Market Overview:
Video telemedicine uses telecommunication technologies to provide clinical health care at a distance. It allows a healthcare provider to evaluate, diagnose and treat patients in remote locations through telecommunication technologies. It is beneficial for delivering healthcare services to underserved areas and populations. It enables live video communication between physicians and patients, which helps physicians to remotely examine patients, review lab results and prescribe medications. It also helps to reduce healthcare costs by limiting unnecessary visits and hospital admissions.
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.
Market key trends:
Growing prevalence of chronic diseases and aging population is increasing the demand for teleconsultation services globally. According to World Health Organization, chronic diseases accounted for over 70% of all deaths worldwide in 2015. Similarly, the geriatric population aged 65 years and above is expected to grow from 524 million in 2010 to nearly 1.5 billion by 2050. This rising chronic disease burden and aging population is propelling the adoption of telemedicine solutions for remote monitoring and diagnosis. Furthermore, favorable government initiatives and reimbursement policies are encouraging adoption of telehealth services. For instance, in 2017, Center for Medicare and Medicaid Services expanded coverage of telehealth services under Medicare.
Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/video-telemedicine-market-1003
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the video telemedicine market is low as setting up telemedicine infrastructure requires significant investment and ongoing expenditures. Established players also enjoy benefits of economies of scale in provisioning healthcare services.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of variety of products and service providers in the market. Buyers can easily switch between telehealth service providers based on pricing and quality of services offered.
Bargaining power of suppliers: Healthcare providers and technology solution providers represent the major suppliers in the video telemedicine market. Their bargaining power is moderate given the availability of alternatives and dominance of major healthcare organizations.
Threat of new substitutes: The threat of substitutes is moderate as communication technologies like mobile apps and online consultations provide alternatives. However, video technology offers real-time audio/visual experience for diagnosis and treatment.
Competitive rivalry: The global video telemedicine market is highly competitive owing to presence of numerous regional and international players vying for larger market share.
Key Takeaways
The global video telemedicine market is expected to witness high growth, exhibiting CAGR of 16.% over the forecast period, due to increasing prevalence of chronic diseases and rising emphasis on cost containment in healthcare delivery.
Regional analysis: North America dominates the global video telemedicine market currently due to rapid technological advancements and favorable reimbursement policies for telehealth services in the region. Asia Pacific is anticipated to exhibit the fastest growth during the forecast period owing to growing medical tourism and rising healthcare expenditure in emerging nations like China and India.
Key players: Key players operating in the video telemedicine market are American Well, Siemens Healthcare GmbH, GlobalMed Inc., Amwell, Huawei Technologies Co Ltd., VSee lab Inc., Cisco Systems, Inc., Vidyo Inc., and LIFESIZE, INC. The market demonstrates a moderate level of consolidation with key players focusing on improving their virtual care solutions and service offerings to gain an edge over competitors.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.