The global healthcare video conferencing solutions market is poised for substantial growth, reaching a notable sum of US$ 91.7 million in 2023, as revealed in a recently published report by Future Market Insights. With an anticipated Compound Annual Growth Rate (CAGR) of 5.5% from 2023 to 2033, the market is projected to escalate to US$ 156.7 million by the end of 2033.
One of the key drivers behind this growth trajectory is the advancement in technology, particularly with the advent of 5G technology and the widespread adoption of telemedicine solutions. The onset of the COVID-19 pandemic further accelerated the adoption of video conferencing solutions in the healthcare industry, with various firms pioneering technical advancements to meet the diverse needs of the sector.
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“The healthcare industry demands seamless video conferencing solutions that offer low power consumption, minimal latency, high-speed connectivity, and ample bandwidth,” stated a spokesperson from Future Market Insights. “This is particularly crucial for data-intensive applications like video conferencing, virtual reality, and augmented reality, which have become integral parts of modern healthcare practices.”
North America emerged as a significant contributor to the global healthcare video conferencing solutions market in 2022, driven by the increasing acceptance of video conferencing technologies within the healthcare sector. The region’s market growth is further fueled by the escalating demand for continuous access to high-quality virtual doctor-patient conferences and the presence of key corporations driving innovation in the field.
With the healthcare landscape evolving rapidly and the demand for telemedicine solutions on the rise, the market for healthcare video conferencing solutions is expected to witness robust growth in the coming years.
Key Takeaways:
- The COVID-19 pandemic has accelerated the adoption of telemedicine and healthcare video conferencing solutions.
- The market is segmented into deployment types (on-premise and cloud-based), components (hardware, software, and services), and applications (telemedicine, remote patient monitoring, and others).
- The cloud-based deployment type is expected to witness the highest growth during the forecast period.
- North America is the largest market for healthcare video conferencing solutions, followed by Europe and Asia-Pacific.
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Competitive Landscape:
Key players in the Healthcare Video Conferencing Solutions Market include Adobe, Pexip AS, Zoom Video Communications, Inc., Intrado Corporation, Vidyo, Inc., Plantronics, Inc., Logitech, Huawei Technologies Co., Ltd., Cisco, and Avaya Inc.
A few recent developments in the Healthcare Video Conferencing Solutions market are:
- In June 2021, Zoom Video Communications, Inc. announced that it had reached a deal to buy Karlsruhe Information Technology Systems – Kites GmbH, a firm specializing in real-time machine translation solutions.
- In April 2021, Intrado Corporation introduced the SD-WAN Thin Edge, which was created in partnership with Infiot, a company that specializes in remote-first applications. It is intended for use with LTE cellular networks to connect distant workers, fixed and mobile locations, and IoT devices.
- In February 2020, Logitech revealed that their new future Zone Wired headset would expand its video conferencing options for the entire workplace while also enhancing the personal workstation. With the addition of this new headset, Logitech offers a comprehensive modern portfolio of both wired and wireless headsets, allowing customers to select the best option for their needs.
- In December 2020, Intrado Corporation, a provider of patient engagement solutions for hospitals, medical offices, and health systems, acquired Asparia, Inc.
Market Segments Covered in Healthcare Video Conferencing Solutions Market Analysis:
By Deployment Mode:
- On-premise
- Cloud-based
By Component:
- Software
- Hardware
- Services
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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