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Virtual Care Market

Global Market Study on Virtual Care: Video Platform Segment Set to Grow at a Significant Rate Owing to Increasing Adoption of Video Based Communication Tools

Virtual Care Market by Component (Virtual Care Solutions and Services)

Virtual Care Market Outlook (2023 to 2033)

The demand for Virtual Care Market is estimated at US$ 7,900.1 Million in 2022 and is forecasted to of US$ 1, 22,330.6 Million by the end of 2033. The market is estimated to be US$ 10,017.3 Million in 2023 and will grow at a forecast period at a CAGR of 17.4% during the forecast period 2023 to 2033.

Virtual care refers to the use of digital technologies and communication tools to provide healthcare services remotely. It encompasses a wide range of applications, including telemedicine, telehealth, remote monitoring, and virtual consultations. With virtual care, patients can access healthcare services from the comfort of their own homes, without the need for in-person appointments or visits to medical facilities.

Healthcare providers can use virtual care to deliver timely and efficient care, improve patient outcomes, and reduce costs associated with traditional healthcare delivery models. While virtual care has its limitations, it has the potential to transform healthcare delivery and improve access to care for patients, particularly those in underserved or remote areas.

The proliferation of smartphones, tablets, and other mobile devices has made it easier than ever for patients to access healthcare services from anywhere, at any time. Virtual care has also presented opportunities for healthcare providers to streamline their operations and reduce costs associated with traditional healthcare delivery models.

The market for virtual care was estimated to be dominated by the North America region with a market share of 26.4% and it was followed by Europe 23.1%.

Virtual Care Market Size (2022)

US$ 7,900.1 Million

Projected Market Value (2033)

US$ 1,22,330.6 Million

Global Market Growth Rate (2023 to 2033)

28.4%

Solutions Segment Market Share (2022)

56.9%

China Market Share (2022)

13.2%

Hospitals Segment Growth Rate (2023 to 2033)

20.1%

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Which factor Will Accelerate the Growth of Virtual Care?

“Usage of Wearable Technology and Other Connected Devices in Virtual Care”

It enables healthcare providers to monitor patients remotely and collect data in real-time. These devices include smartwatches, fitness trackers, blood pressure monitors, and glucose meters, among others. By connecting these devices to a virtual care platform, healthcare providers can access real-time data about patients' health and adjust treatment plans accordingly.

Wearable technology and other connected devices can also help patients to become more engaged in their own care. By tracking their own health data using these devices, patients can become more aware of their health status and take proactive steps to manage their conditions. This can lead to better health outcomes, reduced healthcare costs, and improved quality of life for patients.

Overall, the use of wearable technology and other connected devices in virtual care represents a significant opportunity to improve healthcare delivery and outcomes. As these technologies continue to evolve and become more widely adopted, they have the potential to transform the way healthcare is delivered, making it more accessible, efficient, and patient-centred.

  • In May 2022, CVS Health introduced the CVS Health Virtual Primary Care. The CVS Health virtual primary care is a telehealth programme that connects members to primary care providers, urgent care, chronic care management, and behavioural care services, among other services, virtually and on demand. This helps customers of CVS Virtual Care.
  • In November 2021, TalktoMira, Inc. had introduced four new virtual care services for its members through the Mira Health App. This will help members to connect with a provider for virtual urgent care around-the-clock and from any location in the US, ignoring obstructive trips to care facilities and waiting times in offices.
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Why is the United States Virtual Care Market Expanding?

“Increasing Demand for Convenient and Easily Available Healthcare Services”

Virtual care allows patients to receive medical consultations and treatment remotely, using digital technologies such as video conferencing and online messaging. The patients seek more convenient and accessible ways to receive medical care.

Many hospitals, clinics, and other healthcare organizations are now offering virtual care services as part of their standard practice, allowing patients to receive care from the comfort of their own homes.

Overall, the expanding market for virtual care in the US is a reflection of the growing demand for more convenient and accessible healthcare services. As technology continues to advance, it is likely that the virtual care market will continue to grow, bringing benefits to both patients and healthcare providers.

Due to these reasons, in 2022, the United States virtual care market companies helped the country to account for a dominant share of 16.2% in the global marketplace.

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What are the Major Factor Rising Demand for Virtual Care Market in China?

“Increasing Government Support Rising Demand in Virtual Care”

Virtual care allows healthcare professionals to diagnose and treat patients remotely, using video conferencing, online messaging, and other digital technologies. This approach to healthcare delivery has become increasingly popular in China, where the government is seeking to improve access to healthcare in rural and remote areas.

To support the growth of virtual care in China, the government has implemented several policies and initiatives. For example, in 2018, the Chinese government issued a new policy to promote the development of virtual care in rural areas. This policy included measures to improve the infrastructure for virtual care, such as funding for the construction of video conferencing facilities and the purchase of telemedicine equipment.

