Video telemedicine refers to the remote delivery of healthcare services such as consultations or follow-ups using telecommunications technology which allows two-way interactive video and audio connections. It enables doctors to evaluate, diagnose and treat patients remotely. During the COVID-19 pandemic, there has been a rapid shift towards telehealth and telemedicine as it allows people to seek healthcare services while practicing social distancing. The growing need for contactless healthcare services and increasing internet penetration are fueling the adoption of video telemedicine solutions across various clinical specialties like dermatology, neurology, cardiology etc. 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 COVID-19 pandemic has hugely accelerated the adoption of telehealth and telemedicine over the past year. During this period, telehealth usage grew by 154% according to data by HIMSS Analytics. As people became increasingly aware of telehealth services and its benefits in enabling contactless healthcare services, its adoption is likely to continue growing steadily even in the post pandemic world. The pandemic has demonstrated how telehealth can help address problems like lack of access and shortage of specialists in rural or remote areas. This is expected to drive further investments in telehealth infrastructure and regulations enabling telehealth practice across various geographies worldwide in the coming years.
SWOT Analysis
Strength: Video telemedicine enables virtual visits with healthcare providers without the need for travel, allowing for improved access to care especially in remote areas. It offers convenience for both patients and doctors.
Weakness: There are concerns around data privacy and security of sensitive health information transmitted over the internet. Rural areas may have poor connectivity issues hampering effective video calls.
Opportunity: The market is driven by the ageing population needing remote care, rising prevalence of chronic illnesses and surging demand for affordable healthcare services. Developing nations present an important growth avenue.
Threats: Reimbursement policies vary greatly limiting widespread adoption. Some medical examinations still require physical presence limiting complete switch to virtual visits. Rapid technology changes pose upgrade challenges.
Key Takeaways
The global video telemedicine market is expected to witness high growth over the forecast period of 2023 to 2030 owing to the rising demand for advanced telehealth services.
Regional Analysis: North America currently dominates the market due to supportive regulatory provisions and rising healthcare costs promoting virtual care. The Asia Pacific region is expected to see the fastest revenue growth over the coming years led by growing medical infrastructure and internet penetration in countries like India, China and Japan.
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 companies are focusing on improving connectivity solutions and leveraging artificial intelligence to offer enhanced virtual care experiences. Partnerships with healthcare providers are helping them expand access and reach in existing as well as new regional markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
