The global Video Telemedicine Market is estimated to be valued at US$ 2.2 Bn or Million 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.
Market Overview:
Video telemedicine involves the provision of clinical care from a distance using real-time interactive audio-visual technology. It enables doctors to evaluate, diagnose and treat patients without being physically present. This reduces travel costs and time for both patients and providers.
Market key trends:
One of the key trends in the video telemedicine market is the rise in remote patient monitoring. With the advancement of wearable medical devices and mobile health technologies, patients can now be monitored from home. Conditions such as diabetes, cardiovascular diseases and chronic obstructive pulmonary disease (COPD) that require long-term care are increasingly being managed remotely through video consultations and transmission of vital signs. This is improving access and lowering healthcare costs.
Market key trends:
One of the key trends in the video telemedicine market is the rise in virtual visits. The COVID-19 pandemic has accelerated the shift from in-person visits to virtual care as patients seek medical care from the safety of their homes. Telehealth visits allow patients to consult with doctors remotely through live video calls without exposing themselves to risks in clinical settings. This trend is expected to continue even after the pandemic as virtual care offers advantages like convenience and accessibility.
SWOT Analysis
Strength: Video telemedicine provides improved access to care for remote/rural patients. It allows real time audio visual communication between patients and doctors.
Weakness: Maintaining high quality network connectivity and lack of physical examination.
Opportunity: Untapped growth potential in developing countries. Rising investments by market players to develop advanced virtual care solutions.
Threats: Data privacy and security concerns. Reimbursement issues regarding telehealth services.
Key Takeaways
The global Video Telemedicine Market Share is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing preference for virtual medical consultations.
Regional analysis
North America currently dominates the global video telemedicine market owing to favorable government funding schemes and initiatives to promote telehealth in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising medical infrastructure development in emerging economies like India and China.
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 offers real-time telehealth technologies and services. Logitech develops video conferencing cameras and audio devices. Cisco provides telepresence systems for virtual medical consultations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it