Albany, NY -- (SBWIRE) -- 05/16/2018 -- 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.
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"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.
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.
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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.
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