SAN FRANCISCO, Oct. 13, 2021 /PRNewswire/ -- The global healthcare video conferencing solutions market size is expected to reach USD 114.46 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.9% from 2021 to 2028. The key factors driving the market include robust urbanization and increasing penetration of telemedicine solutions. Furthermore, technological advancements by market players are anticipated to positively influence the market growth.
Key Insights & Findings:
The growing technological advancements, coupled with the adoption of telemedicine solutions, is expected to boost the market growth
Based on deployment mode, the on-premise segment led the market in 2020 owing to its high adoption by the healthcare providers
By component, the hardware segment held a dominant market share in 2020 owing to the growing technological advancements related to the segment
North America led the market in 2020 with a revenue share of more than 35.0% owing to the presence of major market players
The Middle East and Africa is expected to be the fastest-growing regional market from 2021 to 2028 owing to the rise in the number of healthcare facilities and the need for continuous training for medical students and new doctors, especially during the pandemic
Major players are involved in new product launches, mergers & acquisitions, and collaborations to grow in the market
Market players witnessed tremendous growth in their revenues during the COVID-19 pandemic due to the increased demand for their video conferencing solutions. For instance, Adobe observed a 15% increase, and Pexip LLC witnessed around a 54.5% increase in their revenues from 2019 to 2020. However, they are not certain regarding the demand for their video conferencing solutions after the pandemic. For instance, Zoom Video Communications, Inc. in its 2020's annual report stated that as the COVID-19 pandemic is getting curbed due to the widespread availability of vaccinations, it might result in a decline in paid hosts and users as people/patients will no longer be required to stay at home and they can directly visit the clinics and hospitals for the treatment of their medical problems.
Investments by major companies to launch new technologically advanced products in the market are expected to fuel the market growth. For instance, in April 2021, Intrado Corporation launched the SD-WAN Thin Edge, which is developed in collaboration with Infiot, which develops solutions for remote-first applications. It is designed for connecting remote workers, fixed and mobile sites, and IoT devices over LTE cellular networks.
Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, to maintain a competitive edge in the market. For instance, in December 2020, Intrado Corporation acquired Asparia, Inc., a provider of patient engagement solutions for hospitals, medical practices, and health systems.
Grand View Research has segmented the global healthcare video conferencing solutions market on the basis of deployment mode, component, and region:
Healthcare Video Conferencing Solutions Deployment Mode Outlook (Revenue, USD Million, 2016 - 2028)
Healthcare Video Conferencing Solutions Component Outlook (Revenue, USD Million, 2016 - 2028)
Healthcare Video Conferencing Solutions Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East and Africa
List of Key Players of Healthcare Video Conferencing Solutions Market
Smart Healthcare Market – The global smart healthcare market size was valued at USD 143.6 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 16.2% from 2020 to 2027.
Telemedicine Market – The global telemedicine market size was estimated at USD 55.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.4% from 2021 to 2028.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.