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Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthc.....
Virtual Healthcare Market: By Component, By Platform, By Application and Region Forecast 2019-2030
Virtual Healthcare Market: By Component, By Platform, By Application and Region Forecast 2019-2030
Virtual Healthcare Market Size was valued at US$ 21,243.9 million in 2023 and is poised to grow at a significant CAGR of 26.4% from 2024-2030. Virtual healthcare is a novel method of digitally meeting patients and physicians using various communication technologies such as audio and video. With technological improvements, virtual healthcare will enable professionals to monitor operations and situations from remote places. Based on the component, the global market is segmented by Product, Services in which the services segment is anticipated to grow at a significant CAGR over the forecast years owing to the services segment being expected to account for the maximum portion of the key market. Virtual Healthcare substantially reduces the waiting time for consultations and referrals. This is one of the prominent reasons for the increasing number of hospitals providing or deploying e-consultation services, which, in turn, is favoring the services segment.
According to the Merritt Hawkins Survey, the average wait time for a dermatological consultation in the United States has climbed from 28.8 days in 2014 to 32.2 days in 2017. Due to dermatologist scarcity, virtual visits and remote allergy diagnostics services are increasing, boosting the services segment. The emergence of technologically sophisticated medical gadgets that can be wirelessly connected and integrated with mobile phones will also contribute to the expansion of the product area.
Furthermore, the fast use of wearable patient monitoring technologies is projected to fuel development. Smartphone penetration, growing healthcare expenses, and adopting integrated business models have all driven virtual healthcare businesses. Furthermore, this market streamlines resource allocation and minimizes the frequency of personal visits for minor medical concerns. In this industry, the growing emphasis on developing virtual help tools with multi-language support also gives growth prospects.
Study Period
2024-2030Base Year
2023CAGR
26.4%Largest Market
North-AmericaFastest Growing Market
Asia Pacific
The market is expected to grow as the number of operations increases, and modern technologies are used in medical training and education. The worldwide virtual healthcare market is expected to develop at a CAGR of 26.4% during the projected period, owing to increased demand for virtual healthcare. Other market growth factors include increased need for robotic surgery, improved healthcare infrastructure, and beneficial government initiatives. Countries worldwide are opening other medical schools to meet the demand for more medical specialists. The market is anticipated to increase due to the rising need for high-quality medical education worldwide. The market is expected to rise due to an increase in surgeries and the use of advanced technologies in medical training and education. Recent advancements in information technology, such as sophisticated computers, laptops, internet connectivity, and mobile apps, will propel market expansion even more. However, in poorer economies, high treatment costs, user data privacy issues, and lack of access to virtual healthcare technology are projected to stymie industry expansion.
The Virtual Healthcare market in North America is likely to hold the highest revenue share in 2021 and the same trend is expected over the forecast period due rising need to reduce COVID-19 instances, federal mandates to expand healthcare facilities, and a growing emphasis on improving the quality of treatment provided to COVID-19 patients. The rising burden on hospitals to maintain patient data as the patient population grows demands the use of various telehealth solutions by hospitals and clinicians. However, due to chronic illnesses and hospital overcrowding, the Asia Pacific market is predicted to develop fastest throughout the forecast years.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 21,243.9 million |
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Market CAGR |
26.4% |
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By Component |
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By Platform |
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By Application |
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By Region |
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The virtual healthcare market size was valued at US$ 21,243.9 million in 2023 and is set to grow at a significant CAGR of 26.4% from 2024-2030.
