Virtual Health Services Growth is Accelerated by High Demand for Remote Healthcare Services

 

Virtual health services provide remote healthcare using digital communication technologies such as video conferencing tools for consultation with medical practitioners. They offer significant advantages over in-person consultations such as low costs, convenience, and reduced waiting times. With growing awareness about the benefits of virtual healthcare and the need to maintain social distancing during the COVID-19 pandemic, demand for virtual health services saw a major surge.

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 increased adoption of virtual care solutions is one of the major trends witnessed in the virtual health service market. During the COVID-19 pandemic, telehealth emerged as a safe alternative to in-person visits which accelerated its adoption.Restrictions imposed to curb the spread of the virus highlighted the importance and benefits of remote consultations using digital platforms. This drove increased investments by both public and private players to enhance telehealth infrastructure and services. Moreover, favourable regulations related to reimbursement for virtual visits in several countries further supported the higher uptake of virtual care models over the past years.Expanded insurance coverage and lower costs have made virtual care more accessible to consumers globally.

Segment Analysis
The global virtual health service market is dominated by the telehealth segment, which accounts for over 60% market share. Telehealth provides virtual medical care through video, phone and mobile apps. It has become very popular during the pandemic as more people opted for remote healthcare services like teleconsultations and teletherapy. The ease and convenience of telehealth services over traditional in-person visits has boosted its adoption rate especially among chronic disease patients and older adults.

Key Takeaways
The global virtual health service market is expected to witness high growth over the forecast period, expanding at a CAGR of 32%. Growth is anticipated to be driven by rising preferences for digital healthcare solutions, shortage of physicians globally and increasing investments in telemedicine infrastructure.

Regional analysis: North America currently holds the largest share of the virtual health service market led by the US. Early technological advancements and reimbursement policies that support telehealth services in the region have supported market growth. However, Asia Pacific is emerging as the fastest growing regional market with countries like India and China seeing a huge surge in telemedicine in the last two years. Investments in digital health startups and government initiatives to expand access to healthcare are fueling telehealth adoption in Asia.

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). Teladoc Health has established itself as the global market leader with its large network of board-certified doctors and partnerships with hospitals, health systems and employers. Amwell is another major player growing rapidly through strategic acquisitions.