Virtual Visits Market

The report "Virtual Visits Market by Service Type (Allergy & Immunology, Urgent Care, Preventive Care, Chronic Care Management, Behavioral Health, Others), Age Group (Below 15, 15-30, 31-45, 46-65, Above 65), Gender (Male, Female) & Region - Global Forecasts to 2030 ", is projected to reach USD 128.7 billion by 2030 from an estimated USD 14.8 billion in 2022, at a CAGR of 31.1%.

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Benefits of virtual visits to reduce the burden on medical resources, monitory benefits of virtual visits and telehealth, increasing penetration of smartphones, technological advancements in telecommunications, rising geriatric patient population and the growing need to expand healthcare access worldwide are some of the major factors driving the virtual visits market growth. However, concerns regarding regulations and reimbursements pertaining to virtual visits are likely to negatively impact the market growth during the forecast period.

The COVID-19 pandemic has had a positive impact on the virtual visits market. With the advent of televisits/virtual consultations, the unmet needs for personalized or specialty care, even in the remote areas, can be addressed. Further, the increasing number of government iniatives to improve patient data security and create a safe space for virtual visits/consultation is expected to accelerate the virtual visits market growth in the coming years.

By service type, the allergy & immunology segment took the largest share of the virtual visits market in 2021

Based on service type, the virtual visits market is segmented into allergy & immunology, urgent care, preventive care, chronic care management, behavioral health and others. In 2021, the allergy & immunology segment accounted for the largest share of the virtual visits market. The large segment share is attributed to the increased prevelance of influenza and allergies during the COVID-19 pandemic and rise in adoption of virtual solutions to avoid the spread of infection and minimize the risk of contracting additional symptoms as a result of in-peron visits to the hospitals or care centers.

Individuals aged between 31-45 years are expected to witness a considerable growth in the virtual visits market in the coming years

Based on age group, the virtual visits market has been segmented into below 15 years, 15-30 years, 31-45 years, 46-65 years and above 65 years. By age group, the individuals between 31-45 years of age are expected to command significant share of the virtual visits market in the coming years. Increasing prevalence of hypertension, diabetes, cardiovascular diseases and other lifestyle diseases especially among the adult population is one of the major factors driving the growth of this segment.

Women segment is likely to dominate the virtual visits market, by gender during the forecast period

Based on gender, the virtual visits market is segmented into male, female and others. The women segment accounted for a significant share of the global virtual visits market, by gender, in 2021. Factors contributing to the large share of this segment include the rising prevalence of gynecological and obstetrics issues among women, need to minimize unnecessary in-person visits of pregnant women to avoid the risk of infections, and the availability of numerous tele-specialty services offered by the healthcare providers.

North America is estimated to dominate the virtual visits market during the forecast period

In 2021, North America held the largest share of the virtual visits market, followed by Europe, Asia Pacific and rest of the world. Factors such as growing incidence of chronic conditions in the region, need to reduce unnecessary hospital visits, admissions & readmissions, rising geriatric patient pool and shortage of healthcare providers for long-term care, as well as government support for telehealth are primarily responsible for driving the virtual visits market growth in the region. However, the Asia Pacific region is anticipated to witness significant growth rate during the forecast period.

The key players operating in the Virtual Visits market are American Well (US), MDLIVE (US), Teladoc Health (US), Doctor on Demand (US), eVisit (US), MeMD (US), HealthTap (US), Vidyo (US), PlushCare (US), Zipnosis (US), VeeOne Health (US), iCliniq (India), MEDITECH (US), Caregility (US) and Virtuwell (US) among others.

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