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.