A survey conducted by the United Nations revealed that about 46% of the global population resides in rural areas, with little or no access to appropriate healthcare facilities. The advent of video telemedicine and deployment of superior communication technologies will enable the rural population to obtain timely and affordable healthcare assistance. Video telemedicine capitalizes on wireless technologies and high-quality video capturing devices to facilitate remote connectivity to offer timely healthcare assistance to the rural population.
The research report is compiled to provide a comprehensive blueprint of the global video telemedicine market. The elementary components shaping the development of the market are analyzed in the report to define the determinants of market growth and examine the potential market restraints. The report evaluates the market in terms of distinct product segments, consumer groups, end-use industries, critical applications, distribution network, and key geographic regions.
For a more comprehensive overview, the report segments the video telemedicine market in terms of communication technology, applications, and geography. Based on communication technology, the market is divided into satellite communication, 3G, 4G, Broadband ISDN, and ADSL. With regard to application, the market is classified into dermatology, oncology, dentistry, cardiology, orthopedics, pathology, radiology, gynecology, and neurology & psychiatry.
Overview of the global video telemedicine market
The global video telemedicine market is projected to expand from its market value of US$559.0 million in 2013 to an estimated total of US$1,624.4 million by the end of 2020. Based on the projections, the market is likely to develop at a remarkable 16.5% CAGR between 2014 and 2020.
As early as the 1980s, telemedicine largely relied on the progress exhibited by the video conferencing technology. However, with the integration of webcams, high-quality video sensors, and fiber optic broadband systems, the video telemedicine market has revolutionized modern medicine by enabling face-to-face communication between healthcare service providers and patients.
Impelled by factors such as rapidly increasing geriatric and disabled populations, favorable government initiatives encouraging the use of the latest technology in medicine, enhanced cost and time efficiency offered by the technology to the healthcare sector, and proliferation of new communication technologies, the market for video telemedicine is expected to demonstrate robust growth during the forecast period.
However, resistance in rural areas to accept new technologies, inadequate network infrastructure at present, and lack of skilled staff will emerge as the major bottlenecks for the market. Nonetheless, the untapped markets in emerging economies will present significant market opportunities for the market players in the healthcare sector.