Global Virtual Care Market Revenue to Expand at a CAGR of 26.1% During the Forecast Period (2018–2026), Driven by the Need to Provide Real-Time Healthcare Services to Patients Located in Remote Areas
Virtual care is a method that includes the treatment of patients suffering from routine healthcare issues with the help of video, audio or written communication. It can also be referred to as virtual visits with the help of communication devices held by patients as well as physicians located in different places. Virtual care methods are mainly used for meetings, consultation regarding regular health issues consultation, and the like. Virtual care consists of the “virtual visits” that are carried out with the help of telecommunication technologies between patients and healthcare providers. The term “virtual” stands for real-time virtualized meetings between patients and doctors from any location.
Patients and healthcare providers can have virtual visits through different platforms such as a videoconference between a doctor and a patient at home, office, or any other location. Virtual care enables patients as well as doctors to interact with each other from any location, which includes different cities, states, and others. Applications of virtual care in healthcare service delivery is increasing due to the flexibility offered by connected devices. In addition, patients prefer virtual care as they get a chance to find qualified second opinions online owing to the availability of a variety of options for choosing doctors as per their requirements. Virtual care is useful for carrying out meetings, consultations, check-ins, and status reports_bk_01_01_2020, however, in-depth diagnosis or treatments cannot be carried out using this method. Moreover, virtual care is applicable in the field of disease management that requires constant follow ups, for instance, in case of patients suffering from diabetes, hypertension, and the like.
Virtual care solutions provide various benefits, such as real-time communication with healthcare providers or doctors via video conferencing, which can be beneficial in handling medical emergencies in remote locations. Moreover, virtual care helps specialists focus on important cases by providing them access directly to the hospital or to the patient medication room despite not being physically present. Virtual care solutions act as go-to-solutions for patients at remote hospitals, which promotes the availability of better healthcare facilities for rural communities as and when required. Moreover, virtual care solutions also allow patients to use their personal devices for communicating with healthcare providers anytime and from anywhere via online sessions, which facilitates better access to healthcare professionals.
Several players in this virtual care market have started taking more interest in this market by investing in partnerships or by launching new solutions. For instance, in July 2018, InTouch Health, a virtual care solution provider, entered in to a partnership with NTT Data to provide turnkey solutions that help healthcare organizations deliver accessible healthcare services, reduce costs, and optimize care delivery.
Another company Zipnosis, a virtual care solution provider, entered into the partnership with American Academy of Family Physicians (AAFP) to provide a virtual healthcare platform to 129,000 members of AAFP and their patients. The virtual care platform from Zipnosis provides an online diagnosis and treatment solution. This platform also allows members of AAFP to connect virtually with their family physician.
Another company Synzi, a virtual care company, entered into a partnership with ClearData, an IT company. This partnership will help Synzi by ensuring the security, privacy, and compliance of its virtual care platform. By leveraging ClearDATA’s HIPAA-compliant and HITRUST-certified solution, Synzi will ensure the security of its technology and its continued regulatory compliance.
Revenue generated by the global virtual care market is estimated to exhibit a double-digit CAGR and reach US$ 13.08 Bn by 2026. On the basis of component, the virtual care market is segmented into solution and services. Revenue contribution from the virtual care solution segment is expected to expand at a CAGR of 26.9% during the forecast period due to the increasing deployment of solutions in different virtual care application areas such as hospitals, pharmacies, and others.
This segment is further divided into virtual care platform types – video, audio, messaging, and kiosks. Among platform type, video platforms are widely used by virtual healthcare providers.
On the basis of application, the global virtual care market is segmented into pharmacy, hospital, and others. The hospital segment is further subsegmented into private hospitals and government hospitals. In the virtual care market by application, the revenue contribution from the hospital segment is expected to expand at a CAGR of 27.5% during the forecast period due to the demand for virtual care services by a large number of patients.
Some of the key players in the virtual care market are Teladoc, Inc.; Americal Well; AT&T Inc.; MDLIVE Inc.; AMD Global Telemedicine, Inc.; Koninklijke Philips N.V.; CHI Health; United HealthCare Services Inc.; THA Group; and Synzi.
Persistence Market Research offers an 8-year forecast for the virtual care market between 2018 and 2026. In terms of value, the virtual care market is expected to register a CAGR of 26.1% during forecast period. This virtual care market study demonstrates the market dynamics and trends globally across regions, such as North America, Latin America, Western Europe, Eastern Europe, APEJ, Middle East & Africa, and Japan, which influence the current nature and future status of the virtual care market over the forecast period.