The government has also launched a number of pilot projects to test the effectiveness of virtual care in different healthcare settings. These projects have focused on a range of healthcare services, from primary care to specialist consultations, and have involved partnerships between hospitals, technology companies, and other stakeholders.

Overall, China's increased government support for virtual care has the potential to improve healthcare access and outcomes for millions of people in the country. The CAGR of China for virtual care’ markets is predicted to be around 16.5%.

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Why Japan is creating more Opportunities in Virtual Care Market?

“Integrating AI into Healthcare Systems to Maximize Benefits in Virtual care”

To support the growth of virtual care in Japan, the government has been investing heavily in AI technologies. AI can help healthcare professionals to diagnose and treat patients more efficiently and accurately, while also reducing costs and improving patient outcomes.

AI integration in Japanese healthcare is the use of chatbots to provide patients with basic medical advice and information. These chatbots are able to recognize symptoms and provide recommendations for treatment, reducing the workload of healthcare professionals and improving patient access to care. AI-powered diagnostic tools to analyse medical images and detect abnormalities. These tools can help to identify potential health issues at an early stage, allowing for earlier intervention and better outcomes for patients.

Japan's integration of AI into healthcare has the potential to significantly improve the quality and efficiency of virtual care. By implementation the power of AI, healthcare professionals can provide better care to the patients, while also reducing costs and improving access to healthcare services.

Due to this reason, the virtual care market for the India in 2022 held a market share of 15.2% in the global virtual care market.

Category-wise Insights

In Component, which Segments Holds Highest Share in Virtual Care market?

“Solutions Segment Is Holding Highest Share in Virtual Care”

The solutions segment, which includes software and services that support virtual care, is holding the highest share in the virtual care market. The solutions segment includes a range of software and services that support virtual care, such as telemedicine platforms, remote patient monitoring tools, and digital diagnostic tools. These solutions enable healthcare providers to offer virtual care services, allowing patients to receive care from the comfort of their own homes.

Overall, the solutions segment is holding the highest share in the virtual care market, reflecting the growing demand for software and services that support virtual care.

In 2022 the, solution share was estimate to take over the global market and account for 56.9% of the total market value share.

Why the Adoption of virtual care Market will grow in Hospitals Segment?

“Increasing Availability of Technology Solutions in Hospitals”

The growth of virtual care in the hospital segment is the increasing availability of technology solutions that support virtual care services. These solutions enable hospitals to offer virtual care services, allowing patients to receive care remotely.

The hospital segment is a reflection of the growing demand for virtual care services among hospitals and other healthcare organizations. As technology continues to advance, it is likely that the virtual care market in the hospital segment will continue to grow.

The adoption of virtual care in hospitals segment is expected to grow at a high CAGR for more than 14.5% over the forecast period.

Competitive Landscape

Major companies invest in research and development to developed new renewed product for diverse market of virtual care. Companies focused on the strong brand credit and stimulating their products through various distribution channels along with strategic partnerships in market.

  • In March 2021: Amazon Care in the US, giving millions of Americans rapid access to high-quality medical care and guidance around-the-clock. By establishing connections between patients and medical experts via the Amazon Care app, it provides virtual care.
  • In May 2021: Lash Group, a patient support services company, and Veradigm, a division of Allscripts Healthcare, collaborated strategically. As a result of this collaboration, the enrolment process for Veradigm, Allscripts, and other EHR software vendors will be reorganised, making specialty drugs manageable within the Veradigm AccelRx platform.

Recent developments related to key players providing the virtual care market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Virtual Care Market Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Component
  • Platform
  • Application
  • Region

Key Companies Profiled

  • 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
  • Centura Health
  • Baptist Health
  • Magellan Health, Inc.
  • BANYAN Medical Systems
  • Edge MED Healthcare

Pricing

Available upon Request

Key Segments of Virtual Care Market Research

By Component:

  • Virtual Care Solutions
  • Services

By Platform:

  • Video
  • Audio
  • Messaging
  • Kiosks

By Application:

  • Pharmacies
  • Hospitals
    • Private Hospitals
    • Government Hospitals
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

- Companies Covered in This Report -

  • 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
  • Centura Health
  • Baptist Health
  • Magellan Health, Inc.
  • BANYAN Medical Systems
  • Edge MED Healthcare

- Frequently Asked Questions -

In 2022, demand for the virtual care market amounted to US$ 7,900.1 Mn.

The global virtual care market is estimated to grow at a CAGR of 28.4% over the forecast period.

The market for Virtual Care Market is forecasted to have a market value of US$ 1, 22,330.6 Mn by 2033.

Demand for the virtual care market in China is projected to rise at 16.5% CAGR over the forecast period.

In 2022, East Asia virtual care market held a dominant market share of 24.1%.

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