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Global Virtual Healthcare Market Size, Trends, and Analysis - Forecasts To 2026 By Component (Services- Virtual Consultation/Virtual Monitoring/Walk-up Clinic, and Solution), By Platform (Audio, Kiosks, Messaging, Video), By Application (Hospital, Insurance Company, Medical Center, Pharmacies, Physician Group), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Virtual healthcare is the new way of patients and clinicians virtually meeting via various communication technologies such as audio, and video connectivity. With advancements in technology, virtual healthcare will allow specialists to monitor procedures and conditions from remote locations. Factors such as increasing penetration of smartphones, rising healthcare costs, and adopting integrated business models have accelerated virtual healthcare markets. Besides, this market facilitates resource optimization and reduces the number of personal visits in minor medical conditions. The increased focus on building virtual assist tools with multi-language support in this market is also providing growth opportunities.
The component segment is divided into two categories which include services and solutions. The services segment is further classified into virtual consultation, walk-up clinic, and virtual monitoring. The category of virtual consultation is the largest shareholder over the estimated timeframe. Growing adoption and implementation of virtual consulting models to avoid physical contact are driving the segment growth.
According to the application analysis, the market is explained into the hospital, insurance company, medical center, pharmacies, and physician group. The hospital segment is the largest shareholder in terms of revenue growth. The rising demand for virtual care services by a considerable number of patients will drive this segment.
The North American region will dominate the market in terms of revenue generation. This is attributed to the increasing availability of advanced healthcare facilities, the growing aging population, and a large number of patients. Moreover, insurance companies are giving more coverage for such virtual healthcare services by U.S. certified physicians and doctors is also driving the market growth. However, the increasing number of manufacturers and medical institutes in the APAC region is boosting the market growth.
AMD Global Telemedicine, Inc., United HealthCare Services Inc, American Well Corp, THA Group, AT&T Inc., Telus Communications Inc., Banyan Medical Systems LLC, Teladoc, Inc., Centura Health, Synzi LLC, CHI Health by Catholic Health Initiatives, MDLIVE Inc., edgeMED Healthcare LLC, Magellan Health, Inc., and Koninklijke Philips N.V among others are the major vendors competing in the virtual healthcare market.
Please note: This is not an exhaustive list of companies profiled in the report.
In May 2018, to provide a patient’s complete story in care directly from speech to electronic health records (EHRs), Nuance Communications, Inc. had launched Dragon medical One, a universal cloud-based platform for speech recognition, at the eHealth Conference booth.
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The Global Virtual Healthcare Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Virtual Healthcare Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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