Dublin, Aug. 31, 2022 (GLOBE NEWSWIRE) -- The "Virtual Visits Market - Global Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
Throughout the COVID-19 pandemic, people have shifted to virtual care for medical and behavioral care because of convenience, ease of schedule, and have been found safe to avoid crowded waiting rooms. A recent report shows that about 76% of people are interested in using telehealth. Even after the pandemic ends, it is expected that about 83% of patients will use virtual care.
The development of the telecommunication system has increased the scope of virtual care services immensely. With the introduction of virtual visit services, the growth of traditional medical diagnosis is growing at a moderate pace, especially in high-income countries where virtual visit has become a widespread practice for a consultation.
The introduction of virtual visits has led to cost-effective treatment, adoption of home healthcare services, and low expenditure on infrastructure development. The virtual visit has revolutionized the healthcare industry as it reduces hospital visits, reduces patient wait time, and decreases the physical discomfort caused to patients. Further, globally, higher expenditure on healthcare IT by the major stakeholders in the healthcare industry is contributing to the global virtual visits market growth.
The rising incidences of chronic medical conditions such as diabetes and hypertension influence market growth. Virtual care is a valuable tool for continuous monitoring of chronic diseases and treatment. The adoption of virtual visit services is expected to rise with advancements in technology and high penetration of internet connectivity with more incredible speed & smart gadgets. Communication technologies (ICTs) and Modern information, such as computers, laptops, the Internet, and smartphones, are revolutionizing the communication among people that seek and exchange information and enriching their lives.
Artificial intelligence (AI) will add value and promote the virtual visit market growth. Artificial Intelligence paired with telehealth had been on the rise before the COVID-19, which created increased virtual visits capacity.
MARKET SEGMENT ANALYSIS
The service segment is the fastest-growing segment by component, with the highest revenue of USD 10.35 billion in 2021, whereas hardware and software generated $2.91 billion.
Several vendors offer a wide range of services in various specialties. The healthcare providers provide services giving both the options of a scheduled or on-demand visit. The services have widely been adopted in high-income countries and are also expected to gain momentum in low-and-middle-income countries. The hardware and software segment is expected to grow at an excellent pace in the forecast period, with a CAGR of 26.20%.
General consultation is the fastest-growing segment, with a CAGR of 25.90%. There were full restrictions worldwide to go outside, and fear of getting COVID-19 infection within hospitals led to increased virtual visits worldwide.
The chronic care management market is expected to grow due to the increasing prevalence of chronic diseases and the increasing elderly population. Chronic care management services also give cost-benefit as most of the service fee is cut to as low as $0, depending on the patient's insurance plan, thus saving the overall visit cost. Also, initiatives are increasing support for chronic care management virtual visit services.
Adults are the fastest-growing patient group because of their increasing use of virtual visits. The high population and increasing chronic diseases among adults, especially in the geriatric population, have increased the demand for virtual visits. The use of virtual visit platforms and services is very high among adults from high-income countries with good infrastructure, good internet access, and awareness. The pediatric group is expected to grow at a CAGR of 23.85% during the forecast period.
IMPACT OF COVID-19 PANDEMIC
Before the COVID-19 pandemic, the adoption of virtual visits remained low due to a lack of reimbursement, awareness, and internet connectivity. Also, there was a limited number of healthcare providers offering virtual visit services to medical professionals and patients. Telehealth had been around for years before the COVID-19 crisis; there are many regulatory bodies and state parity laws that limited reimbursement by Medicare, Medicaid, and private insurers, curbed allowable sites of care, and placed licensure restrictions on who can provide telehealth services.
Virtual visit services have increased during the COVID-19 pandemic worldwide; the government is permitted to make consultations via virtual visit platforms by relaxing the regulations and increasing reimbursements.
With the surge in COVID-19 cases, the virtual care market jumped from 30% in 2020 to 33% in 2021, while satisfaction with asynchronous telehealth services leveraging pictures and videos grew from 41% to 54% in the same period. In 2020, 53% of US patients said they were more satisfied with live video than with previous in-person interactions.
