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Global Video Telemedicine Market is expected to see a surge in growth

12-09-2020 11:12 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: worldwidemarketreports

Video telemedicine is the systematic blend of information technologies and telecommunication in consideration to provide healthcare services even at a distant place. Video telemedicine is used to provide healthcare information to the people at a distant place by using different technologies. They are widely used in the applications such as neurology, cardiology, pathology, dentistry, oncology etc. Video telemedicine market is expected to grow during the forecast period owing to the factor such as growing demand for healthcare services amongst patients living in remote areas and isolated communities.

Rapid increase in geriatric population is expected to drive growth of the global video telemedicine market.

According to the World Population Prospects, by 2050, one in six people in the world will be aged age 65 years and above. Furthermore, in 2018, for the first time in history, persons aged 65 or and above outnumbered children under five years of age globally.

According to the United Nations (UN), global geriatric population is set to exceed 1.13 billion by 2023.

Rapid technological advancements in healthcare sector is expected to drive growth of the global video telemedicine market.

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For instance, Doximity is the largest network of healthcare professionals in the U.S. It is a platform for healthcare professionals to connect with one another. Furthermore, in May 2020, Doximity also created a telemedicine app that allows doctors to connect with patients via call, text or video session from their phone without giving up private phone numbers or emails.

For instance, in September 2019, Tempus introduced data-harnessing technology to personalize cancer treatment using genomic sequencing, clinical data structuring, image recognition, biological modeling and other means.

High cost of installation is expected to restrain growth of the global video telemedicine market.

Regional insights:
Asia Pacific is expected to grow rapidly due to technological advancements in healthcare sector in emerging economies such as India and China.
For instance, in August 2019, Microsoft India and Apollo Hospitals Group entered in agreement to set up a National Clinical Coordination Committee for AI-powered Cardiovascular Disease Risk Score API

North America dominates the global video telemedicine market due to constant developments and implementation in video telemedicine growing demand for the avoidance of unnecessary transportation.

Competitive section:
Key competitors in global video telemedicine market are Vermont Tel, Life-size Communication Inc., Cisco Systems Inc., Logitech International S.A, Premier Global Services Inc., Huawei Technologies Co Ltd, Sony Corporation, GlobalMed Inc., VSee lab Inc., and Vidyo Inc.

In September 2020, Voycare, a telemedicine service provider and Chinese language digital health platform exclusively dedicated to women's health, entered into a formal Memorandum of Understanding (MOU) with VSee Lab Inc. a California based and backed telemedicine platform,

In June 2020, Vidyo, Inc., a leader in embedded video telehealth solutions, partnered with Ignis Health, the leading provider of telehealth analytics. The partnership enables Vidyo to integrate the Ignis Health Telehealth Resource Program (TRP), the only comprehensive analytics platform for telehealth utilization, into its VidyoHealth solution for deep insights and metrics reporting.

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