Credence Research: Conferencing Market Going Up
Anecdotally, we all knew that the conferencing market is on the rise. Seeing the sheer quantity of new developments on this front makes it clear it's a market on an uptrend with plenty of new entrants looking to stake claims on market share. New word from Credence Research puts some more concrete details on this generally upward market, and the numbers are a sight to see.
The Credence Research report notes that just the global market for healthcare video conferencing weighed in at $246 million in 2014. It follows that estimate up by noting that, from 2015 to 2022, the market will continue expanding with a compound annual growth rate (CAGR) of 12.1 percent. It's important to note that this applies to healthcare video conferencing alone, that video collaboration system specifically geared for use between healthcare providers and the patients involved. With solutions available in both on-premise and cloud-based, there's a lot of room in this market for firms to step in and pursue market share.
The biggest driving factor in that market is the ongoing growth in use of video conferencing in healthcare. As telemedicine—the practice of performing medical analyses remotely—continues to grow, healthcare providers are discovering clear value in providing some unusual medical specialties to chronically underserved areas. Places that would have struggled to offer enough business to a chiropractor or an OB/GYN or a sleep therapist are proving to be excellent ground for telemedicine operations.
Since telemedicine operations tend to cost less than traditional offices to both establish and maintain, that's drawing quite a bit of interest. Of course, the cost is still substantial, and that's holding back some of the growth. Throw in a comparative lack of infrastructure in those areas—underserved in medicine commonly also means underserved in network capacity—and potential low technology awareness in general, and it's clearly holding the market back from its fullest potential.
Naturally, such projections only go so far. There's still a lot of growth in this market because the challenges involved, while there, aren't completely crippling the market. It's like putting weight on a runner; it's slowing up the performance, not stopping it altogether. While there are ways around this—the development of 5G, for example, may well make the concept of an Internet “dead zone” effectively a thing of the past in all but the most extreme examples—these will likely be limiting factors for much of the projected market timeframe.
Video conferencing is still on an upward tear, and video conferencing in healthcare is no exception. Telemedicine's growth may not be as fast as we might like, but there's still plenty of opportunity to be had.
Edited by Alicia Young