According to a new market research report published by Credence Research “Video Conferencing in Healthcare Market (By Deployment Model–On-premise, Cloud-based and Managed Services) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2015 – 2022”,the global healthcare video conferencingmarket was valued at US$246.0Mn in 2014 and is estimated to expandwith a CAGR of 12.1% from 2015 to 2022.
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Healthcare video conferencing refers to a video collaboration system for communication between medical practitioners/experts and patients. Video conferencing enables easy medical support within no time and reduces the need for unnecessary hospitalization and travelling. These solutions are available on-premise as well as cloud-based and hence are cost effective.This makes them feasible for both healthcare organizations as well as patients.
The most significant factor fueling the market growth is the overall rising shift towards telemedicine services worldwide. Due to rising advancement and investment in the healthcare IT infrastructure, the healthcare video conferencing market is expected to witness high growth in the coming years. Healthcare organizations gain various benefits such as better patient care, collaboration among the healthcare teams and easy and faster training from video conferencing solutions. Additionally, various national governments are making efforts for development of their healthcare IT infrastructure for betterment of the healthcare services. As a result, the global healthcare video conferencing market is estimated to register strong growth in the coming years.
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Nevertheless, the major factors hindering the market growth are the financial and technological challenges in the market. Video conferencing solutions are majorly setup on-premise making them costlier. Additionally, the patients may be required to operate the video conferencing equipment which still is a challenge in large number of countries. Further, low technology awareness and acceptance among the people is another factor contributing to the challenges of the market.
The global healthcare video conferencing market is consolidated in nature with few major international players contributing to more than fifty percent of the total market revenue. Some of the major players operating in the market include Polycom, Inc. Cisco Systems, Inc., Avaya, Inc. and Huawei Technologies Co., Ltd. among others. Healthcare video conferencingmarket is quite nascent as compared to the overall video conferencing industry. Thus, these companies continuously emphasize on development of advanced solutions with minimal price in order to gain a competitive edge in the market. This makes the market highly competitive in nature.
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- Development of advanced healthcare video conferencing solutions with higher reliability
- Promoting cloud-based healthcare video conferencing solutions
- Focus on countries having stronger healthcare IT spending
- Development of high definition (HD) solutions with minimal price
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