Virtual Care Market Size, Share, Trends, Growth and Forecast 2028

Virtual Care Market Size And Industry Analysis

The global virtual care market size was worth USD 2982.40 million in 2021 and is estimated to grow to USD 6934.54 million by 2028, with a compound annual growth rate (CAGR) of approximately 15.10 % over the forecast period. The report analyzes the virtual care market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the virtual care market.

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Virtual Care Market: Overview

Virtual care is a technique that involves treating patients who have common medical problems through video, audio, or written communication. The aid of communication equipment owned by patients and doctors spread out can also be referred to as virtual visits. Most virtual care technologies are used for meetings, consultations on routine medical issues, and similar activities.

The "virtual visits" that take place between patients and healthcare practitioners using telecommunications technologies are what constitute virtual care. Real-time virtualized meetings between patients and doctors from any location are referred to as "virtual" meetings. Patients use virtual care for various tasks, including consultations, meetings, check-ins, and monitoring the status of their reports. This method can also be used to manage conditions that require ongoing follow-up care. This method cannot be used for in-depth diagnosis or treatment. Virtual care is a technique that involves treating patients who have common medical problems through video, audio, or written communication.

The aid of communication equipment owned by patients and doctors spread out can also be referred to as virtual visits. Most virtual care technologies are used for meetings, consultations on routine medical issues, and similar activities. The "virtual visits" that take place between patients and healthcare practitioners using telecommunications technologies are what constitute virtual care. Real-time virtualized meetings between patients and doctors from any location are referred to as "virtual" meetings. Patients use virtual care for various tasks, including consultations, meetings, check-ins, and monitoring the status of their reports. This method can also be used to manage conditions that require ongoing follow-up care. This method cannot be used for in-depth diagnosis or treatment.

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COVID-19 Impact:

The ongoing COVID-19 pandemic has exposed flaws in the current healthcare sector and put a strain on healthcare delivery. The adoption of virtual care services and telehealth applications increased due to the rapidly increasing incidence of COVID-19 infection, government-implemented restrictions, decreased in-person consultations & hospital visits, and increased adoption of telehealth applications to lessen the physical contact of patients & providers in healthcare facilities and reduce the risk of contracting the infection. Since telehealth can provide longitudinal virtual care, interaction with other virtual health solutions, and hybrid virtual/in-person care models, virtual healthcare models and business models are developing and multiplying, potentially improving user experience.

Key Insights

• As per the analysis shared by our research analyst, the virtual care market value is expected to grow at a CAGR of 15.10% over the forecast period.
• In terms of revenue, the global virtual care market size was valued at around USD 2982.40 million in 2021 and is projected to reach USD 6934.54 million by 2028.
• The growing need for accessibility in the healthcare industry and the growing need for cost-effective solutions across the globe are the major factors driving the market's growth.
• By component, the service category dominated the market in 2021.
• By platform, the video category dominated the market in 2021.
• North America dominated the virtual care market in 2021.

Virtual Care Market: Growth Drivers

An inclination for virtual care services to drive market growth

Due to the flexibility given by linked devices, virtual care applications in delivering healthcare services are growing. Patients also prefer virtual treatment because it allows them to discover expert second views online, thanks to a wide range of options for selecting doctors based on their needs. Meetings, consultations, check-ins, and status reports can be conducted virtually. All of these aspects are projected to drive the global virtual care market.

Virtual Care Market: Restraints

Data privacy and cybersecurity worries to hinder the market growth

The hazards associated with the data being generated are growing as telehealth usage does as well. The abundance of applications and connected devices all produce enormous amounts of patient data at risk of being breached or having patient information leaked. The government is putting out a number implementing several over patient data security and establishing a secure environment for online consultations and visits. Thus, this is likely to hamper the market expansion during the coming period.

Virtual Care Market: Segmentation

The global virtual care market is segregated based on components, platforms, kiosks, and region.

The market is split into solutions and services based on component. In 2021, the service category outperformed the other two and is anticipated to continue to rule the market for the forecast duration. The demand for telehealth apps for chronic disease management & real-time monitoring, the quick development of digital infrastructure, rising internet & smartphone usage, and innovations in hardware & software components, are driving the segment's growth. The fast evolving digital landscape is expected to support the quickly growing demand for these services. Due to the development of multiple platforms and applications to track health and wellbeing as well as monitor, diagnose, and prevent disease, the adoption rates of these services are rising.

Based on the platform, the market is divided into video, audio, and messaging. Among these, the video segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. The ability of patients in rural areas to communicate with specialists and experts from the comfort of their homes to any location in the nation has sped up the adoption of telehealth and teleconsultations and fueled the market's expansion. Patients and caregivers may now connect easily over video because of the widespread use of smartphones and 4G and 5G technology. The patients feel more comfortable talking to a face rather than over messaging or voice.

Based on Kiosks, the market is divided into applications, pharmacies, hospitals, and others. Among these, the hospitals segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Private hospitals and public hospitals make up the additional divisions within the healthcare sector. Due to the high demand for virtual care services among patients, the revenue contribution from the hospital segment is anticipated to increase significantly over the projected period in the market for virtual care kiosks.

Recent Developments

• The Centers for Medicare & Medicaid Services' extension of reimbursable telehealth codes for the 2021 physician fee schedule is one example of a regulation move that made it easier for telehealth to be used more widely and was made permanent. However, the future of some services that might no longer qualify as waivers after the public health emergency is over is yet unknown.

Virtual Care Market: Report Scope

Virtual Care Market: Regional Landscape

North America dominated the virtual care market in 2021

The global virtual care market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Due to the popularity of smartphones, the country's full internet access, significant investment in healthcare IT, developments in digital infrastructure, and the increased need for physical healthcare facilities & resources, chronic diseases, and high awareness levels of digital health & virtual care platforms among patients & healthcare providers, North America dominated the global market.

It accounted for the largest revenue share in 2021. In the upcoming years, it is anticipated that the regional market will be driven by the growth of cloud-based apps & platforms and the appearance of start-ups creating & supplying these cutting-edge solutions. Due to developments in the telehealth sector and ongoing research projects by numerous market players, Asia Pacific is predicted to see a high CAGR during the expected period. These digital health solutions' adoption rate is supported by increasing smartphone usage and better internet access.

Virtual Care Market: Competitive Landscape

Key players in the global virtual care market include:

• Teladoc, Inc.
• Americal Well
• At&T Inc., Mdlive Inc.
• Global Telemedicine, Inc.
• Koninklijke Philips N.V
• Chi Health
• United Healthcare Services Inc.
• Tha Group
• Synzi.

The global virtual care market is segmented as follows:

By Component

• Solutions
• Services

By Platform

• Video
• Audio
• Messaging

By Kiosks

• Application
• Pharmacies
• Hospitals
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa