by The Virtual Health Service market is estimated to be valued at US$ 11.11 Bn 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 Overview:
Virtual health services refer to healthcare services provided through telecommunication technologies instead of face-to-face communication. It includes telehealth, telemedicine, and virtual care which involves online consultation between a patient and healthcare provider using video conferencing, phone calls, messaging, wearable devices and mobile health (mHealth) applications. Virtual health is reshaping traditional healthcare delivery by providing care from remote locations, making healthcare more affordable and accessible.
Market Dynamics:
The high growth of the virtual health service market can be attributed to increased penetration of telehealth services and rising adoption of mHealth apps owing to the COVID-19 pandemic. According to WHO, during the COVID-19 pandemic, telemedicine visits increased by 154% in the United States. Further, the rising geriatric population, growing prevalence of chronic diseases, and increasing investments by key players to upgrade telehealth infrastructure will continue to drive the market growth over the forecast period. However, data privacy concerns, digital illiteracy in the older population, and lack of real-time interactions are challenging factors for the growth of the virtual health services market.
SWOT Analysis
Strength: Virtual health services provide convenience and flexibility to both patients and healthcare providers. Remote monitoring capabilities allow monitoring of chronic conditions from home. Portability of virtual care allows people to access care while traveling or in remote areas.
Weakness: Lack of physical examination may limit the scope of virtual consultations for certain conditions. Virtual options are still being adopted which poses issues related to reimbursements and interoperability. Cybersecurity and privacy of personal health information processed digitally can become a challenge.
Opportunity: Untapped growth potential exists in rural and underserved areas. Integration of virtual care with Internet of Things (IoT) devices expands monitoring and management capabilities. Adoption of telehealth surged during the pandemic and normalization of remote care working will continue boosting demand.
Threats: Heavy investments required for deployment of technologies and network infrastructure. Resistance from physicians worried about replacement of in-person visits.
Key Takeaways
The Global Virtual Health Service Market is expected to witness high growth, exhibiting CAGR of 32% over the forecast period, due to increasing preference for convenient healthcare solutions. Rising awareness regarding benefits of telehealth and telemedicine during the pandemic has boosted adoption.
Regional analysis: North America dominates the global virtual health service market currently. However, Asia Pacific is expected to grow at the fastest pace due to rising healthcare expenditure and expanding internet connectivity in developing countries. Countries like China, India, South Korea, and Japan are emerging as lucrative markets.
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), Livongo (acquired by Teladoc Health). The market is quite concentrated with top players dominating the space. However, new entrants are entering the fray by developing specialized virtual solutions for chronic care and remote patient monitoring.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
