New York, Sept. 18, 2023 (GLOBE NEWSWIRE) -- In 2022, the global Virtual Health Service Market Was Valued at USD 7.1 Billion and Is Expected To Reach USD 50.9 Billion by 2032, This Market Is Estimated To Register a CAGR Of 22.4 %.
Virtual health services, sometimes called telehealth or telemedicine, refer to the use of digital technologies and telecommunications to deliver medical care, health information, or health education from a distance. It involves the use of technologies such as, mobile applications, video consultation, text-based messages, and other communication platforms.
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Key Takeaway
- By Consultation Mode, the video segment accounted for the largest revenue share of 35.6% in 2022 .
- By Component, the software & services segment dominated the global virtual health service market with largest share of 56% in 2022.
- By End-User, the patient segment held the largest market share of 31.2% in 2022.
- In 2022, North America dominated the market with the highest revenue share of 42%.
Nearly, 96% of health systems plan to expand virtual healthcare options due to upcoming laws, insurance provider influence, and consumer demand, simplifying revenue generation.
Factors affecting the growth of global virtual health service market
There are several factors that can affect the growth of Global Virtual Health Service Market. Some of these factors include:
- Aging Population: The market growth for virtual health service is mainly influenced by the increase in number of aged individuals. As the population ages, the need for medical consultations may rise, and virtual health services offer an efficient way to meet this demand.
- Cost-Effectiveness: Virtual services often reduce overhead costs, and some of these savings can be passed on to the consumer, making healthcare more affordable.
- Insurance Reimbursement: Several insurance companies are beginning to reimburse for virtual health services, making it more financially viable for both providers and patients.
- Regulatory Uncertainty: The rules and regulations governing telehealth are not uniform and are continually evolving, creating an uncertain environment for providers. As a result, it may impede the market growth.
Top Trends in Global Virtual Health Service Market
Virtual-first care is a growing trend in healthcare, offering patients the convenience of remote delivery of services. This approach improves accessibility, outcomes, patient satisfaction, and quality of life, especially for providers facing clinical and financial challenges. Moreover, increased investment in mental health therapies is expected to increase the demand for virtual behavioral health solutions.
Market Growth
The global virtual health service market has experienced noteworthy growth in past few years, and is anticipated to continue in the upcoming years. The American Medical Association (AMA) acknowledges virtual healthcare's potential to improve patient care and strengthen physician-patient relationships, particularly in managing persistent health conditions like COPD and diabetes.
Regional Analysis
North America dominated the global virtual health service market with highest revenue share of 42% in 2022. The high spending on healthcare IT, strong internet connectivity, presence of key players, and large population base of smartphone users is expected to drive the demand for virtual health service in this region. In addition, the growth of this regional market can be highly attributed to availability of favorable insurance coverages in this region.
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Competitive Landscape
Virtual health service market is highly fragmented due to presence of several companies operating regionally as well as globally. The major market players are now focused on implementation of various growth strategies such as partnerships, collaborations, and mergers & acquisitions. In addition, leading players are coming up with the new innovations and ideas to survive in a competitive market.
Market Key Players
- CVS Health Payor Solution
- McKesson Corp
- Cardinal Health
- Cigna Healthcare
- Elevance Health
- Centene Corporation
- Teladoc Health, Inc.
- Other Key Players
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 7.1 Billion |
| Market Size in 2032 | USD 50.9 Billion |
| CAGR (2023 to 2032) | 22.4% |
| North America Revenue Share | 42% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Telehealth saves patients and service providers expenses by allowing digital appointments before hospital visits, reducing travel costs, increasing efficiency, and minimizing readmissions, compared to traditional in-person care. Telemedicine, a convenient and accessible method of remote medical consultation, gained popularity during the COVID-19 pandemic due to its ability to maintain physical distancing and provide services to patients. Virtual health services are revolutionizing rural healthcare by providing essential medical care to remote areas. Telemedicine and Health IT technologies are closing the healthcare access gap, making healthcare more accessible and convenient for those living in isolated areas, particularly in rural and underserved areas.
Market Restraints
Privacy and security in telehealth practice are impacted by technology, operational, and environmental factors. Sharing sensitive health information remotely can be challenging due to privacy concerns, such as unintentional disclosure of patient details and concerns about space and accessibility. Moreover, limited connectivity to the internet in less-developed or rural areas creates a digital divide, thereby restricting the market growth.
- India Today reports that over 25,000 villages lack internet or mobile connectivity, creating a digital divide and potentially decreasing demand for virtual health services in these areas.
Market Opportunities
Advancements in digital technologies have revolutionized virtual health services by enabling more accessible and convenient interactions between healthcare providers and patients. Through the use of remote monitoring devices, video conferencing tools, mobile health apps, and telemedicine platforms, both parties can engage in seamless healthcare experiences. One of the latest breakthroughs in this area is the application of artificial intelligence (AI), designed to boost the efficiency of healthcare providers. The advent of wearable technology and various tools for remote patient monitoring further enhances patient engagement by keeping them continually informed about their health status.
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Report Segmentation of the Virtual Health Service Market
Consultation Mode Insight
The video segment held the largest revenue share of 35.6% in 2022. Video consultations are advanced telemedicine methods that offer visual contact, improved communication, and visual examination of patients. Research shows they are more successful in treating specific disorders like depression, providing similar care levels. Moreover, a virtual visit allows interactive communication form that can build a trustful relationship between the patient and the service provider. As a result, the video segment dominates the global market.
Component Insight
The software & services segment dominated the market with largest share of 56% in 2022. Improvement in software solutions increases the demand for installation, maintenance, training, and staffing services. In addition, the major players offer post-installation and pre-installation packages, thereby boosting the growth of this segment.
End-user Insight
The patient segment accounted for the highest revenue share of 31.2% in 2022. The segment growth can be attributed to the convenience and ease of use it offers to the individuals. Additionally, technology-driven accessibility is anticipated to boost the segment growth.
On the other hand, people turn towards telemedicine for several reasons, whether they are dealing with serious health concerns. To meet different needs, companies offer telemedicine services that are continuously expanding their offerings. These companies, provide telemedicine software, carts, kits, dashboards, APIs, and SDKs for remote patient monitoring, with the provider segment expected to experience rapid growth.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View a PDF sample report @ https://market.us/report/virtual-health-service-market/request-sample/
Market Segmentation
By Consultation Mode
- Video
- Audio
- Messaging
- Kiosks
By Component
- Software & Services
- Hardware
By End-User
- Patient
- Healthcare Providers
- Payers
- Employers
- Other End-Users
By Geography
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia & CIS
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- ASEAN
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
Recent Development of the Virtual Health Service Market
- In August 2023, Amazon has recently launched its virtual health clinic, called Amazon Clinic, nationwide.
- In August 2023, Amazon expanded its virtual health clinic nationwide, making it available to all customers in each of the 50 states and Washington, D.C.
- In August 2020, $75M Series D funding was raised by Doctor On Demand for primary care, virtual behavioral health, while a $18.5 billion mega-merger deal was announced by Livongo and Teladoc.
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