Virtual Healthcare Market: By Component (Product, Services), By Platform (Audio, Kiosks, Messaging, Video), By Application (Hospital, Insurance Company, Medical Center, Pharmacies, Physician Group) and Geography

Virtual Healthcare Market Size was valued at USD 21,243.9 Million in 2023 and is poised to grow at a significant CAGR of 26.4% over 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 virtual healthcare 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.

Virtual Healthcare Market Key Developments:

• In 2021, Medtronic collaborated with Statis Labs Inc to grow and expand access to the state-of-the-art Stasis Monitor, a linked care bedside multi-parameter monitoring device, in India.
• In 2020, The Avalon CL Fetal and Maternal Pod and Patch for Remote Monitoring was released by Koninklijke Philips in the United States, Europe, Australia, New Zealand, and Singapore to facilitate fetal and maternal monitoring.