Video Telemedicine Market Expected to Witness the Highest Growth 2027 | Huawei technologies Co. Ltd., Polycom Inc., Vidyo Inc., Adobe Systems Incorporated, Cisco Systems, Inc., Avaya Inc
Rising number of health problems around the globe is the major concerning factor that is leading to an increase in medical innovations, driving many key players to invest highly in healthcare sector. Additionally, rising technological advancements in the healthcare industry is estimated to create numerous opportunities in the global Video Telemedicine market throughout the forecast period, i.e., 2019-2027.
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Furthermore, the total healthcare spending is increasing faster than GDP, with an average of 6% in low and middle-income countries as compared to high-income countries, as per a report by World Health Organization (W.H.O.). It also states that the average spending on healthcare (per capita) was USD 1000, whereas half of the countries around the globe spent less than USD 350 per person in 2017.
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.
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
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.
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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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