Chicago, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, virtual visits market is expected to grow at a CAGR of over 27% during 2022-2027. Key vendors are forming collaborations and partnerships with software developers, which will help in the development of innovative services for end-users. Furthermore, the rising number of smartphone users and wearable/connected medical device users will positively impact the growth of the global virtual visits market in the upcoming years.
The US is a leader in the adoption of virtual visits because it holds the top position in digitalization. The COVID-19 pandemic compelled the US healthcare system to quickly switch to virtual care, which would not have been possible if it was not a leader in digitalization.
Virtual Visits Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2027) | $56.02 Billion | |
| MARKET SIZE (2021) | $13.26 Billion | |
| CAGR (2022-2027) | 27.15% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | Component (Service and Hardware), Application (General Consultation, Behavioral Health, Chronic Care Management, Urgent Care, and Others), Patient Group (Adults and Pediatric) | |
| GEOGRAPHIC ANALYSIS | North America, APAC, Europe, Latin America, and MEA | |
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The development of the telecommunication system is increasing the scope of virtual care services immensely. The introduction of virtual visits has led to cost-effective treatments, the adoption of home healthcare services, and low expenditure on infrastructure developments. Virtual visit consultations have revolutionized the healthcare industry as they reduce hospital visits, patient wait time, and decrease the physical discomfort caused to patients. The increasing target population is one of the major factors increasing the demand for virtual visits. For instance, Virtual visits are seen as one of the useful tools for continuous monitoring of chronic conditions and treatments, and this has seen better adoption among chronic disease patients. The increase in technological advances and high penetration of internet connectivity will increase the adoption of virtual visits in the future.
The virtual visits market is crowded with many vendors who offer a broad range of software, applications, and services to end-users. The consolidation in the virtual visits market is continuing, with many vendors indulging in strategic acquisitions and collaborations to enter the virtual care space to extend their market presence. Strategic acquisitions and partnerships have become quite common in the virtual visits market. Virtual visit vendors are primarily engaged in M&As to offer one-stop solutions for healthcare centers and patients. For instance, Teladoc, one of the leading telehealth companies, focuses on integrating and acquiring companies to gain access to newer markets and increase its market share in the US and in other regions, such as Europe, Asia, and Latin America. Key vendors are forming collaborations and partnerships with software developers, which will help in the development of innovative services for end-users.
Key Insights
- Service segment accounted for highest market share and dominated the market. The rising adoption of telehealth services by healthcare providers, and patients due to increasing reimbursements by the private insurance companies is a major factor driving the growth of the service segments.
- General consultations to remain as the dominant application segment as most patients preferred to take the general consultations via virtual visit platforms especially for cold & flu, preventive care, allergy, and many other health concerns.
- Increasing awareness, good internet infrastructure and increasing health insurance plans for virtual care specific for adults accounted for the highest market share. North America dominated the geography segment because of rising focus on value-based healthcare, high demand of telehealth services, and is also attributed to growing demand for mental health services especially during COVID-19 pandemic. The region is also expected to grow at the highest CAGR of 27.87% during forecast period.
- COVID-19 has shown positive impact on global virtual visits market as the market witnessed a surge in usage of virtual visit platforms.
Market Segmentation
Component:
- Service
- Hardware
Application:
- General Consultation
- Behavioral Health
- Chronic Care Management
- Urgent Care
- Others
Patient Group
- Adults
- Paediatric
Geography
- North America
- US
- Canada
- Europe
- UK
- France
- Germany
- Italy
- Spain
- APAC
- Japan
- China
- Australia
- South Korea
- India
- Latin America
- Brazil
- Mexico
- Argentina
- The Middle East and Africa
- Turkey
- UAE
- South Africa
Major Vendors
- AMD Global Telemedicine
- American Well
- Koninklijke Philips
- Teladoc Health
Other Prominent Vendors
- Banner Health
- Beato
- Blue Sky MD
- Careclix
- Cerner
- CHI Health
- Chiron Health
- CVS Health
- Dialogue
- Doctor On Demand
- Doxy(.) ME
- Eagle Telemedicine
- Edgemed Healthcare
- eVisit
- HealthTap
- Health at Hand
- HealthHero
- Instapract
- MDLive
- MediBuddy
- MFine
- NeuroSynaptic Communications
- Nextcare
- Optum
- Plushcare
- Piedmont Healthcare
- Practo
- RO
- Reecuro Health
- SteadyMD
- SOC Telemed
- TRUDOC Healthcare
- Vidyo
- VSee
- Walmart Health Virtual Care
- Zipnosis
Explore our healthcare lifesciences profile to know more about the industry.
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