There's no built-in way to replace default video player used in MTDb with a different one (for example video.js or jwplayer). In order to integrate another player into MTDb, a number of custom modifications to code would need to be made, while it's possible, help with this is outside the scope for our support.
This only refers to playing video files directly (eg. mp4) or streams (dash/hls). You can still use a video embed url or code from any 3rd party site.