New York, March 22, 2023 (GLOBE NEWSWIRE) -- The Virtual Care Market is estimated to be US$ 10,017.3 million in 2023 to US$ 122.33 Billion by 2033, With at a CAGR of 17.4% during the forecast period 2023 to 2033. Virtual care refers to the delivery of healthcare services through digital communication technologies, such as video conferencing, messaging, and other telecommunication technologies. The global virtual care market has experienced significant growth in recent years due to the increasing demand for remote healthcare services and the growing adoption of telemedicine.
The demand for virtual care is primarily driven by the increasing adoption of digital technologies in the healthcare industry. The rising prevalence of chronic diseases, the shortage of healthcare professionals, and the need for cost-effective healthcare solutions are also driving the demand for virtual care. The COVID-19 pandemic has also accelerated the adoption of virtual care, as healthcare providers have been forced to adopt remote healthcare solutions to reduce the risk of infection.
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Healthcare professionals can provide timely and efficient care, improve patient outcomes, and cut costs compared to traditional healthcare delivery methods by employing virtual care. Despite its shortcomings, virtual care can improve patient access to care, particularly for individuals who live in underserved or remote areas, and can change the way healthcare is delivered.
Because to the increased usage of smartphones, tablets, and other mobile devices, patients can now access healthcare services from any location, at any time. Because to virtual care, healthcare providers now have the opportunity to streamline their operations and reduce costs associated with antiquated healthcare delivery techniques.
Virtual Care Market Recent Developments:
- In October 2020, Teladoc Health and Livongo, two of the largest virtual care providers, announced a merger. The combined company will provide a comprehensive suite of virtual care services, including telemedicine, chronic condition management, and behavioral health services.
- In September 2021, Amazon launched Amazon Care, a virtual care service for its employees. The service offers telemedicine, in-person care, and prescription delivery, and is expected to expand to other employers in the future.
- In April 2021, Apple launched new virtual care programs for managing chronic conditions, such as diabetes and hypertension. The programs use the Apple Watch and other devices to provide personalized coaching, education, and monitoring to help patients manage their conditions.
Virtual Care Market Growth Factors
- Advances in technology: The development of new technologies, such as high-speed internet, mobile devices, and wearable sensors, has made it easier to provide virtual care services to patients remotely.
- Growing demand for healthcare services: The global population is growing and aging, leading to increased demand for healthcare services. Virtual care provides a convenient and cost-effective way to provide healthcare services to patients, especially those in remote or underserved areas.
- Increasing government support for telemedicine: Governments around the world are recognizing the potential of virtual care to improve healthcare access and reduce costs. As a result, many countries are introducing policies to support the development and adoption of telemedicine.
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Market Trend:
- Increasing use of artificial intelligence (AI): AI is being used to develop virtual assistants, chatbots, and other tools that can help healthcare providers deliver more personalized care to patients. AI can also be used to analyze large amounts of data to identify trends and patterns, improving the accuracy of diagnoses and treatment plans.
- Growing adoption of wearable technology: Wearable sensors and devices are becoming more popular, providing patients with real-time data on their health and allowing healthcare providers to monitor patients remotely.
- Integration with electronic health records (EHRs): Virtual care platforms are increasingly being integrated with EHRs, allowing healthcare providers to access patient data more easily and make more informed decisions about patient care.
Market Opportunity:
- Increased access to healthcare: Virtual care provides an opportunity to increase access to healthcare services, especially for patients in remote or underserved areas. It can also help to reduce healthcare disparities by providing equal access to care for all patients, regardless of their location or socioeconomic status.
- Cost savings: Virtual care has the potential to reduce healthcare costs by providing more efficient and effective care. It can also reduce the need for expensive in-person visits, hospitalizations, and other healthcare services.
Market Segmentation:
- By Component:(Virtual Care Solutions, Services)
- By Platform:(Video, Audio, Messaging, Kiosks)
- By Application:(Pharmacies, Hospitals, Private Hospitals, Government Hospitals, Others)
Competitive Landscape
A competitive analysis of the virtual care market reveals that Teladoc Health, Amwell, and Doctor on Demand are the top three players in the market. These companies have a strong market presence, extensive product offerings, and partnerships with major healthcare providers and employers. However, the market is highly competitive, and several other companies, including MDLIVE, American Well, and others, are also vying for market share.
In terms of market share, Teladoc Health is currently the market leader, with a reported 40% share of the US telemedicine market. The company has a wide range of virtual care services, including telemedicine, teleconsultation, and remote patient monitoring, and has partnerships with several major healthcare systems and employers.
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Doctor on Demand is also a significant player in the virtual care market, with a reported 10% share of the US telemedicine market. The company provides video consultations with licensed physicians, therapists, and psychiatrists and has partnerships with several major employers and health plans.
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
Regional Insights:
North America is currently the largest market for virtual care, accounting for the majority of the market share. The region has a well-established healthcare infrastructure, advanced technology, and favorable government policies that promote the adoption of virtual care services. In addition, the COVID-19 pandemic has accelerated the adoption of virtual care in the region.
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