Virtual Care Market

The global virtual care market is projected to reach USD 76.9 billion by 2030 from an estimated USD 8.4 billion in 2022, at a CAGR of 32.1%. The virtual care market is mainly driven by factors such as the increasing need to expand healthcare access especially in the rural areas, growing number of patient population worldwide, a shortage of physicians, advancements in telecommunications and the increasing adoption of digital healthcare services. However, regulatory disparity and reimbursement issues pertaining to virtual care are expected to restrain the growth of this market to a certain extent in the coming years.

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The virtual care market is segmented by component, consultation type, application, end user, and region. The key players operating in virtual care market include American Well (US), AMD Global Telemedicine (US), CHI Health (US), AT&T (US), Cerner Corporation (US), GE Healthcare (US), Koninklijke Philips N.V. (The Netherlands), MDLIVE (US), Siemens Healthcare (Germany), United Healthcare Services (US), VeeOne Health (US), eVisit (US), MEDITECH (US), Caregility (US) and Teladoc Health (US) among others. 

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, key players, competitive landscape, key market dynamics, and key player strategies.

Secondary Research

The secondary research process involved the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the virtual care market. It was also used to obtain important information about the key players and market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the virtual care market. The primary sources from the demand side included industry experts, purchase & sales managers, doctors, and personnel from hospitals & elderly care facilities. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and key market dynamics.

A breakdown of the primary respondents for the virtual care market is provided below:

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Market Size Estimation

The total size of the virtual care market was arrived at after data triangulation from the following approaches:

Approach to calculate the revenue of different players in the virtual care market:

The size of the global virtual care market was obtained from annual reports, SEC filings, online publications, and extensive primary interviews. A percentage split was applied to arrive at the size of market segments. Further splits were applied to arrive at the size for each sub-segment. These percentage splits were validated by primary participants. The country-level market sizes obtained from the annual reports, SEC filings, online publications, and extensive primary interviews were added up to reach the total market size for regions. By adding up the market sizes for all the regions, the global virtual care market was derived.

Approach to derive the market size and estimate market growth:

The market size and market growth were estimated through primary interviews on a regional and global level. All responses were collated, and a weighted average was taken to derive a probabilistic estimate of the market size and growth rate.

Data Triangulation

After arriving at the overall market size—using the market size estimation processes explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Objectives of the Study

• To define, describe, and forecast the virtual care market by component, consultation type, application, end user, and region
• To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
• To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
• To forecast the size of the virtual care market with respect to five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To profile key players in the virtual care market as well as comprehensively analyze their core competencies
• To track and analyze competitive developments such as product launches, acquisitions, expansions; as well as collaborations, agreements, and partnerships of the leading players in the virtual care market

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Scope of the Report

The research report categorizes the virtual care market into the following segments and subsegments:

• Component
  • Software & Services
  • Hardware
• Consultation Type
  • Video Consultation
  • Audio Consultation
  • Kiosks
  • Messaging
• Application
  • Allergy & Immunology
  • Pediatrics
  • Family Medicine
  • Internal Medicine
  • Dermatology
  • Cardiology
  • Others
• End User
  • Hospitals & Clinics
  • Pharmacies
  • Others
• Region
  • North America
    • The US
    • Canada
  • Europe
    • Germany
    • France
    • The UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Rest of Asia Pacific
  • Latin America
  • Middle East & Africa

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

PRODUCT ANALYSIS

• Product Matrix, which gives a detailed comparison of the product portfolios of the top five global players

GEOGRAPHIC ANALYSIS

• Further breakdown of the Rest of Europe’s virtual care market into Russia, Portugal, Belgium, Denmark, Switzerland, and other European countries (aggregated)

COMPANY INFORMATION

• Detailed analysis and profiling of additional market players (up to 5 OEMs)

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