REPORT HIGHLIGHT
Virtual health service market size was valued at USD 8,605.3 Million in 2022, expanding at a CAGR of 33.9% from 2023 to 2030.
Virtual health services also known as telemedicine and telehealth use the technologies such as video consultation, mobile applications, and text-based messages to transfer the healthcare service to a patient. Virtual healthcare offers healthcare services through these technologies to a patient from a remote location. Additionally, several health systems are planning to raise their virtual healthcare options owing to various properties including influence from health insurance providers, demand from consumers, and upcoming laws. It is accounted that new regulations will simplify the process of earning revenue from virtual care services for healthcare providers.
Virtual Health Service Market - Market Dynamics:
- The cost-effectiveness of telehealth services and Technological Advancements is likely to fuel the market growth
- Telehealth helps patients as well as service providers to save their expenses during non-emergency services as patients can use digital appointments as a first step before the hospital visit. In line with this, increasing usage of virtual health services has resulted in cost savings such as increased efficiency and minimizes hospital readmissions, and travel expenses over traditional in-person care. However, risk factors such as privacy and security may restrain the virtual health services market demand. On the other side, video conferencing, telemedicine platform, remote monitoring devices, and mobile health applications are the result of the development of digital technology in which both healthcare patient and provider has allowed for convenient and quick access to virtual health and services. Additionally, artificial intelligence (AI) is the most trending development in telemedicine technologies that aims to improve the productivity of healthcare providers. This technology keeps patients updated with the introduction of wearable devices and other remote patient-tracking tools.
Virtual Health Service Market - Key Insights:
- As per the analysis shared by our research analyst, the global virtual health service market is estimated to grow annually at a CAGR of around 33.9% over the forecast period (2023-2030)
- The virtual health service industry is projected to grow at a significant rate due to the growing technological advancement
- Based on components segmentation, software & services was predicted to show maximum market share in the year 2022
- Based on end-users segmentation, patient was the leading type in 2022
- It is convenient and accessible for the patient to receive care and medical consultation remotely as a result, telemedicine has been gaining popularity rapidly.
Virtual Health Service Market- Segmentation Analysis:
- The global virtual health service market is segmented on the basis of consultation mode, component, end user, and region.
- The market is divided into two categories based on components: software & services and hardware. The software & services segment is accounted to witness the highest growth rate due to the rising requirement for several services such as maintenance, staffing, installation, and training. There is a huge demand for installation and training services as software solutions continue to improve. Additionally, the segment growth is attributed to the numerous pre-installation and post-installation services, either as a package or on their own.
- The market is divided into four categories based on end-users: employers, patients, payers, healthcare providers, and others. The patient segment is likely to hold the largest market share over the forecast period. Patients shift to telemedicine for several reasons, whether they are dealing with serious or minor health problems or even emergencies. In line with this, to meet this diverse requirement, companies that provide telemedicine services are continuously growing their offerings. It also improves healthcare quality by employing healthcare professionals with quick access to improved workflow, patient records, analytics, and decision support features.
Virtual Health Service Market- Geographical Insights
Geographically, this market is enormous encompassing the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is attributed to holding the largest market share in the virtual health service market because of their high spending on healthcare IT, presence of key players, strong internet connectivity, and large population base of smartphone users. The regional growth of the market is boosted by the availability of favorable insurance coverage in the area.
Virtual Health Service Market- Competitive Landscape:
Market players have emerged in mergers and acquisitions to increase their industry share and offer innovative solutions to users, which is projected to boost the industry's growth during the forecast period. The use of virtual health services is transforming rural healthcare by offering essential medical care to remote areas. The world is becoming digital as innovative technologies like health IT and telemedicine are closing the gap in accessing healthcare. This ensures that individuals in rural areas receive the essential medical attention they need. For instance, in August 2023, Amazon is opening up its Amazon Clinic virtual healthcare marketplace to all customers countrywide. The online retail giant announced customers in all 50 states and Washington, DC will be able to easily access licensed clinicians through video visits for more than 30 common health problems, such as urinary tract and pink eye infections.
Recent Developments:
For instance, in May 2022, CVS Health® launched CVS Health Virtual Primary Care™, a new virtual care solution available via a single digital platform. The offering ties CVS Health's services, clinical expertise, and data for a more streamlined and consumer-centric healthcare experience. The new solution enables consumers to choose care when and where they want - in a retail or community-based setting, through at-home health services, or virtually as demonstrating CVS Health's bold strategy to improve primary care.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL VIRTUAL HEALTH SERVICE MARKET KEY PLAYERS
- Amwell
- Teladoc Health, Inc.
- HealthTap
- CVS Health Payor Solution
- 98point6
- MDLive
- McKesson Corp
- Cigna Healthcare
- Babylon Health
- Cardinal Health
- Elevance Health
- Centene Corporation
- Doctor on Demand
GLOBALVIRTUAL HEALTH SERVICE MARKET, BY CONSULTATION MODE
- Messaging
- Video
- Kiosks
- Audio
GLOBAL VIRTUAL HEALTH SERVICE MARKET, BY COMPONENT
- Software & Services
- Hardware
GLOBAL VIRTUAL HEALTH SERVICE MARKET, BY END USER
- Employers
- Patient
- Payers
- Healthcare Providers
- Others
GLOBAL VIRTUAL HEALTH SERVICE MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA