Overview and Scope
Video telemedicine is a type of telemedicine that uses real-time video and audio telecommunications systems to connect healthcare providers and patients remotely. It is used to enable healthcare providers to assess, diagnose, educate, and treat patients without the need for physical consultations.
Sizing and Forecast
The video telemedicine market size has grown rapidly in recent years. It will grow from $2.51 billion in 2023 to $2.96 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to improving internet infrastructure, increasing healthcare costs, rising demand for remote healthcare services, expanding elderly population, regulatory support.
The video telemedicine market size is expected to see rapid growth in the next few years. It will grow to $5.67 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The growth in the forecast period can be attributed to growth in telehealth investments, rise in chronic diseases, expanding availability of high-speed internet, regulatory facilitation for telemedicine, global health crises. Major trends in the forecast period include enhanced cybersecurity measures, personalized telemedicine solutions, increased use of wearable devices in telehealth, focus on mental health telemedicine services, advancements in remote monitoring technologies.
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Segmentation & Regional Insights
The video telemedicine market covered in this report is segmented –
1) By Component: Services, Hardware, Software
2) By Application: Neurology And Psychiatry, Cardiology, Orthopedics, Dermatology, Radiology, Gynecology, Oncology, Dentistry, Pathology
3) By End User: Home Care Services, Hospitals, Clinics, Other End Users
Top 5 Major Players:
- Huawei Technologies Co Ltd
- Sony Corporation
- Cisco Systems Inc.,
- Siemens Healthineers AG
- Logitech International S.A
North America was the largest region in the video telemedicine market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video telemedicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing prevalence of chronic diseases is expected to propel the growth of the video telemedicine market. Chronic diseases are enduring conditions that can typically be managed but not completely cured. Telemedicine emerges as a valuable tool in managing chronic diseases, as it enhances access to care, enables remote monitoring and self-management, improves communication between patients and healthcare providers, and enhances outcomes in disease management. For instance, in September 2022, according to the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, there were 41 million deaths, which is 74% of all deaths caused by Noncommunicable diseases (NCDs) or chronic diseases every year globally. Among them are 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes.. Therefore, the rise in the prevalence of chronic diseases is expected to propel the growth of the video telemedicine market.
Key Industry Players
Major companies operating in the video telemedicine market report are Huawei Technologies Co Ltd., Sony Corporation, Cisco Systems Inc., Siemens Healthineers AG, Logitech International S.A., Teladoc Health Inc., Poly Inc., GoodRx Holdings Inc., Vonage Holdings Corp, Doximity Inc., Included Health LLC, American Well Corporation, 23andMe Holding Co, Talkspace Inc, LifeSize Communications Inc, MDLIVE Inc, GlobalMed Inc., PlushCare Inc, MeMD LLC, AMD Global Telemedicine Inc., Sesame Inc, 98point6 Technologies Inc., Vermont Telephone Company Inc., HealthTap Inc, CirrusMD Inc., Vidyo Inc., VSee Lab Inc., eVisit Inc., Visionflex Pty Limited, Techmedic International B.V.
The video telemedicine market report table of contents includes:
1. Executive Summary
2. Video Telemedicine Market Characteristics
3. Video Telemedicine Market Trends And Strategies
4. Video Telemedicine Market – Macro Economic Scenario
5. Global Video Telemedicine Market Size and Growth
….
32. Global Video Telemedicine Market Competitive Benchmarking
33. Global Video Telemedicine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Video Telemedicine Market
35. Video Telemedicine Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Video Telemedicine Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Video Telemedicine Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Video Telemedicine Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: Huawei Technologies Co Ltd. Financial Performance
Table 75: Sony Corporation Financial Performance
Table 76: Cisco Systems Inc. Financial Performance
Table 77: Siemens Healthineers AG Financial Performance
Table 78: Logitech International S.A. Financial Performance
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