Virtual health services provide remote healthcare delivery through technologies including video calling, messaging and monitoring. These services enable healthcare professionals to remotely evaluate, diagnose and treat patients. This reduces the need for physical visits, thus avoiding wait times and the risks associated with visiting clinics during the COVID-19 pandemic. Virtual health services have gained prominence owing to the growing demand for contactless healthcare delivery.
The global 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 key trends:
The demand for virtual health services has increased exponentially amidst the COVID-19 pandemic with people preferring remote healthcare delivery over physical visits. Remote access to healthcare through digital technologies prevents the spread of the virus and reduces pressure on physical infrastructure. Recent surveys show over 50% of healthcare providers have adopted virtual visits since the onset of the pandemic and patients have embraced these contactless options. Telehealth allows for safe triaging of symptoms, facilitating timely treatment while avoiding exposure. The rising demand for telehealth amidst the pandemic has accelerated the adoption of virtual healthcare delivery globally in the long run as well.
SWOT Analysis
Strength: Virtual health services allow wider access to healthcare by removing geographical barriers and reducing wait times. This improves availability of care.
Weakness: There are still concerns around privacy, security, and reliability of technology used for virtual health services. Lack of physical examination can also limit diagnosis in some cases.
Opportunity: Growing acceptance of technology in healthcare is increasing demand for convenient virtual options. This represents an opportunity for market expansion, especially in underserved rural areas.
Threats: Stricter regulations around privacy and security may increase compliance costs. Established offline healthcare providers can also offer competitive virtual services, posing threats to startups.
Key Takeaways
The global virtual health service market is expected to witness high growth over the forecast period of 2023 to 2030. Rapid advancements in telemedicine and telehealth technologies are fueling market expansion.
Regional analysis: North America currently dominates the market owing to advanced digital infrastructure and favorable reimbursement policies supporting adoption of virtual care models. However, Asia Pacific is expected to grow at the fastest pace due to rising healthcare needs of its large population and increasing investments to improve telehealth access in rural/remote 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), Livongo (acquired by Teladoc Health). There is increasing consolidation in the industry as leading providers look to offer integrated virtual-physical healthcare through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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