DUBLIN--(BUSINESS WIRE)--The "Healthcare Video Conferencing Solutions Market Size, Share & Trends Analysis Report By Deployment Mode (On-premise, Cloud-based), By Component (Hardware, Software, Services), By Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global healthcare video conferencing solutions market size is expected to reach USD 114.46 million by 2028.
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.
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 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.
Healthcare Video Conferencing Solutions Market Report Highlights
- 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.
Healthcare Video Conferencing Solutions Market Variables, Trends & Scope
Market driver analysis
- Growing adoption of telemedicine solutions
- Rising technological advancements
Market restraint analysis
- Data security and privacy concerns
- High cost of integration
Healthcare Video Conferencing Solutions Market Analysis Tools: Porters
Healthcare Video Conferencing Solutions Industry Analysis - PEST (Political & Legal, Economic, Social, and Technological)
COVID-19 Impact Analysis
- COVID-19 Prevalence Analysis
- Current and Future Impact Analysis
- Impact of COVID-19 on Market Players
- Pexip AS
- Zoom Video Communications Inc.
- Intrado Corporation
- Vidyo, Inc.
- Plantronics, Inc.
- Huawei Technologies Co., Ltd.
- Avaya Inc.
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