Virtual Care Market

The report "Virtual Care Market by Component (Software & Services, Hardware), Consultation Type (Video, Audio, Messaging), Application (Family Medicine, Internal Medicine, Pediatrics), End User (Hospital & Clinics, Pharmacies) & Region - Global Forecasts to 2030 ", 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%.

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Growing need to expand healthcare access, rising disease prevalence worldwide, dearth of physicians, rising public and private support for digital healthcare technologies, and cost-benefits of virtual care solutions are some of the key factors driving the virtual care market growth. However, regional variations in regulations and reimbursements are likely to negatively affect the market growth during the forecast period.
The COVID-19 pandemic has offered immense opportunities for virtual care solutions, considering the social distancing norms to reduce physical exposure. In this regard, virtual care solutions represents an effective, attractive and affordable option, with implications across the care continuum. Moreover, these solution providers can remotely identify patients who may require further care using tailored approaches, that helps engage patients and provide efficient virtual care.

By component, the software and services segment took the largest share of the virtual care market in 2021.

Based on component, the virtual care market is segmented into software & services, and hardware segments. In 2021, the software & services segment accounted for the largest share of the virtual care market. The large share of this segment is attributed to the increasing adoption of virtual solutions in wake of the COVID-19 pandemic, which is likely to continue in the coming years. Surge in adoption due to the acute shortage of beds and resources, as well as social distancing norms is one of the key factors driving the virtual care market in the coming years.

Audio consultation segment commanded the largest share of the virtual care market, by consultation type, in 2021

Based on consultation type, the virtual care market has been segmented into video consultation, audio consultation, kiosks and messaging. By application, the audio consultation segment accounted for the largest share of the virtual care market in 2021. Factors such as increased inclination of patients towards telephonic calls, limited access to advanced technologies and internet services especially in the rural parts  are some of the major factors driving the growth of this segment.

Internal medicine segment is projected to witness significant growth of the virtual care market in the coming years

Based on application, the telehealth and telemedicine market is segmented into allergy & immnunology, pediatrics, family medicine, internal medicine, dermatology, cardiology and others. The internal medicine segment accounted for a significant share of the global virtual care market, by application, in 2021. Factors contributing to the large share of this segment include technological advancements in remote monitoring devices, growing adoption of virtual care solutions in chronically ill and old aged patients, and the increased number of tele-specialty services offered by the healthcare providers.

North America is expected to dominate the virtual care market during the forecast period

In 2021, North America held the largest share of the virtual care market, followed by Europe. Factors such as the growing incidence of chronic conditions in the region, increasing need to curb healthcare costs, rising geriatric patient pool and government support for telehealth are primarily responsible for driving the virtual care market growth in the region. However, the Asia Pacific region is anticipated to witness the highest growth rate during the forecast period.

The key players operating in the virtual care market are 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.

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