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Global Healthcare Video Conferencing Solutions Market By Component, By Deployment Mode, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027

Global Healthcare Video Conferencing Solutions Market By Component, By Deployment Mode, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027

  • October 2021
  • 188 pages
  • ID: 6188479
  • Format: PDF
  • KBV Research

Summary

Table of Contents

The Global Healthcare Video Conferencing Solutions Market size is expected to reach $120.3 Million by 2027, rising at a market growth of 6.6% CAGR during the forecast period. Healthcare video conferencing is also known as telemedicine. It is a way through which healthcare professionals communicate with their patients over the internet. With the help of telemedicine technology, patients from across the world can easily communicate and connect to highly skilled doctors. In addition, the utilization of these advanced medical video conferencing solutions has improved the overall experience for both patients as well as medical professionals.

The arrival of several latest technologies across varied healthcare practices is bringing changes in the global healthcare IT industry. Telemedicine is regarded as one of the crucial services in healthcare sector that simplifies different medical aspects for medical patients and healthcare organizations. Telemedicine services comprise various services among which video conferencing technology is quickly emerging as the crucial technology for healthcare IT industry.

Moreover, the growth of the market driven by the technological advanced solutions launched by several market players, particularly during the COVID-19 pandemic. For example, in 2021, Adobe introduced the Adobe Experience Cloud for healthcare to expand the digital transformation capabilities in order to improve the patient experience. The solution is based on Adobe Experience Cloud applications and is a HIPAA compliant. This helps the healthcare enterprise to enhance the quality of care, increase the digital care transformation, and reduce the cost.

COVID-19 Impact

Due to the outbreak of the COVID-19 pandemic, several industries witnessed declined growth. The World Health Organization declared it as a global health emergency. In addition, various nations have imposed strict lockdown guidelines to mitigate the suffering brought by global pandemic. Additionally, governments announced various stringent measures like lockdown, ban on traveling, and maintaining social distance to contain the spread of this highly contagious virus. Due to the travel ban, there has been a disruption in the global supply chain. During the pandemic, several companies focused on digitalizing their businesses.

Market Growth Factors:

These solutions enable healthcare service providers to serve and reach a large number of patients

Video conferencing is gaining traction in the healthcare industry as it offers numerous benefits like it enables the patient to have a face-to-face interaction with the doctor. It is appreciable that healthcare service providers are now able to reach out and serve a large number of people than they used to do under normal circumstances. However, several healthcare service providers have a limited number of resources due to which, they restrict themselves from serving a large number of patients. For example, being physically distant hinders the ability of physicists or doctors to properly inspect their patients, particularly those who reside in remote locations.

Customized services and benefits like cost and time saving

During the pandemic, the adoption of video conferencing technology by healthcare service providers provided relief to people who were suffering from varied diseases or health issues. Using this technology, doctors were able to customize their services according to the patient. Further, doctors and patients also witnessed that this technology is helping them in saving their time and money. Just with the help of the internet and electronic devices, patients can communicate with a doctor at any time and from any place. Hence, these factors are accountable to create new growth avenues for the healthcare video conferencing solutions market during the forecasting period.

Market Restraining Factor:

Frequently occurring technical issues

Video conferencing is the latest technology. Doctors and patients using this technology must be equipped with skills as technical glitches occur frequently at the time of video conferencing. In addition, during a video conferencing call, patients may face problems like integration issues, network-related issues, user-related issues, audio and video-related issues, and system & functionality issues. These problems may arise during video conferencing and most of the time users are unable to detect and solve these problems.

Component Outlook

Based on Component, the market is segmented into Hardware, Software and Services. In 2020, the hardware segment procured the maximum revenue share of the healthcare video conferencing solutions market. This growth of the segment is due to the increasing advancements and deployment of endpoints like laptops, smartphones, and desktops integrated with high-resolution cameras, speakers, and microphones. Additionally, the investments and the demand for enterprise-based hardware have reduced during the COVID-19 pandemic as numerous physicians started their medical practice from home.

Deployment Mode

Based on Deployment Mode, the market is segmented into On-premise and Cloud-based. The cloud-based segment would witness the fastest CAGR of the healthcare video conferencing solutions market during the forecast period. These solutions offer improved access to the end-users by facilitating access for video conferencing services via several devices like laptops and mobile devices. In addition, various service providers are focusing on implementing Software as a Service (SaaS) platform for offering conferencing services. Moreover, encrypted cloud solutions and password-protection are some of the features that would create lucrative growth opportunities for the market.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia-Pacific would display substantial growth rate in the healthcare video conferencing solutions market during the forecast years. This is attributed to the developments in mobile broadband technologies like High-Speed Downlink Packed-Access (HSDPA) networks and WiMAX, particularly in nations like India and Japan. Moreover, the growing awareness in the healthcare sector about the benefits offered by video conferencing solutions is projected to accelerate the growth of the regional market.