This research report provides a detailed analysis of the virtual care market and offers insights on various factors. This virtual care market study provides a comprehensive assessment of stakeholder strategies and imperatives for succeeding in the business. Stakeholders in this virtual care market include physicians, doctors, specialists, virtual care software providers, virtual care service providers, cloud service providers, and others. The virtual care report segregates the market based on component, platform, and application across different regions worldwide.
Patients and healthcare providers can have virtual visits through different platforms such as a videoconference between a doctor and a patient at home, office, or any other location. Virtual care enables patients as well as doctors to interact with each other from any location, which includes different cities, states, and others. Applications of virtual care in healthcare service delivery is increasing due to the flexibility offered by connected devices. In addition, patients prefer virtual care as they get a chance to find qualified second opinions online owing to the availability of a variety of options for choosing doctors as per their requirements. With the introduction of virtual care programs, several stakeholders, such as healthcare providers, insurers, and other healthcare stakeholders, have started using telehealth programs to the full extent. Several people are using virtual care services with the help of online healthcare portals for their daily health-related questions and for detailed information regarding specific health issues & advice on demand. Moreover, healthcare providers are communicating the benefits of using virtual care services to patients as it helps them provide real-time help to their patients in virtualized manner.
The report starts with an overview of the global virtual care market in terms of value. In addition, this section includes the analysis of key trends, drivers, and restraints that are influencing the virtual care market. The impact analysis of key growth drivers and restraints are included in the virtual care report to facilitate clients with crystal-clear decision-making insights.
The global virtual care market is categorized on the basis of component, platform, application, and region. On the basis of component, the global virtual care market is segmented into solution and services. Revenue contribution from the solution segment is expected to expand at a CAGR of 26.9% during the forecast period due to the increasing deployment of virtual care solutions in different application areas such as pharmacies and hospitals.
The virtual care market is further divided into platform types – video, audio, messaging, and kiosks. Among these platforms in 2017, the video platform is one of the major platforms used for communication in the virtual care services market. Apart from this, the audio platform is another major platform used by healthcare providers for providing online or telehealth services.
Another segment of the virtual care market includes application areas where these virtual care solutions are being used. The virtual care application areas are segmented into three major categories, which include pharmacies, hospitals, and others. Hospitals include private hospitals and government hospitals. Among these, hospitals use virtual care solutions to a major extent.
The next section highlights a detailed analysis of virtual care across various countries in the region. It provides a market outlook for 2018–2026, and sets the forecast within the context of virtual care, which includes latest technological developments as well as service offerings in the market. This virtual care study discusses key trends within countries contributing to growth of the virtual care market as well as analyses degrees at which the drivers are influencing this market in each region. Key regions and countries assessed in this virtual care report include North America (U.S., Canada), Latin America (Brazil, Mexico, and the Rest of Latin America), Western Europe (Germany, UK, France, Italy, Spain, Nordic, BENELUX, and the Rest of Europe), Eastern Europe (Russia, Poland, and the Rest of Eastern Europe), APEJ (India, China, ASEAN, Australia & New Zealand, and the Rest of APEJ), Japan, and MEA (South Africa, North Africa, GCC Countries, and the Rest of MEA).
The virtual care report evaluates the present scenario and growth prospects of the virtual care market across various regions globally for the period 2018–2026. We have considered 2017 as the base year and provided data for the remaining 12 months. The forecast presented in the virtual care report assesses the total revenue by value across the market. To offer an accurate forecast, we started by sizing the current virtual care market, which forms the basis of how the virtual care market will develop in the future. Given the characteristics of the virtual care market, we triangulated the outcome of different type and vertical analysis based on technology trends.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the virtual care market as well as to identify the right opportunities across the market.
In the final section of the virtual care market report, we include a competitive landscape to provide clients a dashboard view based on categories of providers in the value chain, their presence in the virtual care portfolio, and key differentiators. This section is primarily designed to provide clients an objective and detailed comparative assessment of key providers specific to a market segment in the virtual care value chain and the potential players for the same. Virtual care report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on an in-depth assessment of their capabilities and success in the marketplace. Detailed profiles of virtual care providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings, and recent developments in the virtual care space. Key competitors covered are Teladoc, Inc.; Americal Well; AT&T Inc.; MDLIVE Inc.; AMD Global Telemedicine, Inc.; Koninklijke Philips N.V.; CHI Health; United HealthCare Services Inc.; THA Group; Synzi; UnityPoint Health; Baptist Health; Magellan Health, Inc.; BANYAN Medical Systems; edgeMED Healthcare; Doctor on Demand; and others.
Key Segments Covered
Key Regions Covered