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Video telemedicine enables virtual face-to-face communication between providers and patients using digital tools, allowing for remote delivery of healthcare. Powered by increasing internet connectivity and advancements in digital technologies, telemedicine offers convenient solutions to address a wide range of healthcare needs without the constraints of in-person visits. Through multispecialty consultations using audio-visual platforms, telemedicine enables delivery of quality care to underserved populations in rural areas as well as supports timely treatment for non-emergency cases. With the recent disruptions caused by the COVID-19 pandemic highlighting its advantages, telemedicine is emerging as an attractive alternative to traditional in-person care.
The global Video Telemedicine Market is estimated to be valued at US$ 2.2 Bn in 2024 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: One of the major trends driving the video telemedicine market growth is the increasing adoption of telehealth technologies by both providers as well as patients. Various studies have found telemedicine visits to be equally effective as in-person consultations, with high levels of patient satisfaction. At the same time, telemedicine reduces travel times and costs for patients while helping hospitals and clinics boost access and capacity. As acceptance of virtual care delivery models rises across demographics, telemedicine solutions are expected to witness wider integration into mainstream healthcare systems over the coming years. This will further augment demand in the global video telemedicine market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low-to-moderate, as new players require considerable resources to build infrastructure and meet regulatory requirements.
Bargaining power of buyers: Moderate, as buyers have bargaining power due to variety of vendors and new players entering the market.
Bargaining power of suppliers: Low, as suppliers of components do not hold significant influence over Video Telemedicine vendors.
Threat of new substitutes: Low, as currently there are limited substitutes for Video Telemedicine solutions.
Competitive rivalry: High, as existing players compete on parameters such as technology, reliability, quality, reputation and pricing.
Key Takeaways
The global Video Telemedicine market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America is expected to account for the largest share of the global Video Telemedicine market during the forecast period. This can be attributed to factors such as rising geriatric population, increasing prevalence of chronic diseases, advanced healthcare infrastructure, and government initiatives to support telehealth programs in the region. For instance, U.S. Veterans Affairs program utilizes telehealth services widely.
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 key players are focusing on improving their product and service offerings through strategic collaborations and new product launches. For instance, in 2021, Huawei Technologies launched Telemedicine Solution to enable remote medical consultation between doctors and patients.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. 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.
