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Virtual health services incorporate telehealth, telemedicine, remote patient monitoring, and other digital healthcare options that deliver care virtually using telecommunications technology. The market offers various virtual healthcare services like video consultations, EHR and patient record accessibility, online prescription services, remote ICU and emergency services, medical education tutorials, diagnostic services, and many more. The rising prevalence of chronic diseases and increasing geriatric population have boosted the demand for remote healthcare to avoid hospital visits and wait times.
The global Virtual Health Service Market is estimated to be valued at US$ 11.11 billion in 2023 and is expected to exhibit a CAGR of 32% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The virtual health services market is driven by increased demand for remote healthcare due to rising convenience and cost-effectiveness. With mounting healthcare costs and doctor shortages worldwide, virtual healthcare has emerged as an affordable and accessible alternative to in-person visits. The COVID-19 pandemic further highlighted the benefits of telehealth like contactless care, social distancing, improved accessibility in rural areas without required travel, and lower infection risk. This significantly boosted adoption across both patients and providers.
Segment Analysis
The global virtual health service market is segmented on the basis of service, deployment mode, end user and region. Based on service, the market is segmented into telehealth, mhealth, and others. Telehealth segment currently has the highest market share owing to its increasing adoption among patients and healthcare providers for remote monitoring and diagnosis. mHealth segment is expected to witness the highest growth during the forecast period due to the rising penetration of smartphones and other mobile devices for e-consultation, appointment booking and online prescription.
PEST Analysis
Political: Healthcare reforms across various countries are focusing on expanding health coverage and improving access to quality healthcare. This is encouraging growth of virtual health services. Economic: Rising healthcare costs is a major driver for increased adoption of virtual health services which helps reduce cost of in-person visits. Social: Changing attitudes towards telemedicine and willingness to adopt new technologies for healthcare is favoring growth of virtual consultation. Technological: Advancements in telecommunications and digital technologies is enabling innovative virtual health solutions like video conferencing, remote patient monitoring and mobile health apps.
Key Takeaways
The global virtual health service market is expected to witness high growth during the forecast period due to increasing remote healthcare needs especially amid COVID-19 pandemic.
Regional analysis: North America currently dominates the market due to advanced healthcare infrastructure and favourable regulations. However, Asia Pacific is emerging as the fastest growing region with countries like India and China encouraging telehealth to improve access in rural areas.
Key players: Key players operating in the virtual health service market are Teladoc Health, Amwell, Doctor on Demand, MDLive, 98point6, Babylon Health, eVisit, HealthTap, American Well (now known as Amwell), and Livongo (acquired by Teladoc Health). Teladoc Health and American Well are the leading players offering various telehealth and virtual care solutions globally.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