GEOGRAPHICAL ANALYSIS
North America and Europe have the highest adoption rate of telehealth services due to high internet connectivity, increasing reimbursements, and full insurance coverage.
In addition, North America dominates the critical vendor's presence. APAC, Latin America, and the Middle East & Africa region witnessed an increase in the adoption during a pandemic. However, limited reimbursement coverage, data security, privacy concern, lack of infrastructure, and a lack of consumer awareness of telehealth services are hindering the growth of the virtual visits market in these regions.
VENDORS' ACTIVITIES IN THE MARKET
The global virtual care market is highly dynamic and fragmented, with the presence of several international, regional, and local players. The key players in the market are AMD Global Telemedicine, American Well, Koninklijke Philips, and Teladoc Health.
- Expansion activities (facility expansions and regional business) are helping players strengthen their market share and global distribution networks, thus allowing them to explore untapped opportunities.
- Large-scale investments in the single-use bioprocessing probes and sensors market through varied conglomerates and investments firms
- Forging partnerships and collaborations with well-established manufacturers cementing the footprints of the players
- Active mergers and acquisitions play a vital role in the smooth functioning of the growth cycle.
- The market is experiencing a surge in technological advancements in virtual care and the launch of new software and integrated hardware or devices or connected healthcare devices.
- Vendors invest highly in integrating hardware or connected devices, software, and applications.
- Key vendors operating in the market have demonstrated that they can provide reliable healthcare platforms to a large pool of patients at low cost or even zero cost per visit with the qualifying insurance plan in the US, depending on the type of visit.
- Some key vendors offer services 24/7 in urgent care and provide on-demand video visits.
- Many start-up companies are entering the market with the increased funding being received by the government and the private entities with innovative virtual visits platforms and solutions to gain traction among end-users
- The key players make substantial R&D investments and develop innovative and technologically advanced products, thereby restricting small and medium-sized vendors from capturing higher market shares.
Major Vendors
- AMD Global Telemedicine
- American Well
- Koninklijke Philips
- Teladoc Health
Other Prominent Vendors
- Banner Health
- Beato
- Blue Sky MD
- Careclix
- Cerner
- CHI Health
- Chiron Health
- CVS Health
- Dialogue
- Doctor On Demand
- Doxy(.) ME
- Eagle Telemedicine
- Edgemed Healthcare
- eVisit
- HealthTap
- Health at Hand
- HealthHero
- Instapract
- MDLive
- MediBuddy
- MFine
- NeuroSynaptic Communications
- Nextcare
- Optum
- Plushcare
- Piedmont Healthcare
- Practo
- RO
- Reecuro Health
- SteadyMD
- SOC Telemed
- TRUDOC Healthcare
- Vidyo
- VSee
- Walmart Health Virtual Care
- Zipnosis
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Premium Insights
8.1 Overview
9 Market Opportunities & Trends
9.1 Emerging Smart Integrated Devices
9.2 Increasing Growth of Virtual Visits Activities
9.3 Increasing Strategic Partnerships & Mergers/Acquisitions
10 Market Growth Enablers
10.1 Higher Reimbursements by Insurers and Governments for Virtual Visits
10.2 Larger Target Pool of Patients Requiring Virtual Visits
10.3 Rise of Virtual Hospitals
11 Market Restraints
11.1 Lack of Access to Fixed Internet Service
11.2 Legal Barriers & Lack of Standard Regulations for Virtual Visits
11.3 Data Security and Privacy Risks
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
13 Component
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Service
13.4 Hardware & Software
14 Application
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 General Consultation
14.4 Behavioral Health
14.5 Chronic Care Management
14.6 Urgent Care
14.7 Others
15 Patient Group
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Adults
15.4 Pediatric
For more information about this report visit https://www.researchandmarkets.com/r/f72az0
