Virtual Healthcare Market Size, Share, Growth, And Industry Analysis By Type (Video Consultation, Audio Consultation, and KIOSKS) By Application (Hospital, Insurance Company, Medical Center, Pharmacies, and Physician Group) Regional Forecast By 2031

Updated On: 15 April 2024

Virtual Healthcare Market Report Overview

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The global virtual healthcare market size was USD 2.64367 billion in 2022.  Per our research, the market is expected to reach USD 18.34 billion by 2031, exhibiting a CAGR of 21.51% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.The sudden rise in CAGR is attributable to the virtual healthcare market growth and demand returning to pre-pandemic levels once the pandemic is over. 

Patients can now consult with doctors and other healthcare experts online thanks to an innovative new development in the medical industry called virtual healthcare. It reduces wait times and travel expenses while enabling patients to obtain care from the convenience of their homes. People who reside in remote locations or have trouble accessing conventional healthcare facilities may also find it a great option.

It comes in a wide variety of forms. One form is live video conferencing, which enables patients and doctors to interact directly in real time. A different kind of care is asynchronous care, in which patients and clinicians connect using a private messaging platform. Many advantages come with it. Patients can receive care from anywhere globally, making it more convenient. It is also more effective as doctors may see more patients in less time. Furthermore, it can save costs because virtual visits are frequently less expensive than in-person appointments. Virtual healthcare is not without its difficulties. For instance, when you only interact with your doctor online, it can be challenging to build a relationship. A physical visit is occasionally required because not all forms of care may be delivered digitally. It is a terrific approach to receiving practical, effective, and affordable treatment.

COVID-19 Impact: The Demand for the Healthcare Services Through Remote Boosted the Market Growth

The prevalence of chronic diseases is rising, and there is a growing need for affordable healthcare options. These factors together account for the expansion of the market. "virtual healthcare" describes the distant provision of healthcare services via technology. Many different applications are included in it, including telemedicine, e-health, m-health, and home health monitoring. The most popular virtual healthcare application, telemedicine, enables patients to speak with doctors over the phone or via video conferencing.

Latest Trends

"The Virtual Reality Technology to Boost the Market Expansion."

The market is expanding quickly, and its popularity is rising daily. The most recent trend in this market is adopting Virtual Reality (VR) technology to give patients a more immersive and realistic experience. The popularity of VR in other sectors, such as entertainment and gaming, is what's fueling this development. The use of virtual reality (VR) in healthcare can give patients a more personal, intimate experience that will increase their comfort level and engagement with their treatment. For instance, virtual reality (VR) can offer a walkthrough of a medical operation or a simulation of a human body tour. This can make patients more inclined to follow their care plan since they will better comprehend their ailment or therapy. The potential benefits of virtual reality in healthcare are enormous, yet the technology is still in its infancy. VR can improve healthcare since it can increase patient knowledge and involvement.

Virtual Healthcare Market Segmentation

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• By Type Analysis

According to type, the virtual healthcare market can be segmented into video consultation, audio consultation, and KIOSKS. Among these, video consultation is projected to experience rapid growth through 2028.

• By Application Analysis

The market can be divided based on application into hospitals, insurance companies, medical centers, pharmacies, and physician groups. Hospital is expected to hold the most significant virtual healthcare market share in the upcoming years.

Driving Factors

"The Rising Prevalence of Chronic Diseases to Fuel the Market Expansion"

One of the major factors propelling the expansion of the virtual healthcare market is the increased prevalence of chronic disorders. The leading causes of death worldwide include chronic conditions like cancer, diabetes, and cardiovascular disease. The World Health Organization (WHO) estimates that these illnesses cause nearly 70% of all fatalities worldwide. Patients are looking for more accessible healthcare options that can be accessed from anywhere at any time due to the rising prevalence of chronic diseases.

"The Demand for the Cost Effective Healthcare to Propel the Market Growth"

Another critical driver of the market's expansion is the rising desire for affordable healthcare solutions. Patients are increasingly turning to virtual healthcare solutions because they provide equivalent quality at a fraction of the price due to the escalating prices of traditional medical care. Additionally, virtual care decreases or eliminates travel costs and lost workdays connected with conventional medical visits.

Restraining Factors

"Need of Personal Touch to Hinder the Market Growth"

Not everyone is comfortable entrusting their health to a computer, which is a limiting factor in the market for virtual healthcare. Some people feel they need the personal touch of a doctor or other healthcare expert to get the best care possible because of how sophisticated medical care has become. Additionally, these services may be challenging for those unfamiliar with new technology. The absence of regulations about virtual healthcare is another barrier, which might make patients unsure of the standard of care they are getting.

Virtual Healthcare Market Regional Insights

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"U.S. to Dominate Market Due to Rising Prevalence of Chronic Diseases"

Between 2022 and 2028, the virtual healthcare market will be dominated by U.S. Factors driving the market growth in this region include the rising prevalence of chronic diseases.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The demand for cost-effective healthcare fuels regional market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• MDLIVE, Inc. (U.S.)
• Doctor on Demand, Inc. (U.S.)
• American Well Corporation (U.S.)
• HealthTap, Inc. (U.S.)
• Teladoc, Inc. (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.