New York, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The virtual care market is valued to have USD 9.8 billion in 2022 and is predicted to expand at CAGR of 28.5% from 2023-2032. It is expected to reach USD 113.0 billion by 2032. There are some major factors that are driving this market such as advanced technologies, rise in patient demand and regulatory groups.
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Virtual care involves interactions between patients and healthcare providers, which can occur either virtually through online communication or in-person visits to a hospital or medical facility. The interaction between the patient and doctor can be done in two modes i.e., audio and video consultation. Audio consultation is much preferred mode used by patients because it helps them to have a real-time conversation and it can be done anywhere and at any time globally. It also eliminates the risk of geographical barriers, expenditure issue and other factors. One of the common advantage of virtual care is that patients can have a good quality of experience with regards to consultation from their homes itself. Additionally, it creates a communication link between the patient and doctors, as physicians or doctors can help more number of patients in worldwide.
The another main reason for the growth of virtual care market is the rising adoption if IT services in healthcare industries. Treatment providers are accepting IT services as they help them to assist and their patients to interact in a more significant manner. Even the usage of IT technology services has been a boom for the healthcare industries, as the doctors can now get hassle free documentation and reports of their patients. But there are some factors which includes challenges over the data security, high investments and shortage of skilled experts, this is the drawback for the decrease in the virtual care market revenue. But as there are a lot of initiatives taken by the government one can witness the huge demand of digital health services which can offer many new business chances for the market players.
Key Takeaways
- By Type, Audio consultation hold its strong position in the virtual care market share. It is due to the high demand of audio consultation.
- By Application Type, Family Medicines dominates the market share section, as much of the healthcare providers prefer the online consultation and avoid visiting to the hospitals physically.
- By End-User Type, Hospitals is being the market leader as it is the primary hub for the healthcare providers.
- North America rules the virtual care market, due to the exceptional demand of virtual care model which is more convenient and easy accessible.
Driving Factors
New Innovation and Technological Advancements
Advanced technologies have given a new shape to the virtual care industry. The high speed internet, mobile devices and developing secure and accessible remote consultation have changed the delivery method of healthcare services. This new innovation allows video consultation, safe and secure data processing and quality care developing a hassle free healthcare experience.
Easy Access to Healthcare Provider
The rise of virtual care in the field of healthcare industry has bring about a new transformation that allows the patients to get their consultation whether its audio or video, it can be done in just one click and moreover it can have done from any part of the country or region. This innovation has provided a lot of help to doctors as they can detect any disease and prescribe the solutions. It allows decrease the travelling expenditure as the patients are not required to travel and wait physically in the hospitals or clinics. These factors are driving the growth in the virtual care market.
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Restraining Factors
Difficulty to Access the Digital Healthcare Services
Not every individual have the access to mobile phones, internet or any kind of digital platforms. This impacts particularly to those peoples who reside in the remote areas and also our elder population. Additionally, some of the people may find to challenging to know the pathway of digital healthcare services specially when it comes to our old generation peoples. They find it difficult to handle the digital healthcare services which ultimately impact the connection between the doctor and patients.
Growth Opportunities
Integration of AI and Predictive Analysis
These technologies have the ability to enhance the diagnosis accuracy, treatment planning and quality patient care. The AI algorithms are capable to hold the huge amount of patient’s data to know the patterns and histories allowing them to take preventive steps. This integration not only enhances the efficiency of virtual care but also gets new avenues for active and preventive healthcare.
Sudden Rise in Virtual Care Services
Virtual care has the potential to provide customized services to all patients anywhere in the world. For instance, there are special virtual care for the chronic disease patients such as the cardiovascular disease, diabetes or heat strokes can provide them with immediate virtual assistance and customized interventions. By providing such type of special care virtual platforms can address other specific healthcare needs that are more comprehensive resulting in improvised patient’s outcomes and experience. These opportunities are a positive sign to enter the virtual care market.
Regional Analysis
North America holds a strong position in the virtual care market share other than any regions. It is due to the increasing demand of virtual care models in various geographical regions. Many market players are in process to introduce new and advanced virtual care solutions to have a bigger market avenue. North America is the replica for the rapid demand for more accessible and convenient healthcare services.
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Report Scope
| Report Attribute | Details |
| Market Value (2022) | US$ 9.8 Billion |
| Market Size (2032) | US$ 113.0 Billion |
| CAGR (from 2023 to 2032) | 28.5% from 2023 to 2032 |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Segment Analysis
The Audio consultation hold a strong position in the virtual care market share for type segment. It due to the easy accessibility and preference for audio consultations. Peoples who mostly prefer audio consultation have proven to be more successful mode for overcoming barriers to take good care like some of the transportation issues, mobility cause and shortage of treatment providers. Audio consultation have been the preferred choice for most of the individuals to avoid physical visits to the hospitals.
The Family medicine segment dominates the virtual care market segment in terms of application. Some of the well-known doctors are expanding their reach towards the usage of online consultation or remote consultation as it is accessible and more convenient. Additionally, internal medicines segment holds a significant position in the market. It reveals that many customers are interested in knowing about the advanced integrated care technology tools.
In the end user segment, the hospitals dominate the virtual care market share, as it is one of primary central hubs for the healthcare providers. They have trained professionals, doctors and advance services, who can guide and provide them a quality virtual care experience. Hospitals do offer diverse services with various healthcare requirements which makes them the main factor for the market growth.
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Segments Covered in the Report
By Type
- Video Consultation
- Audio Consultation
- KIOSKS
By Application
- Family Medicine
- Internal Medicine
- Cardiology
By End-User
- Hospital
- Insurance Company
- Medical Center
- Pharmacies
- Physician Group
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape Analysis
The virtual care market is divided into small and big market players. Investments in new technologies, acquisitions, partnerships and extending the services to various field are some of the strategies adopted by the market players. Many companies are investing in the current and latest products to expand their market reach and product specializations.
Key Players
- Teladoc Health, Inc.
- American Well Corporation
- MDLIVE
- Doctor on Demand, Inc.
- Virtuwell
- CVS health
- MeMD
- HealthTap, Inc.
- iCliniq
- Sesame, Inc.
- AMD Global Telemedicine
- ATandT
- CHI Health
- GENERAL ELECTRIC COMPANY
- Koninklijke Philips N.V.
- Cerner Corporation
- United HealthCare Services, Inc
- Siemens Healthcare GmbH
Recent Developments
- In October 2023, Newfoundland and Labrador (N.L.) is on the verge of unveiling a new virtual-care initiative tailored for residents lacking a family doctor. This innovative system will grant physician access to individuals without a primary-care provider, along with offering round-the-clock emergency coverage for rural areas and remote emergency departments.
- In October 2023, the NHS is set to expand its virtual wards programme, allowing for the treatment of heart failure patients in the comfort of their own homes.
- In October 2023, GNC Health, a branch of the renowned nutrition and wellness company, is launching three membership tiers for individuals and families. The Basic plan, at $34.99 per year, offers access to virtual urgent and lifestyle care, along with over 100 prescriptions with no co-pay.
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