by The 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.
Market Overview:
Video telemedicine involves using telecommunications and digital information technologies to provide medical consultation and care from a distance. It allows doctors to evaluate, diagnose and treat patients in real-time without physical contact. It enables the transmission of live video images between patient and physician using mobile devices as well as desktop computers. The technology allows physicians to stream vital signs and other health data from wearable medical devices.
Market Dynamics:
The rapid technological advancements and growing adoption of digital healthcare devices is one of the major drivers fueling the growth of the video telemedicine market. The increasing adoption of telehealth platforms and mobile health solutions owing to COVID-19 pandemic is also propelling the market growth. Further, the rising geriatric population, increasing prevalence of chronic diseases and growing demand for affordable healthcare services are some other key factors expected to support the market expansion over the forecast period. The proliferation of 5G technology is also expected to boost the video telemedicine market size as it provides low latency connectivity for real-time video calls and remote patient monitoring.
Segment Analysis
The global video telemedicine market is segmented on the basis of component, application, end-user and region. Component segment is further divided into services, hardware and software. The services sub-segment dominated the market in 2022 due to increasing implementation of various consulting, integration & installation and maintenance services by the healthcare organizations globally.
PEST Analysis
Political: Regulations supporting telehealth and telemedicine practices have increased globally. This allows physicians to treat patients virtually across borders.
Economic: The video telemedicine market is expected to grow at a high rate due to reduced healthcare costs when treating patients virtually rather than in-person. It saves travel costs for patients in remote locations.
Social: Increased internet penetration and use of smartphones is making telehealth services accessible to more people globally. An aging population is also contributing to market growth.
Technological: advanced technologies like AI, VR and 5G networks are enhancing virtual healthcare services. Devices are becoming more portable and user-friendly.
Key Takeaways
The global Video Telemedicine Market Share is expected to exceed US$ 7 Bn by 2030, expanding at a CAGR of 16% during the forecast period. North America captured over 35% of the market share in 2023 due to favorable regulations and reimbursement policies for telehealth in the US. Increasing investments by key players are expected to boost adoption in the region further.
Regional analysis
Asia Pacific is projected to witness the fastest growth during the forecast period. A rapidly growing geriatric population, rising prevalence of chronic diseases and improving network infrastructures are driving the Asia Pacific video telemedicine market. China dominated the Asia Pacific regional market in 2023.
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. Logitech leads the market, owing to its vast product portfolio for telehealth solutions and global presence. In 2023, Logitech significantly expanded its offerings with the acquisition of a leading telemedicine platform.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
