Video Telemedicine Market is Witnessing Significant Growth as industry leader VSee lab Inc. partners with Vuzix Corporation to introduce an innovative telemedicine product

 

Video telemedicine uses technology primarily computers, video, messaging, and phone by medical professionals to diagnose and treat patients in remote locations. Video telemedicine or telemedicine involves the use of electronic communications and software for management of chronic conditions. 

Increasing prevalence of hospital-acquired infection and increasing incidences of white coat syndrome is expected to drive growth of the global video telemedicine market during the forecast period. According to the Indian Journal Medical Research (IJMR), in 2017, surgical-site infections (SSIs) were the most common HAI with prevalence of 23.94% followed by hospital-acquired pneumonia with 18.31%, catheter-related blood stream infection (16.9%), and urinary tract infections (16.9%) in India. Such high prevalence has led to increase in demand for video telemedicine globally. Video telemedicine offers numerous advantages such as less time in waiting room, no transportation time and cost, and fewer chances of catching a new illness. Thus, these factors are expected to drive growth of the global video telemedicine market during the forecast period. Moreover, growing geriatric population is expected to boost the global video telemedicine market growth over the forecast period. According to the World Health Organization (WHO), by 2050, global population of aged 60 years and above is expected to reach 2 billion, increasing from 900 million in 2015. Video telemedicine is a perfect alternative to geriatric people to get medical treatments and medications without actually visiting the doctor’s office.

However, lack of skilled personnel and adequate infrastructure is expected to restrain growth of the global video telemedicine market during the forecast period. Besides, lack of awareness regarding the technology in emerging economies is expected to hinder the global video telemedicine market growth in the near future. Among regions, North America is expected to witness significant growth in the global video telemedicine market during the forecast period. This is owing to wide implementation of video telemedicine and increasing demand for unnecessary transpiration. Furthermore, Asia Pacific is expected to register a robust growth rate over the forecast period, owing to increasing patient pool and healthcare practitioners in the region.

Key companies operating in the global video telemedicine market are Life-Size Communication Inc., Vidyo Inc., Vermont Tel, Sony Corporation, Huawei Technologies Co Ltd., GlobalMed Inc., Premiere Global Services Inc., and VSee lab Inc.

For instance, in November 2020, Vuzix Corporation partnered with VSee lab Inc., a U.S.-based telehealth company to introduce a telehealth and telemedicine smart glasses solution Vuzix Blade Smart Glasses and Vuzix' M300XL.