A recent report published by Infinium Global Research on virtual care market provides in-depth analysis of segments and sub-segments in the global as well as regional virtual care market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional virtual care market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global virtual care market. According to the report, the global virtual care market is projected to grow at a CAGR of 25.2% over the forecast period of 2021-2027, growing from nearly USD 13.2 billion in 2021 to about USD 51 billion in 2027.
The emergence of information technology has revolutionized several industries and business processes. Healthcare IT, the subsegment of the IT sector has enabled healthcare organizations to streamline their business and boost their sale. Virtual care is one of the major applications of healthcare IT that has reduced several obstacles faced by healthcare professionals as well as patients. With the help of virtual care, the patients suffering from routine health issues are treated over the video, audio, or written communication. Virtual care solutions are generally used for meetings, consultation, and therapies. Patients can pay virtual visits to the healthcare providers with the help of different mediums such as a video and audio call while staying at their home, office, or any other location. Virtual care facilitates interaction between patients, and doctors sitting at different locations, whether they are in different cities, states, or countries.
The COVID-19 pandemic is likely to have a fairly positive impact on the virtual care market over a shorter period of time. Several national and local governments implemented strict lockdowns during the pandemic, in order to control the spread of the novel coronavirus. These lockdowns compelled civilians to stay inside their homes and avoid visiting public places. Moreover, many people avoided visiting outdoors due to the concern over contracting the COVID-19 infection. This, in turn, augmented the adoption of remote services such as e-commerce, e-pharmacies, virtual care, and others over the period of the pandemic. Furthermore, several virtual care service providers are offering online COVID-19 consultations. People are getting a consultation for prevention, and therapy for COVID-19. This, in turn, is anticipated to boost the online pharmacy market during the pandemic.
The growing adoption of IT services in healthcare firms is one of the major drivers for the growth of the virtual care market. Health care professionals are extensively adopting IT services as they help them and their patients to communicate more effectively. Moreover, the government has issued several regulations supporting the healthcare IT sector. The growing funding by the government and private organizations in the field of healthcare IT is further augmenting the growth of the virtual care market. However, factors including concerns over data privacy, high initial investment, and lack of properly trained staff are expected to hamper the market growth. Nevertheless, the growing demand for digital health solutions from developing economies is anticipated to offer business opportunities for the market players.
In terms of region, North America generated the highest revenue for the virtual care market in 2019. The increasing number of government initiatives by the governments to adopt virtual care is majorly supporting the domination of North America in the global market. Moreover, the higher number of chronic illness and the rise in the aging population is driving the growth of the North America virtual care market. This, in turn, is augmenting the growth of the virtual care market in the North America region. On the other hand, the Asia Pacific virtual care market is anticipated to grow with the highest CAGR over the forecast period of 2020-2025. Factors such as improving IT infrastructure, growing demand for affordable healthcare, and favorable government regulations are expected to boost the adoption of virtual care in this Asia Pacific.
The report on global virtual care market covers segments such as medium, and application. On the basis of medium, the sub-markets include video, audio, messaging, and kiosks. On the basis of application, the sub-markets include hospitals, pharmacies, and others.
The report provides profiles of the companies in the market such as AMD Global Telemedicine, Inc., American Well Corporation, AT&T Inc., CHI Health, CRG Operating Company, LLC, MDLIVE Inc., Koninklijke Philips NV, GE Healthcare, United HealthCare Services Inc., and THA Group.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of virtual care market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.