New York, United States, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The Global Virtual Care Market Size is to Grow from USD 8.3 Billion in 2022 to USD 79.9 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 25.41% during the projected period.
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Virtual care is primarily defined as a virtual or official visit between a patient and a hospital that is conducted through communication technology. Audio or video connectivity is a major type of interaction among technologies that allows virtual meetings to take place in real time. It allows patients from all over the world to communicate in real time. Real-time interactions, the elimination of geographical barriers, cost and time consumption, and other factors are associated with virtual care. Virtual care allows patients to receive consultations from the comfort of their own homes. It also helps them bridge the gap between patient and doctor because doctors can now reach a larger number of patients worldwide. The increasing adoption of IT services in healthcare organizations is one of the primary drivers of the virtual care market. IT services are widely used by healthcare professionals to help them and their patients communicate more effectively. However, the virtual care landscape is governed by complex and ever-changing regulations that differ by region and jurisdiction. These regulations and policies may affect the types of services that can be provided via virtual platforms, as well as impose restrictions on licensure, data privacy, and security.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Virtual Care Market Size, Share, and COVID-19 Impact Analysis, By Component (Software & Services, Hardware), By Consultation Type (Video, Audio, Messaging), By Application (Family Medicine, Internal Medicine, Pediatrics), By End User (Hospital & Clinics, Pharmacies), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The family medicine segment is expected to hold a significant share of the global virtual care market during the forecast period.
The global virtual care market is divided into three applications: family medicine, internal medicine, and pediatrics. Among these, the family medicine segment is projected to account for a sizable portion of the global virtual care market over the forecast period. The primary reason for the market segment's strong position is the high number of online consultations for chronic and primary care.
The audio segment is expected to hold the largest share of the global virtual care market during the forecast period.
The global virtual care market is classified into three types of consultations: video, audio, and messaging. Among these, the audio segment is projected to account for the majority of the global virtual care market throughout the forecast period. The primary drivers of the virtual care market's growth are ease of access and a preference for audio calls. Many people live on the other side of the digital divide, with limited access to technology and high-speed internet. Individuals who prefer audio consultation have demonstrated success in overcoming barriers to good care, such as limited mobility, a lack of transportation, and a lack of nearby healthcare providers.
The hospital & clinics segment is expected to hold the largest share of the global virtual care market during the forecast period.
The global virtual care market is segmented by end user into hospital & clinics and pharmacies. The hospital and clinics segment is projected to account for the largest share of the global virtual care market throughout the forecast period. Hospitals and clinics dominate the end-user segment of the virtual care market due to their role as central hubs for intensive healthcare services. They have the services, resources, and skilled professionals needed to successfully implement and manage virtual care platforms.
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North America is anticipated to hold the largest share of the global virtual care market over the predicted timeframe.
Over the forecasted years, North America is expected to hold the largest share of the global virtual care market. The region's expansion can be attributed to a number of factors, including increased adoption of virtual care models, geographic expansion of market players, an increase in virtual healthcare startups, and expanded services introduced by major key players operating in this region.
During the forecast period, Asia Pacific is projected to expand at the fastest rate in the global virtual care market. In response to the growing demand for more convenient and easily accessible healthcare services, the Asia Pacific virtual care market is expanding. As technology advances, the virtual care market is more likely to expand and benefit both patients and healthcare providers. In developed countries, the virtual care market is expanding rapidly, with an increasing number of patients and healthcare providers recognizing the advantages of virtual visits over traditional office visits, particularly for non-emergency and urgent care needs.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Virtual Care Market include American Well, AMD Global Telemedicine, CHI Health, AT&T, Cerner Corporation, GE Healthcare, Koninklijke Philips N.V., MDLIVE, Siemens Healthcare, United Healthcare Services, VeeOne Health, eVisit, MEDITECH, Caregility, Teladoc Health and Other Key Vendors.
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Recent Developments:
- In October 2023, Newfoundland and Labrador (N.L.) launched a new virtual-care initiative for residents who do not have a family doctor. This innovative system will provide individuals without a primary-care provider with physician access, as well as round-the-clock emergency coverage for rural areas and remote emergency departments.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Virtual Care Market based on the below-mentioned segments:
Global Virtual Care Market, By Component
- Software & Services
- Hardware
Global Virtual Care Market, By Consultation Type
- Video
- Audio
- Messaging
Global Virtual Care Market, By Application
- Family Medicine
- Internal Medicine
- Pediatrics
Global Virtual Care Market, By End-User
- Hospital & Clinics
- Pharmacies
Global Virtual Care Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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