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Video telemedicine refers to delivery of healthcare services through video communication technology. It allows doctors to evaluate, diagnose and treat patients in remote locations. With emergence of advanced technologies such as AI, VR and 5G networks, video telemedicine is becoming more accessible and affordable. AI powered solutions are being utilized for automating administrative tasks, medical diagnosis, and monitoring chronic conditions. 5G promises higher connection speeds and lower latency which will improve quality of video consultations. These technologies are enabling wider adoption of telemedicine services across various medical specialties such as psychiatry, cardiology, obstetrics and radiology.
The global video telemedicine market is estimated to be valued at US$ 2.2 billion 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 Dynamics
Emerging technologies as highlighted in the heading is one of the key driver fueling growth of the video telemedicine market. Advancements in AI, 5G and VR are making telemedicine solutions more affordable and accessible. AI solutions are being utilized to automate routine tasks, provide medical diagnosis and monitor chronic conditions remotely. 5G promises higher speeds and lower latency which will improve quality of video consultations. These technologies are allowing wider adoption of telemedicine across various medical specialties.
Another major driver for the market growth is growing prevalence of chronic diseases. Chronic conditions such as diabetes, cardiovascular diseases and cancer account for majority of global mortality. With emerging technologies, video telemedicine provides cost effective means to effectively manage these conditions and improve patient outcomes. This is encouraging greater uptake of telemedicine services for chronic care management.
Segment Analysis
The global video telemedicine market is dominated by the software segment. This segment accounted for over 60% share of the overall market in 2024 due to the high demand for video teleconferencing and monitoring software among healthcare providers. The software segment allows remote consultation and collaboration between clinicians and patients using telecommunication technology. It helps in facilitating remote patient monitoring and managing chronic conditions effectively.
PEST Analysis
Political: Governments across the world are promoting telemedicine to improve access and lower costs of healthcare. They are providing grants and reimbursements to encourage adoption of video telemedicine solutions. This is positively impacting the market growth.
Economic: The rising healthcare costs have compelled governments and private players to look for cost-effective treatment options. Video telemedicine reduces travel costs for patients and offers affordable consultation to people in remote locations. This economic benefit drives its higher adoption.
Social: An increasing geriatric population and rising prevalence of chronic diseases are major factors raising demand for telehealth solutions. Also, people nowadays prefer virtual visits over traveling to clinics to save time and effort. This makes video telemedicine socially acceptable.
Technological: Advancements in telecom infrastructure and digital technologies have enabled faster internet connectivity and real-time audio/video communication even from remote areas. Developments in artificial intelligence and augmented reality will further support market growth in coming years.
Key Takeaways
The global video telemedicine market is expected to witness high growth at a CAGR of 16% during the forecast period of 2023 to 2030.
Regionally, North America dominated more than 40% share of the overall market in 2024 owing to early adoption and supportive government policies in the US and Canada for telehealth.
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 GlobalMed Inc. have emerged as the leading players owing to their well-established telehealth portfolios and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
