Video Telemedicine Market size is forecast to grow at over 16% CAGR from 2016 to 2023 The growing demand amidst patients residing in remote and inaccessible places for healthcare services will drive the industry in the coming years. Development of mobile technologies permitting exchange of medical information to multiple locations by expert medical professionals, constantly increasing number of outpatients and attempts to reduce healthcare costs are also likely to fuel global video telemedicine market size. Surge in the occurrence of white coat syndrome, hospital acquired/nosocomial infections and the demand for rapid and effective treatments coupled with government initiatives will further boost industry growth. These regulations center on promoting the use of latest medical technology offering reduced costs and enhanced time efficiency. The development of efficient and versatile communication technologies and enhanced video capturing devices such as webcams, cameras etc. are other growth drivers.
Rapidly increasing disabled and geriatric population is forecast to present attractive growth opportunities to industry participants. According to the UN, global geriatric population is set to exceed 1.13 billion by 2023. Lack of proper network infrastructure in the remote areas along with difficulty in adapting to new technologies and dearth of proper skilled staff in these areas are the biggest restraining factors affecting the video telemedicine market. Another restraint is the resistance by the villagers to using the technology, which can be attributed to lack of awareness. U.S. video telemedicine market occupied considerable revenue in share in 2015; this trend is expected to continue through the forecast timeframe owing to continuous improvements and technology developments, and efficient resource utilization. Asia Pacific video telemedicine market share is projected to grow at a quick pace during the forecast period due to rapidly increasing population, significant geriatric population base afflicted with chronic diseases, and rising patient awareness. Lower video telemedicine market price trend is China on account of large number of domestic manufacturers is also a driver for regional industry growth. 1|Page