Virtual Care Market Size, Share, Growth, and Industry Analysis By Type (Video Consultation, Audio Consultation, and KIOSKS), By Application (Family Medicine, Internal Medicine, Cardiology), By End-User (Hospital, Insurance Company, Medical Center, Pharmacies, and Physician Group), and By Region, 2023-2032

Report Overview

The virtual care market is valued at USD 9.8 billion in 2022 and is expected to expand at a CAGR of 28.5% from 2023 to 2032. It is expected to reach USD 113.0 billion by 2032.

The virtual care market is expected to experience significant growth during the forecast period, driven by the increasing demand for remote healthcare services and the adoption of connected devices.

The COVID pandemic has been exceptional and astounding, with the market experiencing higher than expected demand across all the countries compared to the pre-pandemic level. The sudden growth in the market is due to the virtual healthcare sector and the need for persistent COVID levels once this is over.

Virtual care is mainly a communication technology-based virtual or official visit between the patient and hospital. Audio or video connectivity is one of the major types of interaction among technologies that allows virtual meetings to take place in real time. It permits patients to interact with each other in real time from anywhere in the world. Real-time interactions, the elimination of geographical hurdles, cost and time consumption, and other factors are connected with virtual care. It also provides a lot of benefits in disease management, which requires regular follow-up.

Furthermore, the common benefits provided by virtual care for doctors and patients are one of the main reasons driving market growth. By doing virtual care, patients can get a good experience in consultation from their residence itself. It also helps them to link the breach between patient and doctor, as now doctors can reach out to a larger number of patients globally.

The largest market share in the virtual care market is often associated with companies that provide comprehensive virtual care solutions, including telemedicine, remote monitoring, and digital health platforms.

The growing adoption of IT services in healthcare firms is also one of the main drivers for the growth of the virtual care market. Healthcare experts are extensively adopting IT services as they assist them and their patients to communicate more effectively.

Moreover, the regulatory authorities have produced many policies and regulations supporting the healthcare industry. The upsurge in funding by the government and private companies in the field of healthcare IT is further enlarging the growth of the virtual care market.

But, however, there are factors that involve concerns over data security, high initial funding, and a lack of properly skilled staff that are expected to decrease market growth. Nevertheless, the increasing demand for digital health services from developing economies is anticipated to offer many new business opportunities for market players.

Driving Factors

Increased access to healthcare

One of the main reasons for the virtual care market is the significant increase in access to healthcare services. Virtual care transcends geographical barriers, allowing individuals, particularly those in underserved areas, to receive timely medical attention. This is important for early detection, preventive care, and the ongoing management of chronic diseases.

Furthermore, virtual care platforms provide convenient access to healthcare experts, decreasing the requirement for physical travel and overcoming logistical challenges. As a result, patients can seek medical advice and treatment more readily, ultimately leading to better health conditions.

New Innovations and Advancement

Rapid progress in technology has considerably pushed the virtual care market forward. High-speed internet, modern mobile devices, and the building of secure, accessible remote platforms have transformed the delivery of healthcare services.

This technology allows real-time video consultation, safe and secure messaging, and intensive monitoring, creating an inclusive and interactive healthcare experience. AI and data analytics in virtual care services augment diagnostic capabilities and allow for more customized treatment plans.

Crisis Response and Pandemic Preparedness

The COVID-19 pandemic highlighted the importance of virtual care responses and pandemic preparedness. In times of emergencies, virtual care has become an important tool for providing necessary medical services while reducing physical contact. It served as a source to triage patients, monitor them, and assist in the endurance of care for non-emergency conditions. The pandemic fastens the implementation of virtual care solutions, demonstrating their efficacy and suppleness in delivering healthcare services during exceptional times.

Restraining Factors

Digital division and the easy-convenience challenge

Not all individuals have equal access to the mandatory technology, such as high-speed internet and advanced mobile devices, which are important for the usage of virtual care services. This is particularly evident in underserved communities, rural areas, and among older populations.

Additionally, some patients may face difficulties in finding virtual platforms, potentially hurdling their abilities to effectively interact with healthcare providers. Linking this digital gap and ensuring equitable access to virtual cares remains an important challenge for global adoption.

Government policies and reimbursement issues

The landscape of telehealth and virtual care is subject to difficult and evolving regulations, which may vary by region and jurisdiction. These regulations and policies can affect the scope of services that can be provided through virtual platforms and may implement restrictions on licensure, data privacy, and security.

Furthermore, reimbursement policies for virtual care services may not be as well known as those for in-person care, which could potentially create financial difficulties for healthcare providers. Navigating this regulatory policy and knowing about it, which supports virtual care integration, is the main factor in its significant growth. These restraints could hinder the virtual care market.

Growth Opportunities

Expanding specialized virtual care services

The virtual care market holds large potential for personalized services tailored to specific medical conditions or demographics. For example, the mental health virtual care platform could see significant growth as the demand for mental health support continues to rise.

In the same way, specialized virtual care for chronic diseases like diabetes or cardiovascular conditions can provide targeted and customized interventions. By providing special care, virtual platforms can address specific healthcare requirements more comprehensively, resulting in enhanced patient results and experiences.

