Global Virtual Care Market Is Expected to Reach $6934.54 Million by 2028, Growing Demand in Healthcare Sector at 15.10% CAGR

Houston, TX, Jan. 20, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “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” in its research database.

“According to the latest research study, the demand of global Virtual Care Market size & share in terms of revenue was valued at USD 2982.40 million in 2021 and it is expected to surpass around USD 6934.54 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 15.10% during the forecast period 2022 to 2028.”

What is Virtual Care? How big is the Virtual Care Industry?

The virtual care market refers to the use of technology, such as telemedicine and remote patient monitoring, to provide healthcare services remotely. This can include virtual consultations with healthcare providers, remote monitoring of patients' health status, and the use of digital tools to manage and track treatment plans. The market for virtual care is growing rapidly as more patients and healthcare providers turn to these technologies to improve access to care and reduce costs. Factors driving the growth of the virtual care market include an increasing demand for convenient, accessible healthcare, advancements in technology, and the COVID-19 pandemic which has accelerated the adoption of virtual care as an alternative to in-person visits.

Virtual Care Report Coverage & Overview:

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.

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Global Virtual Care Market: Growth Dynamics

An inclination for virtual care services to drive market growth

Due to the flexibility given by linked devices, virtual care applications in delivering healthcare services are growing. Patients also prefer virtual treatment because it allows them to discover expert second views online, thanks to a wide range of options for selecting doctors based on their needs. Meetings, consultations, check-ins, and status reports can be conducted virtually. All of these aspects are projected to drive the global virtual care market.

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Report Scope

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Virtual Care Market: Segmentation Analysis

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 segmented as follows:

By Component

• Solutions
• Services

By Platform

• Video
• Audio
• Messaging

By Kiosks

• Application
• Pharmacies
• Hospitals
• Others

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

Competitive Landscape

Some of the main competitors dominating 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

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Virtual Care market is likely to expand at a CAGR of around 15.10% during the forecast period (2022-2028).                                            
• In terms of revenue, the Virtual Care market size was valued at around US$ 2982.40 million in 2021 and is projected to reach US$ 6934.54 million by 2028.
• The growing need for accessibility in the healthcare industry and the growing need for cost-effective solutions across the globe are the major factors driving the market's growth.
• By component, the service category dominated the market in 2021.
• By platform, the video category dominated the market in 2021.
• North America dominated the virtual care market in 2021.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Virtual Care industry?
• What are the main driving factors propelling the Virtual Care Market forward?
• What are the leading companies in the Virtual Care Industry?
• What segments does the Virtual Care Market cover?
• How can I receive a free copy of the Virtual Care Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Component, By Platform, By Kiosks, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

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. This digital health solutions’ adoption rate is supported by increasing smartphone usage and better internet access.

By Region

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

Recent Developments

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.

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FREQUENTLY ASKED QUESTIONS

• Which key factors will influence the Virtual Care market growth over 2022-2028?
• What will be the value of the Virtual Care market during 2022-2028?
• Which region will contribute notably towards the Virtual Care market value?
• Which are the major players leveraging the Virtual Care market growth?

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