MDlive, Inc. (Evernorth), American Well Corp, Twilio, Inc, Teladoc Health, Inc, Doctor On Demand, Inc. (Included Health), and Zoom Video Communications, Inc. are some of the leading players in the global market.
teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology & other applications
The market is expected to continue growing, with increased adoption of remote patient monitoring, expansion of virtual specialty services, and integration of emerging technologies. Regulatory frameworks and reimbursement policies are likely to evolve to support this growth.
| 1.Executive Summary |
| 2.Global Virtual Healthcare Market Introduction |
| 2.1.Global Virtual Healthcare Market - Taxonomy |
| 2.2.Global Virtual Healthcare Market - Definitions |
| 2.2.1.Component |
| 2.2.2.Platform |
| 2.2.3.Application |
| 2.2.4.Region |
| 3.Global Virtual Healthcare Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Virtual Healthcare Market Analysis, 2019-2023 and Forecast 2024-2030 |
| 4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Virtual Healthcare Market By Component, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 5.1. Product |
| 5.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Services |
| 5.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6.Global Virtual Healthcare Market By Platform, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 6.1. Audio |
| 6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Kiosks |
| 6.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Messaging |
| 6.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Video |
| 6.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 7.Global Virtual Healthcare Market By Application, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 7.1. Hospital |
| 7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Insurance Company |
| 7.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Medical Center |
| 7.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Pharmacies |
| 7.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Physician Group |
| 7.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.Global Virtual Healthcare Market By Region, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.North America Virtual Healthcare Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 9.1. Component Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Product |
| 9.1.2.Services |
| 9.2. Platform Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Audio |
| 9.2.2.Kiosks |
| 9.2.3.Messaging |
| 9.2.4.Video |
| 9.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Hospital |
| 9.3.2.Insurance Company |
| 9.3.3.Medical Center |
| 9.3.4.Pharmacies |
| 9.3.5.Physician Group |
| 9.4. Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10.Europe Virtual Healthcare Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 10.1. Component Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Product |
| 10.1.2.Services |
| 10.2. Platform Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Audio |
| 10.2.2.Kiosks |
| 10.2.3.Messaging |
| 10.2.4.Video |
| 10.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Hospital |
| 10.3.2.Insurance Company |
| 10.3.3.Medical Center |
| 10.3.4.Pharmacies |
| 10.3.5.Physician Group |
| 10.4. Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 10.4.6.Rest of EU |
| 11.Asia Pacific (APAC) Virtual Healthcare Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 11.1. Component Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Product |
| 11.1.2.Services |
| 11.2. Platform Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Audio |
| 11.2.2.Kiosks |
| 11.2.3.Messaging |
| 11.2.4.Video |
| 11.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Hospital |
| 11.3.2.Insurance Company |
| 11.3.3.Medical Center |
| 11.3.4.Pharmacies |
| 11.3.5.Physician Group |
| 11.4. Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Virtual Healthcare Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 12.1. Component Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Product |
| 12.1.2.Services |
| 12.2. Platform Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Audio |
| 12.2.2.Kiosks |
| 12.2.3.Messaging |
| 12.2.4.Video |
| 12.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Hospital |
| 12.3.2.Insurance Company |
| 12.3.3.Medical Center |
| 12.3.4.Pharmacies |
| 12.3.5.Physician Group |
| 12.4. Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13.Latin America Virtual Healthcare Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 13.1. Component Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Product |
| 13.1.2.Services |
| 13.2. Platform Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Audio |
| 13.2.2.Kiosks |
| 13.2.3.Messaging |
| 13.2.4.Video |
| 13.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Hospital |
| 13.3.2.Insurance Company |
| 13.3.3.Medical Center |
| 13.3.4.Pharmacies |
| 13.3.5.Physician Group |
| 13.4. Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.MDlive, Inc |
| 14.2.2.American Well Corp. |
| 14.2.3.Twilio, Inc. |
| 14.2.4.Teladoc Health, Inc. |
| 14.2.5.Doctor On Demand, Inc. |
| 14.2.6.Zoom Video Communications, Inc. |
| 14.2.8.NXGN Management, LLC |
| 14.2.9.Plantronics, Inc. |
| 14.2.10.Practo |
| 14.2.11.VSee |
| 14.2.12.Sesame, Inc. |
| 14.2.14.PlushCare |
| 14.2.15.HealthTap, Inc. |
| 14.2.16.Doxy.me Inc. |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.