Virtual Healthcare Market is valued at USD 1971.4 Million in 2018 and expected to reach USD 13029.2 Million by 2025 with CAGR of 26.79% over the forecast period.
Virtual Healthcare Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- Increasing availability of doctors over the virtual platform, reduction in cost of consultation and follow-ups and increasing adoption of connected health gadgets are major factors driving the market growth.
Virtual healthcare mentions the virtual visits that take place amongst patients and clinicians via communication technology- the video and audio connectivity that allows virtual meetings to occur in real time, from virtually any location. A virtual visit can be a video conference between a doctor and patient at home. It could mean that a patient can cooperate with offsite medical specialist via a high-definition conference hookup at his or her local clinic, instead of travelling to another city. It can also give patient the chance to more readily find qualified second opinion online. Thus, virtual healthcare has been used chiefly for meetings and consultations, check-ins, and status report, rather than for in-depth diagnosis or treatments. Still, as the technology grows, more serious conditions like diabetes are falling under the inspiration of virtual healthcare. Virtual healthcare also better allows specialists to monitor conditions or procedures from remote locations.
Global virtual healthcare market report is segmented on the basis of platform type, component type and regional & country level. Based on platform type, global virtual healthcare market is classified into video consultation, audio consultation and KIOSKS. Based on component type, global virtual healthcare market is classified in to solutions and services.
The regions covered in this virtual healthcare market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of virtual healthcare is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global virtual healthcare market report covers prominent players like
Rising prevalence of chronic disorders, increasingadoption of smartphones and the availability of KIOSKS in pharmacies and hospitalsare significantly driving the virtual healthcare market. According to Pew Research Center, morethan nine-in-ten 18- to 29-year-olds (96%) say they live in a household with atleast one smartphone, and 51% of young adults say their home contains three or more such devices. Additionally, rising aging population, high penetration of smartphones, technological advancements, the growing use of remote monitoring devices, and increasing healthcare costs are some other factors driving the growth of the market. However, the high cost of nanotechnology-based medical devices and the time-consuming product approval process have somewhat restrained growth in this market. Moreover, the increasing focus on developing conversational virtual assistant tools and multi-language support in healthcare virtual assistant tools are also expected to provide growth opportunities for players in the market.
North America accounted for the largest market share of around 54.62% in 2018. Digital transformation lets the healthcare industry to distribute on-demand non-emergency medical treatments to patients. United States certified doctors and physicians are listed on various virtual healthcare service platforms eliminating the occurrence of any fraud medical practice. Additionally, insurance companies have been keen on growing coverage for such virtual healthcare services. Companies like Cigna Healthcare and Life Insurance Company (CHLIC) and UnitedHealth partnered with virtual healthcare service providers MDLIVE, Inc. and American Well Corporation, correspondingly, to offer extreme access to healthcare services for its fellows. Due to these kind of activities, the demand for virtual healthcare is significantly increasing over the period of time. However, Asia Pacific is expected to grow expressively over the forecast period. The reason is attributed to presence of large number of manufacturers and the increasing growth of medical institutes in this region.