The global Video Telemedicine Market is estimated to be valued at US$ 2.2 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Video telemedicine involves use of real-time audiovisual telecommunication which allows doctors to evaluate, diagnose and treat patients virtually by connecting them through live audio and visual communication. It enables remote delivery of healthcare services and consultations. Video telemedicine is transforming healthcare landscape globally by improving access to quality and affordable care in remote locations. It is playing a pivotal role in reducing costs, bridging gaps in availability of quality healthcare professionals and enhancing efficiency of healthcare systems.
Market key trends:
One of the key trends witnessed in the video telemedicine market is growing focus on cloud platforms and software-as-a-service (SaaS) model. Cloud platforms allow healthcare providers to securely store and access important patient data remotely and SaaS delivery model offer flexibility and scalability. Leading players are focusing on developing advanced cloud-based platforms integrated with AI and analytics to offer enhanced video telemedicine solutions. This is expected to revolutionize healthcare delivery by enabling high quality virtual care at low costs using latest technologies.
Threat of new entrants: The video telemedicine market requires huge capital investments for hardware, software, networking and security infrastructure. This high barrier to entry protects the existing players from new competition.
Bargaining power of buyers: Individual patients have low bargaining power due to inelastic demand for healthcare services. However, large healthcare organizations can negotiate on price and quality with video telemedicine vendors.
Bargaining power of suppliers: A few large players dominate the video components and equipment supplying industry. This gives them significant power over video telemedicine companies to influence prices.
Threat of new substitutes: Though mobile health apps provide basic connectivity, they cannot substitute full-fledged video consultations. Certain core services will continue to demand video telemedicine solutions.
Competitive rivalry: The market comprises large global companies and local startups. Players compete based on technology, security, service portfolio and geographic expansion.
The global Video Telemedicine Market Share is expected to witness high growth, exhibiting CAGR of 16.% over the forecast period 2023 to 2030, due to increasing preference for virtual medical consultations and remote patient monitoring. The market size for 2023 is US$ 2.2 Bn.
Regional analysis: North America dominates currently due to advanced telecom infrastructure and favorable reimbursement policies. However, Asia Pacific is expected to register fastest growth during the forecast period on back of growing internet penetration, rising medical tourism and government support.
Key players: Key players operating in the video telemedicine market are AMD Global Telemedicine, Inc., Logitech, Cisco Systems, Inc., Huawei Technologies Co., Ltd., Sony Corporation, Plantronics, Inc. AMD Global Telemedicine and Logitech specialize in video endpoints and peripherals. Cisco Systems and Huawei have established networking infrastructure for telehealth delivery.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it