Video telemedicine allows physicians to evaluate, diagnose, and treat patients remotely using telecommunication technologies. It enables real-time interaction between a patient and physician through video chatting, which saves travel time and costs for both parties. During the Covid-19 pandemic, the adoption of telemedicine surged as in-person visits were restricted and demand increased for alternate modes of healthcare delivery. 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:
The increased adoption of telemedicine during the Covid-19 pandemic has accelerated the growth of the video telemedicine market going forward. During the pandemic, telehealth visits increased drastically as social distancing measures were imposed and patients sought virtual care options instead of in-person visits. This exposed more patients and physicians to the capabilities and benefits of telemedicine. As a result, telemedicine is expected to increasingly become a mainstream part of the healthcare system even after the pandemic is over. The high patient acceptance and flexibility of telemedicine will continue driving the market during the forecast period.
Segment Analysis
The video telemedicine market can be segmented based on component, delivery mode, and end use. Based on component, the hardware sub-segment dominates due to increased use of devices like tablets, smartphones and laptops to conduct teleconsultations. The convergence of healthcare and technology has fostered innovations in remote monitoring devices as well.
Key Takeaways
The global video telemedicine market is expected to witness high growth.
Regional analysis: The Asia Pacific region is poised to grow the fastest in the video telemedicine market during the forecast period. This is attributed to rising medical infrastructure and internet connectivity in countries like India and China. North America currently holds the leading market share driven by favorable reimbursement policies as well as increased adoption of telehealth practices post COVID-19.
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. American Well and Teladoc are pioneering telehealth companies focused on teleconsultations. Siemens offers a range of telemedicine solutions for teleradiology and eICU.
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