloped network infrastructure in many regions of the world. Companies in the telemedicine market can find a way around these problems by introducing integrated telemedicine solutions that are easy to use and cost less than the existing options. With the aim to drill down to the second and third level of the global video telemedicine market, the report segments the market by communication technology into: 3G (GSM, CDMA, Others), Satellite Communications, 4G (LTE, WiMax & Others), Broadband Integrated Services Digital Network (B-ISDN), and Asymmetric Digital Subscriber Line (ADSL).

Furthermore, the report provides extensive qualitative information about the following communication technologies in the context of the video telemedicine market: Asynchronous Transfer Mode (ATM) and IP Multimedia Systems (NYSE:IMS). The highest revenue generating segment in 2013 in the global video telemedicine market, according to the report, was that of ADSL-based video telemedicine segment. However, as the adoption of 4G spreads across the world, the 4G-based video telemedicine segment is poised on the brink of seeing impressive growth. By application, the global video telemedicine market is segmented into dermatology, cardiology, gynecology, psychiatry and neurology, oncology, orthopedics, dentistry, radiology, and orthopedics. While video telemedicine was most widely used for gynecology-related consultation in 2013, the use of neurology and psychiatry segment will see patients and doctors heavily relying on video telemedicine in the coming years. As a result, the neurology and psychiatry segment will exhibit a remarkable 17.0% CAGR from 2014 to 2020. 

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North America saw the highest use of video telemedicine and will continue to remain the key market over the near future. Projected to expand at a CAGR of 15% through the report's forecast period, companies will continue to invest considerably in the North America video telemedicine market. Companies profiled in the report include: ZTE Corporation, Siemens Healthcare, Global Media Group, LLC., LifeSize Communications, Inc., AMD Global Telemedicine, Inc., Sony Corporation, Logitech International S.A., Vidyo, Inc., Premiere Global Services, Inc., and Huawei Technologies Co. Ltd.

Introduction of Cost-effective Video Telemedicine Technologies the Way Forward in Emerging Countries

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.

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