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Video Telemedicine Market Industry Growth, Outlook and Opportunity Analysis, 2018-2026
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A joint survey conducted in 2016, by American Telemedicine Association (ATA) and WEGO Health, to understand patient’s perspective on the use of video telemedicine, revealed that consumers are more interested in using telehealth as a replacement or complement technique for in-person patient care. Video conferencing in healthcare reduces re-hospitalization by extending care at home, delivers video-audio consultation, provides easy-to-use interface and reduce travel time and associated costs. In addition, video telemedicine improves efficiency by clear content sharing and facilitating more participant to engage into discussion.
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Video telemedicine for treating patients is important aspects of telemedicine facility, which facilitates reliable quality and clinical efficiency to in-home care, acute care and ambulatory care. Telehealth continue to gain importance in healthcare industry. Patients are realizing the value of virtual care options and substituting it for in-patient care option. Telemedicine extends the healthcare solutions to the rural patients and to the patients living in the remote location areas, which increases accessibility to care at lower costs. Healthcare professionals and independent physicians increasingly use telemedicine application and software services to video conference with patients, when they lack infrastructure for in-house patient care. The 2017 U.S. Telemedicine Industry Benchmark Survey conducted by REACH Health, among physicians, healthcare executives, nurses, and other healthcare professionals in the U.S. found that telemedicine continues to evolve from specialty service to mainstream service. Also, 94% of participants choose video conferencing feature (integrated audio and video for live patient engagement) and found it the most valuable tool in telemedicine platform service.
More than half of patients surveyed by the Health Industry Distributors Association (HIDA), in 2016, were more satisfied receiving telehealth service, and 54% said that the experience was better than traditional physician clinic visit. Moreover, more than half of the survey respondents learned about telehealth from their physicians rather than telemedicine service provider. Moreover, the physician and consulting healthcare professionals are an important link to provide telemedicine services to the patients, thereby to increase growth of the video telemedicine market in near future.
An increasing need for delivering healthcare services to rising geriatric population, growing dearth of physicians and increasing chronic disease incidence facilitates the growth of video telemedicine market. Moreover, increasing adaptation of mobile, smartphone and tablet into healthcare IT segment facilitating technology penetration and incorporation of big data to allow more efficient, more effective and improved operational efficiency in telemedicine services, further helps to boost the video telemedicine market, in near future.
According to the World Health Organization (WHO), around 17.7 million people died from cardiovascular diseases in 2015, representing 31% of all global deaths. Chronic obstructive pulmonary disease (COPD) is a chronic lung disease, accounting for 3 million deaths in 2015, according to the same source. The 2016 Physician Supply and Demand Report, released by Association of American Medical College (AAMC), projects the significant physician shortfall, in the U.S. between 2014 and 2025, which is ranges between 61,700 and 94,700.
However, to generate good future prospects for video telemedicine market, robust network, need of technological expert and necessary communication infrastructure is a critical requirement, and act as restraints in the growth of video telemedicine market, especially in underdeveloped economies. Healthcare Information and Management Systems Society (HIMSS) made request in 2017 U.S. Congressional Asks, to pass the Creating Opportunities Now for Necessary and Effective Care Technologies (CONNECT) for Health Act. The act is intended to significantly remove hurdles to telemedicine expansion in Medicare, by allowing more telehealth experiments using alternate payment models and incentive programs. The HIMSS aims to increase funding for broadband expansion in rural areas through this step.
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Video Telemedicine Market Taxonomy:
On the basis of deployment, video telemedicine market segmented into:
- On-premise video conferencing
- Cloud-based video conferencing
On the basis of component, video telemedicine market segmented into:
On the basis of application, video telemedicine market segmented into:
- Others (Orthopedics, Pathology)
On the basis of communication technologies, video telemedicine market segmented into:
- Broadband ISDN
- Satellite communication
On the basis of end-user, video telemedicine market segmented into:
- Home Care services
Video telemedicine to become effective tool as in-person care for Parkinson’s disease
According to the study published in Neurology Journal, in April 2017, video telemedicine is expected to become a new tool to improve care for people suffering from Parkinson’s disease and essentially for those patients who do not have easy access to a neurologist. Moreover, the study finding shows that video telemedicine for chronic disease such as Parkinson’s disease is more effective than in-patient care. In addition, the broader adaptation of technology has a potential to expand the access to patient-centered care facilities.
Some of the key players operating in the video telemedicine market are Huawei technologies Co. Ltd., Polycom Inc., Vidyo Inc., Adobe Systems Incorporated, Cisco Systems, Inc., Avaya Inc., ZTE Corporation, West Corporation and Microsoft Corporation.
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