Virtual Healthcare Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022 to 2028

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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

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Report

Description

Virtual Healthcare Market is estimated to be valued at USD 21,243.9 Million in 2021 and is poised to grow at a significant CAGR of 26.4% over 2022-2028. 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.

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.

Virtual Healthcare Market

MARKET SUMMARY
-
26.4%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 26.4%
  • Largest Market– North-America
  • Fastest Growing Market– Europe

Virtual Healthcare Market

  • The virtual healthcare market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The virtual healthcare market is segmented based on component, platform, application and geography.
key players
  • MDlive, Inc. (Evernorth)
  • American Well Corp.
  • Twilio, Inc.
  • Teladoc Health, Inc.
  • Doctor On Demand, Inc. (Included Health)
Virtual Healthcare Market Dynamics

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 virtual healthcare 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.


North America Got Significant Share

Virtual Healthcare Market

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
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The report provides granular level information about the market size, regional market share, historic market (2017-2021) and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Virtual Healthcare Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The market size of the global virtual healthcare market is expected to be 21,243.9 million in 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 virtual healthcare Market.

teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology & other applications


Report

Company Profile

  • MDlive, Inc. (Evernorth)
  • American Well Corp.
  • Twilio, Inc.
  • Teladoc Health, Inc.
  • Doctor On Demand, Inc. (Included Health)
  • Zoom Video Communications, Inc.
  • SOC Telemed, Inc.
  • NXGN Management, LLC
  • Plantronics, Inc.
  • Practo
  • VSee
  • Sesame, Inc.
  • Doxy.me Inc.
  • PlushCare
  • HealthTap, Inc.

Description

Virtual Healthcare Market is estimated to be valued at USD 21,243.9 Million in 2021 and is poised to grow at a significant CAGR of 26.4% over 2022-2028. 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.

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.

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