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Video Telemedicine Market 2024 - By Industry Demand, Leading Players, Regional Overview And Forecast To 2033
Video Telemedicine Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technological advancements are a key trend gaining popularity in the video telemedicine market. Major companies operating in the video telemedicine market are focused on launching new technologies to strengthen their position and gain a competitive advantage. For instance, in July 2023, Samaritan Health Services Inc., a US-based innovative and quality healthcare provider, launched the Epic Video Client telemedicine platform. It is uniquely designed to update clinical paperwork, launch video visits securely, and look up patient histories in the Epic electronic health records system. It enables adding family members and linguists to a patient's telemedicine appointment.
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Major Key Players of the Market:
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.
Video Telemedicine Market 2024 Key Insights:
• 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 Surge In Chronic Diseases Drives Video Telemedicine Market Growth
• Innovative Technologies Transforming The Landscape Of Video Telemedicine
• North America was the largest region in the video telemedicine market in 2023
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