Global Virtual Care Market is Likely to Grow at a CAGR Value of 15.10% By 2028

19-Aug-2022 | Zion Market Research

The global virtual care market size was worth USD 2982.40 million in 2021 and is estimated to grow to USD 6934.54 million by 2028, with a compound annual growth rate (CAGR) of approximately 15.10 percent over the forecast period. The report analyzes the virtual care market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the virtual care market.

Virtual care is a technique that involves treating patients who have common medical problems through video, audio, or written communication. With the aid of communication equipment owned by patients and doctors spread out, it can also be referred to as virtual visits. Most virtual care technologies are used for meetings, consultations on routine medical issues, and similar activities. The "virtual visits" that take place between patients and healthcare practitioners using telecommunications technologies are what constitute virtual care. Real-time virtualized meetings between patients and doctors from any location are referred to as "virtual" meetings. Patients use virtual care for various tasks, including consultations, meetings, check-ins, and monitoring the status of their reports. This method can also be used to manage conditions that require ongoing follow-up care. This method cannot be used for in-depth diagnosis or treatment.

Global Virtual Care Market

It is anticipated that an increase in the number of people with serious health conditions, such as diabetes and hypertension, would contribute to the rapid growth of the global virtual care market in the years to come. The market's expansion is being constrained by worries about data privacy & cybersecurity and the high cost of deployment. With the introduction of teleconsultations, this problem has been solved, and the adoption by certified healthcare professionals has also increased, mostly due to the pandemic. Still, it has now become the standard method for remote care consultations. The demand for personalized care has increased in recent years. Specialty treatment and individualized care are not provided in remote locations where there are already few hospitals and healthcare facilities.

The global virtual care market is segregated based on components, platforms, kiosks, and region. Based on component, the market is divided into solutions and services. Between the two, the service segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on the platform, the market is divided into video, audio, and messaging. Among these, the video segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on Kiosks, the market is divided into applications, pharmacies, hospitals, and others. Among these, the hospitals segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.

The global virtual care market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Due to the popularity of smartphones, the country's robust internet access, significant investment in healthcare IT, developments in digital infrastructure, and the increased need for physical healthcare facilities & resources, incidence of chronic diseases, and high awareness levels of digital health & virtual care platforms among patients & healthcare providers, North America dominated the global market. It accounted for the largest revenue share in 2021. In the upcoming years, it is anticipated that the regional market will be driven by the growth of cloud-based apps & platforms and the appearance of start-ups creating & supplying these cutting-edge solutions. Due to developments in the telehealth sector and ongoing research projects by numerous market players, Asia Pacific is predicted to see a high CAGR during the expected period. These digital health solutions' adoption rate is supported by increasing smartphone usage and better internet access.

Key players in the global virtual care market include Teladoc, Inc., Americal Well, At&T Inc., Mdlive Inc., Global Telemedicine, Inc., Koninklijke Philips N.V, Chi Health, United Healthcare Services Inc., Tha Group, Synzi.

Recent Development:

  • The Centers for Medicare & Medicaid Services' extension of reimbursable telehealth codes for the 2021 physician fee schedule is one example of a regulation move that made it easier for telehealth to be used more widely and was made permanent. However, the future of some services that might no longer qualify as waivers after the public health emergency is over is yet unknown.

Browse the full Virtual Care Market By Component (Solutions and Services), By Platform (Video, Audio, and Messaging), By Kiosks (Application, Pharmacies, Hospitals, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/virtual-care-market

The global virtual care market is segmented as follows:

By Component

  • Solutions
  • Services

By Platform

  • Video
  • Audio
  • Messaging

By Kiosks

  • Application
  • Pharmacies
  • Hospitals
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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