Healthcare Video Conferencing Solutions Market (2021 - 2028)

Report Overview

The global healthcare video conferencing solutions market size was valued at USD 76.97 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2028. The growing adoption of telemedicine solutions and technological advancements, such as the introduction of 5G technology, is expected to boost the market growth. Furthermore, robust urbanization is anticipated to boost market growth. During the COVID-19 pandemic, demand for remote solutions increased as they aided in reducing the contact of patients with healthcare facilities and their staff. These remote solutions include healthcare video conferencing solutions. They helped doctors to work during the pandemic by catering to their patients. These factors positively influenced the market growth.

Technological advancement by various market players, especially during the COVID-19 pandemic, positively influenced the market growth. For instance, in August 2021, Adobe launched the Adobe Experience Cloud for healthcare to expand the digital transformation capabilities for enhancing the patient experience. The solution is HIPAA compliant and is also built on Adobe Experience Cloud applications. This empowers healthcare companies for reducing the cost, improving the quality of care, and accelerating the digital care transformation.

The healthcare industry, like many other industries, has a varied range of video conferencing requirements, such as ultra-low latency, high bandwidth, high speed, and low power. This is owing to the emergence of many data-intensive applications, such as virtual reality, augmented reality, and video applications. The 5G technology delivers an enhanced experience for all these applications. Therefore, the emergence of 5G technology is anticipated to fuel the market growth.

Deployment Mode Insights

The on-premise segment accounted for the largest revenue share of over 55.0% in 2020. The segment growth is attributed to the growing adoption of on-premise deployment by various organizations, especially large-scale organizations, as they have increasing concerns related to data theft and efficient maintenance of information security systems. Furthermore, the high penetration of these solutions is anticipated to fuel the market growth.

The cloud-based segment is expected to expand at the fastest growth rate of 6.1% over the forecast period. Cloud-based solutions provide increased accessibility to the end users by allowing easy access for video conferencing services through various channels, such as mobile devices and laptops. Moreover, service providers emphasize the adoption of a SaaS platform for providing conferencing services. Features such as password-protected and encrypted cloud solutions are also estimated to boost the market growth. The rising focus of the market players on the segment is also expected to fuel the growth of the market.

Component Insights

The hardware segment accounted for the largest revenue share of more than 45.0% in 2020. The segment growth is attributed to the growing adoption and development of endpoints such as smartphones, desktops, and laptops equipped with microphones, speakers, and high-resolution cameras. Various general physicians have also implemented the work from a home model, which has further led to the reduction in demand for and investments in the enterprise-based hardware, which has further increased the investment by companies for the development of individual products, instead of enterprise hardware.

The software segment is anticipated to witness significant growth over the forecast period owing to the rapid adoption of software-based communication and collaboration solutions, such as Zoom video conferencing. The growth of the services segment is also attributed to the growing number of video conferencing service providers in the market.

Regional Insights

North America accounted for the largest revenue share of over 35.0% in 2020. The growth of this regional market is due to the high adoption of video conferencing solutions in the healthcare industry of the region. In addition, increasing demand for continuous access to high-quality virtual meetings of doctors with patients is anticipated to boost the market growth. Furthermore, the presence of major market players in the region, especially in the U.S., is expected to fuel the market growth.

The Asia Pacific region is expected to grow at a significant rate over the forecast period owing to the advancements in mobile broadband technologies, such as WiMAX and High-Speed Downlink Packed-Access (HSDPA) networks, especially in countries such as Japan and India. Furthermore, increasing awareness regarding the benefits of using video conferencing solutions in the healthcare sector is anticipated to fuel the market growth.

Key Companies & Market Share Insights

The global market is highly competitive and fragmented. Market players are implementing various strategic initiatives, such as product development and launches, the expansion of distribution networks, and global footprint through subsidiaries and partnerships. Key players are also involved in portfolio diversification and mergers & acquisitions. For instance, in June 2021, Zoom Video Communications, Inc. announced the agreement for acquiring Karlsruhe Information Technology Solutions - Kites GmbH, a company dedicated to the development of real-time machine translation solutions. This acquisition is expected to strengthen Zoom’s expansion plans for opening a research & development center in Germany. Some prominent players in the global 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

• Avaya Inc.

Healthcare Video Conferencing Solutions Market