The market for Video Conferencing in Healthcare is expected to reach US$ XX Bn in 2022.
The global healthcare IT industry is rapidly evolving with various new technologies across different healthcare practices. Telemedicine is one of the most significant services used in the healthcare industry, which helps facilitate easy medical practice for healthcare organizations and patients. Among the telemedicine services, video conferencing is expected to emerge as the most promising technology spurring the healthcare IT industry. Video conferencing refers to video communication among two or more participants in real time. The concept of healthcare video conferencing has been designed to enable medical care irrespective of the location of the healthcare organization/medical patient. With the improving telecommunication and IT infrastructure, the penetration of video conferencing systems is expected to soar substantially in the coming years.
The most significant factor fueling the market growth is the rising adoption of healthcare IT systems in the healthcare sector. Thus, to provide better medical services, healthcare organizations are now focused on developing their overall IT infrastructure. Additionally, the healthcare video conferencing market is backed by government encouragement for developing healthcare IT systems. Many national governments, such as the U.S., Germany, the U.K., Switzerland, Australia, and the Middle East, have high government spending on healthcare IT. Thus, these countries' healthcare video conferencing market is expected to witness strong growth in the coming years.
The report titled “GlobalVideo Conferencing in Healthcare Market- Growth, Share, Opportunities and Competitive Analysis, 2015 – 2022” offers strategic insights into the global video conferencing market, focusing on the healthcare sector and the market size and estimates for the duration of 2013 to 2022. The research study covers an in-depth analysis of multiple market segments based on deployment models and cross-sectional studies across different geographies. In addition, the study covers the comparative analysis of different segments for the years 2014 & 2022. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities.
To help strategic decision makers, the report also includes competitive profiling of the leading video conferencing solution vendors, their SCOT (strengths, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Some major players profiled in the report are Cisco Systems, Inc., Polycom, Inc., Huawei Technologies Co., Ltd., ZTE Corporation, Microsoft Corporation, Vidyo, Inc., Avaya, Inc., and others.
In 2014, the global video conferencing market was dominated by the on-premise deployment model, with a market share of more than eighty percent of the total market revenue. The on-premise deployment model consists of a complete solution, including hardware and software required for video conferencing. This makes the on-premise mode of deployment costlier as compared to the other modes of deployment. Popular hardware required for the installation of video conferencing setup includes video screens, cameras, audio systems, and other accessories.
Healthcare organizations majorly prefer on-premise video conferencing setup to conduct online medical consultancy, team collaboration, and training feasibly from their organization. As a result, the on-premise segment is estimated to retain its dominant position in the market throughout the forecast period. Polycom, Inc., Cisco Systems, Inc., and Huawei Technologies Co., Ltd. are among the leading providers of on-premise video conferencing solutions.
Nevertheless, with the growing adoption of cloud-based services across different applications worldwide, the demand for cloud-based video conferencing solutions is expected to register high growth, in terms of revenue and adoption, in the coming years. The penetration of cloud-based video conferencing solutions is majorly due to their low costs, flexibility, and scalability compared to the on-premise video conferencing solutions.
In 2014, the global video conferencing market was dominated by North America, accounting for over one-third of the total market revenue. The high market share in the region is instead of strong penetration of video conferencing solutions across various industry verticals. North America is among the leading regions, in terms of penetration of video conferencing solutions, in the healthcare industry. Additionally, due to high technology acceptance (especially HD services) coupled with the presence of leading companies such as Cisco Systems, Inc. and Polycom, Inc. in the region, the segment is estimated to hold its dominant position in the global market throughout the forecast period.
Similarly, Europe accounts for the second largest share, in terms of revenue, of the video conferencing market worldwide. The market here is supported by the U.K., Germany, Switzerland, and other Scandinavian countries. However, Asia Pacific is poised to register the highest growth in global healthcare video conferencing market during the forecast period. The growth is largely expected from China and India due to the high adoption rate of video conferencing solutions across various industry verticals.
The market for Video Conferencing in Healthcare is expected to reach US$ XX Bn in 2022.
The Video Conferencing in Healthcare Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2015-2022.
The base year of this report is 2014.
Polycom,Inc, Cisco Systems, Inc, Avaya, Inc, ZTE Corporation, Huawei TechnologiesCo.are some of the major players in the global market.