According to a new market research report published by Acute Market Reports “Video Conferencing in Healthcare Market (By Deployment Model–On-premise, Cloud-based and Managed Services) - Growth, Share, Opportunities, Competitive Analysis and Forecast 2020 - 2028”, the global healthcare video conferencing market was valued at US$357.2 Mn in 2019 and is estimated to expand with a CAGR of 12.7% from 2020 to 2028.
Browse the full report at https://www.acutemarketreports.com/report/video-conferencing-in-healthcare-market
Market Insights
Healthcare video conferencing solutions refer 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 traveling. 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 to the development of their healthcare IT infrastructure for the betterment of the healthcare services. As a result, the global healthcare video conferencing market is estimated to register strong growth in the coming years.
In addition, the ongoing COVID-19 pandemic has resulted in immense stress on healthcare infrastructure across numerous countries. Rising numbers of leading economies have been working hard to treat COVID patients and limit the visits of other non-COVID patients to control transmission. Thereby, healthcare organizations and caregivers have been embracing healthcare video conferencing solutions to ensure continued delivery of care.
Nevertheless, the major factors hindering 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 a large number of countries. Further, low technology awareness and acceptance among the people is another factor contributing to the challenges of the market.
Competitive Insights:
The global healthcare video conferencing solutions market is consolidated in nature with few major international players contributing to more than 50% of the total market revenue. Some of the major players operating in the market include Polycom, Inc. Cisco Systems, Inc., and Avaya, Inc., among others. Healthcare video conferencing solutions market was quite nascent in 2019 as compared to the overall video conferencing industry. However, with the ongoing pandemic, the healthcare sector is expected to rely heavily on video conferencing solutions to provide safe and effective healthcare services.
Key Trends:
