by 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 Overview:
Virtual health services provide remote healthcare services through virtual means and digital technologies. This includes telehealth services, telemedicine consults, and remote patient monitoring. Such services help improve access to healthcare while reducing costs for patients.
Market key trends:
One of the key trends driving the growth of the virtual health service market is the rising adoption of advanced healthcare technologies. The integration of technologies such as artificial intelligence, IoT, big data and healthcare analytics has created opportunities for virtual healthcare delivery. These innovative technologies allow healthcare providers to remotely monitor patients, conduct live video consultations, and ensure timely intervention. This has improved clinical outcomes while making healthcare more affordable and accessible for patients.
Segment Analysis
Global Virtual Health Service Market is segmented into by type, application, end-user, and region. By type, the video consultation segment dominated the market in 2022 due to the increasing adoption of video and telehealth technologies during COVID-19 pandemic. Video consultation enables virtual face-to-face interaction between the patient and doctor which has become an important part of the treatment process.
Key Takeaways
The global virtual health service market is expected to witness high growth, exhibiting CAGR of 32% over the forecast period, due to increasing demand for convenient telemedicine and remote patient monitoring services.
Regional analysis: North America dominated the global virtual health service market in 2022 with highest revenue share of over 35%, owing to higher technology adoption and penetration of telehealth services in the US. Asia Pacific is expected to witness the fastest growth over the forecast period with a CAGR of more than 35%, due to growing internet connectivity and initiatives by governments in countries like India and China to increase access to healthcare through virtual platforms.
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), and Livongo (acquired by Teladoc Health). Teladoc Health dominated the market in 2022 owing to its vast network of virtual care delivery across various specialties and countries. The increasing M&A activities by major players is also expected to fuel the market growth during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