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Cisco Systems, Inc., Huawei Technologies Co., Ltd., and Adobe, Inc. are the forerunners in the Healthcare Video Conferencing Solutions Market. Companies such as Logitech International S.A., Pexip AS, Intrado Corporation are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., Avaya Holdings Corporation, Plantronics, Inc. (Polycom, Inc.), Adobe, Inc., Zoom Video Communications, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Logitech International S.A., Pexip AS, Intrado Corporation (Apollo Global Management), and Vidyo, Inc. (Enghouse Systems Ltd.).

Recent Strategies Deployed in Healthcare Video Conferencing Solutions Market

Partnerships, Collaborations, and Agreements:

Aug-2021: Avaya came into partnership with Microsoft, an American multinational technology corporation. The partnership aimed to design a powerful group of joint cloud communications solutions to define the future of employee and customer experience. These joint solutions comprise Avaya’s Avaya OneCloud Communications Platform as a Service that is integrate with voice, video, chat and SMS capabilities of Microsoft Azure Communication Services for integrated global scale, functionality, and reach.

Aug-2021: Intrado Digital Media, a subsidiary of Intrado Corporation came into partnership with Interprefy, a leader in cloud-based remote simultaneous interpretation solutions. This partnership would allow the delivery of multi-lingual audio content in real-time for customers utilizing Intrado Digital Media’s award-winning webcasting platform, Studio.

Jul-2021: Zoom Video Communications came into partnership with Tata Teleservices, an Indian broadband and telecommunications service provider. Under the partnership, the companies would offer a video-first unified communications solution to companies.

Jun-2021: Poly came into partnership with CLIPr, a Video Analysis, and Management (VAM) platform. Under this partnership, CLIPr would use artificial intelligence and machine learning to index video content to assist people in saving their time and reducing video fatigue.

Feb-2021: Pexip came into partnership with Epic, an electronic health record system. This partnership aimed to offer an easy-to-use, secure system for patients & healthcare providers. Moreover, the integration made it simple to begin a scheduled video meeting directly from the Epic interface MyChart, utilizing any mobile device or browser.

Jan-2021: Pexip formed a partnership with Logitech, a Swiss manufacturer of computer peripherals and software. Through this partnership, the companies would offer a secure, seamless, constant, and end-to-end video conferencing user experience for meeting rooms from the varied location.

Oct-2020: Avaya collaborated with NVIDIA, an American multinational technology company. Under this collaboration, Avaya would integrate powerful cloud AI solutions from NVIDIA to surge the impact and value of audible, collaborative, and visual experiences via the Avaya Spaces app.

Sep-2020: Poly teamed up with StarLeaf, the global provider of meeting room solutions and video conferencing services for enterprises. Under this collaboration, StarLeaf meetings are accessible on the latest video solutions by Plantronics. Poly’s latest range of video conferencing systems includes Poly Studio X50, Poly Studio X30, and Poly G7500 that support StarLeaf software virtually out of the box, enabling users to implement Poly room systems with the full StarLeaf experience.

Aug-2020: Logitech entered into a partnership with Samsung, a South Korean multinational electronics company. This partnership would join the industry’s broad display lineup comprising digital signages & desktop monitors, with Logitech’s broad range of video conferencing solutions for both personal desks and meeting rooms.

Acquisitions and mergers:

Aug-2021: Intrado took over Hubb, a virtual event management software provider. Through the acquisition, the company would expand its category leadership, offering the world’s most exhaustive end-to-end solution for virtual, hybrid, and in-person events to thousands of clients over the globe.

Jul-2021: Cisco took over Socio Labs, a U.S.-based modern event technology platform. Through the acquisition, the company would upgrade webinars, webcasts, and Webex Events beyond meetings to add large-scale conferences and multi-session hybrid events.

Dec-2020: Cisco completed the acquisition of Slido, an audience interaction platform for meetings and events. This acquisition aimed to transform the virtual meetings experience and ensure that everyone’s voice could be heard regardless of the size of the meeting.

Dec-2020: Adobe acquired Workfront, the leading work management platform for marketers. This acquisition would help Adobe with more efficiency, collaboration and productivity benefits to marketing teams that are challenged with siloes work management solutions.

Oct-2020: Cisco took over BabbleLabs, a privately held company. Under this acquisition, the company would offer its customers access to highly developed noise removal and speech improvement technology.

Jul-2020: Pexip completed the acquisition of Videonor, a video service provider. Through this acquisition, the company would assure that the customers in question have access to a wide range of video conferencing services suited to the company’s requirements.

Product Launches and Product Expansions:

Sep-2021: Pexip introduced Direct Peering, a private connection between a company and the Pexip Service. Pexip Direct Peering offers quality and constant video networks and assure that its customers and users have a better experience in each call.

Sep-2021: Logitech introduced Tap IP, a network-based meeting room controller and Tap Scheduler, a purpose-built meeting scheduling panel for any meeting space. By expanding its portfolio, the company aimed to facilitate joining and scheduling video meetings for several hybrid workers return to the office.

Sep-2021: Poly introduced Poly Studio X70 and Poly Studio E70 to its family of video conferencing solutions. Through the addition of the Poly Studio family, the company aimed to improve the video collaboration experience and design meeting equality for all participants, whether in the office or dialling in remote locations.

Jun-2021: Zoom Video Communications released Zoom Phone Appliances, a new category of hardware. These appliances integrate Zoom technology with hardware from Poly & Yealink to offer audio and video capabilities and touch display, in an all-in-one desk phone solution for phone calls, interactive white boarding, and HD video meetings.

Feb-2021: Poly launched the Poly Studio P Series. This series is the professional-grade personal video conferencing tool developed to uplift the game of the remote worker. These video conferencing devices provide the freedom, confidence, and professional edge to look and sound best wherever duty calls.

Jan-2021: Zoom Video Communications introduced more than 400 features in 2020 to improve the customer experience. These features and additional functionality to their key video communications solution assist customers to connect and collaborate effortlessly across the video at the time these trying times. The most important features consist of co-host offerings for managing Breakout Rooms, spotlighting & multi-pinning video feeds, the capability to utilize slides as a virtual background, High-Fidelity Music Mode, etc.

Dec-2020: Pexip unveiled Pexip Private Cloud, a new deployment option for its video conferencing platform. This platform provides its customers the scalability and ease of a shared cloud with the security, privacy, and control of a self-hosted solution, mission-critical to industries with stringent regulatory compliance comprising healthcare, government, and financial services.

Dec-2020: Vidyo introduced upgraded interfaces to its VidyoRoom Solutions. These upgraded solutions are integrated with three new in-office video conferencing experiences curated to offer a best-collaborated environment for hybrid teams.

Dec-2020: Cisco expanded its portfolio of collaboration devices developed to empower the remote worker and allow a secure return to the office. These new devices that joined the company’s intelligent Webex device portfolio are Webex Desk Hub, Webex Desk Camera, and Webex Desk.

Nov-2020: Avaya launched Avaya Spaces, the all-in-one video collaboration platform for the digital workplace. This platform would add new capabilities comprising an industry-best 61-participant concert view.

Nov-2020: Zoom Video Communications introduced HIPAA-compliant features and products. These features and products comprise cloud recording for clinical applications, Zoom Phone, and Zoom Chat under Zoom’s updated business associate agreement (BAA) for healthcare organisations.

Oct-2020: Intrado Corporation introduced Hoot Meetings, a next-generation video-first online meeting tool for the modern workplace. This tool aimed to offer high-level security at each touch point, comprising feature customization, in-meeting user controls, design & access, and account registration.

Oct-2020: Intrado Corporation introduced scheduled breakout rooms and 1:1 video chat to its flagship Intrado Digital Media virtual event platform. Through this new addition, the company aimed to offer lucrative opportunities for virtual event attendees to come in contact with each other within a virtual environment, boosting greater engagement and a better overall event experience.

Geographical Expansions:

Nov-2020: Huawei expanded its geographical reach over the Asia Pacific region by introducing Huawei Cloud Meeting, a global video conferencing solution in the region. Through this expansion, the company aimed to connect customers, partners, and remote workers during the Covid-19 period.

Scope of the Study

Market Segments covered in the Report:

By Component

• Hardware

• Software

• Services

By Deployment Mode

• On-premise

• Cloud-based

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Cisco Systems, Inc.

• Avaya Holdings Corporation

• Plantronics, Inc. (Polycom, Inc.)

• Adobe, Inc.

• Zoom Video Communications, Inc.

• Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)

• Logitech International S.A.

• Pexip AS

• Intrado Corporation (Apollo Global Management)

• Vidyo, Inc. (Enghouse Systems Ltd.)

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