Telehealth Solutions is the fastest growing segment fueling the growth of Video Telemedicine Market11/13/2023 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 Overview: Video telemedicine involves the use of real-time interactive video and audio telecommunications technology to remotely deliver clinical services to patients by healthcare professionals. It allows face-to-face consultation between doctors and patients which increases access to healthcare especially in remote and underserved areas. Market key trends: One of the major trends in the video telemedicine market is the rising adoption of telehealth solutions. Telehealth solutions are platforms and services that provide remote healthcare services including telemedicine, remote patient monitoring, and e-prescription among others. These solutions are gaining popularity as they provide easy access to healthcare services to more people especially in rural and remote areas. Furthermore, the need for social distancing amid COVID-19 pandemic has accelerated the adoption of telehealth solutions as they help reduce unnecessary visits to hospitals and clinics. Other key trends include increasing investments by healthcare IT companies and favorable government initiatives to promote telemedicine. Segment Analysis The video telemedicine market is segmented by component, end-user, and geography. Based on component, the video telemedicine market is segmented into hardware, software, and services. The hardware segment is expected to be the largest and fastest-growing segment during the forecast period. This is mainly due to the increasing adoption of smartphones and tablets for video consultations. Based on end-user, the video telemedicine market is segmented into telehospitals/teleclinics and telehome. The telehospitals/teleclinics segment is expected to dominate the market during the forecast period. This is because telehospitals/teleclinics offer specialized healthcare services to rural areas with limited resources. Key Takeaways The global Video Telemedicine Market Share is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing adoption of telemedicine and rising investment in telecommunication infrastructure development by governments worldwide. - Regional analysis: North America is expected to dominate the video telemedicine market during the forecast period. This is due to high adoption of advanced healthcare technologies and favorable reimbursement policies in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to rising medical tourism and increasing investment by key players in emerging countries. - Key players analysis: Key players operating in the video telemedicine market are AMD Global Telemedicine, Inc., Logitech, Cisco Systems, Inc., Huawei Technologies Co., Ltd., Sony Corporation, and Plantronics, Inc. These players are focusing on new product launches and mergers & acquisitions to expand their presence and enhance their product portfolio. For instance, in 2021, Logitech launched a new telemedicine cart named Rally Bar that offers 4K video, 7x zoom, and AI-based audio. - Market size: The global video telemedicine market size was valued at US$ 2.2 billion in 2023 and is expected to reach over US$ 7.2 billion by 2030, expanding at a compound annual growth rate (CAGR) of 16% during the forecast period. Read More, https://www.insightprobing.com/video-telemedicine-market-trends-size-and-share-analysis/
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