The Video Telemedicine market size is estimated to reach USD 3.55 billion from USD 1.08 billion in 2019, delivering a CAGR of 15.9% till 2027. The market growth is driven by a plethora of factors, including increasing incidence rate of chronic conditions, expanding patient pool across the globe, the surging requirement for diverse healthcare services like radiology and cardiology, lack of healthcare professions and service providers in rural areas, among others.
Video telemedicine is the systematic blend of telecommunication and IT to provide healthcare services at distant or remote places. It enables healthcare professionals to share information at multiple locations, reducing outpatient visits, along with effectively reducing the overall cost of healthcare. The growing demand for healthcare services amongst patients living in isolated communities and remote areas is generating huge demand for video telemedicine services. Moreover, the lack of availability of skilled healthcare professionals in these areas is also bolstering the demand for video telemedicine market.
The recent outbreak of novel coronavirus is a major contributing factor to the global video telemedicine market growth. The increasing incidence rate of the disease, growing burden on healthcare organizations, a limited number of healthcare works, lack of personal protective equipment, has prompted the healthcare industry to look for alternative ways for providing services. Moreover, social distancing being the key weapon and way of coping with the virus has further made video telemedicine highly relevant in the current crisis. Several benefits offered by video telemedicine services, including minimizing the risk of transmission of the virus due to hospital visits, will bolster market growth through 2027.
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Market Dynamics:
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2027.
Competitive Outlook:
The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.
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