Virtual visits have also become a key component of the virtual care market, allowing patients to connect with healthcare professionals for diagnosis, treatment, and consultations, thus contributing to the market's overall growth and success.

Integration of AI and predictive analysis

These technologies have the capability to improve diagnostic accuracy, treatment planning, and patient-intensive monitoring. AI-powered algorithms can understand a huge amount of patients' information to identify patterns and trends, allowing for more informed clinical decisions. It can forecast disease advancement and suggest preventive steps. This integration not only improves the efficiency of virtual care but also welcomes new avenues for active and preventive healthcare.

Telemedicine in Post-Operative and Rehabilitation Care

The telemedicine platform can simplify follow-up consultations, wound assessments, and intensive monitoring of recovery advancement. Furthermore, virtual rehab campaigns and programs can be customized to individual needs, providing exercise plans, physical therapy counseling, and monitoring of mobility improvements.

By implementing virtual care into the postoperative and rehab processes, Healthcare providers can enhance patient recovery experiences by potentially decreasing the requirements for physical visits. This expansion of services can lead to enhanced patient satisfaction and overall healthcare results, in turn increasing the demand for virtual care market.

By Type

The audio consultation holds a dominant position in the market. Easy accessibility and a higher preference for audio calls are the main factors driving the growth of the virtual care market. Many individuals reside on the other side of the digital divide, where access to technology and high-speed internet services is limited. Individuals who prefer audio consultation have proven to be successful in overcoming hurdles to taking good care, like some of the mobility causes, lack of transportation, and lack of nearby healthcare providers. However, audio consultation has widened its access to important and required behavioral health services.

By Application

The family medicine segment holds a strong position in the virtual care market. There are a huge number of online consultations for chronic and primary care, which is the main reason for the strong position share of the market segment.

Some of the renowned physicians suggest expanding the usage of online consultation or telemedicine as an efficient and proper means of improving health when handled with adequate standards of care. Furthermore, the internal medicine segment holds a substantial position in the market. Internal medicine doctors and experts would like to use virtual care technologies more than they do presently. It reveals that many consumers are interested in learning more about advanced combined care technologies.

By End-User

Hospitals dominate the end-user segment of the virtual care market due to their role as central hubs for intensive healthcare services. They have the services, resources, and skilled professionals who can successfully implement and maintain the necessary virtual care platforms. Hospitals also provide diverse patient populations with various healthcare needs, making virtual care a valuable tool for extending services beyond in-person visits.

Besides that, hospitals have appealed to provide improvised patient outcomes and operational efficiencies, further augmenting the implementation of virtual care. This market segmentation plays a crucial role in understanding the diverse needs and preferences of patients and healthcare providers seeking improved healthcare access through virtual care solutions.

Key market segments

By Type

• Video Consultation
• Audio Consultation
• KIOSKS

By Application

• Family Medicine
• Internal Medicine
• Cardiology

By End-User

• Hospital
• Insurance Company
• Medical Center
• Pharmacies
• Physician Group

Latest Trends

Telehealth Beyond Video Consultation

While video consultations have been a cornerstone of virtual care, the healthcare industry is now witnessing the integration of some additional modalities. This includes asynchronous interaction through safe and secure messaging or emails, as well as remote monitoring of wearable equipment and sensors. These advancements permit for more comprehensive and steady care delivery. Remote monitoring of vital signs provides real-time information for healthcare providers, enabling them to make scheduled interventions and adjustments to treatment plans. This trend signifies a shift towards a more diversified and integrated virtual care experience.

Virtual Primary Care and Care Navigation Platform

Virtual primary care provides a comprehensive suite of services, including preventive care, chronic disease management, and consultation for different health issues. Virtual care solutions are a major market trend, as they offer a practical way to address the healthcare access challenges faced by patients, particularly those requiring chronic care management. These platforms provide a centralized hub for patients and individuals to access a wide range of healthcare services.

Care navigation platforms guide patients through their healthcare journey, helping them find the appropriate experts, schedule and fix appointments, and coordinate care. This trend presents a substantial step towards making virtual care a central component of the healthcare sector, providing patients with a hassle-free and coordinated experience across their whole healthcare journey.

Regional Analysis

North America is expected to lead the virtual care market owing to several reasons, such as increasing adoption of virtual care models, expanding the geographical reach of market players, a surge in virtual healthcare startups, and growing services introduced by major key players operating in this region.

Country wise, United States currently leads in the virtual care sector, thanks to its early adoption and rapid integration of virtual care services, while the United Kingdom is also emerging as a significant player in this market.

In developed nations, growth rate of the virtual care market is impressive, with an increasing number of patients and healthcare providers recognizing the benefits of virtual visits over traditional times in offices, especially for non-emergency and urgent care needs.

The expanding market for virtual care in North America is the mirror of the rapid demand for more convenient and easily accessible healthcare services. As technology continues to progress, it is more likely that the virtual care market will advance and bring advantages to both patients and healthcare providers.

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• UK
• Spain
• Italy
• Russia
• Netherland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• South Africa
• Saudi Arabia
• UAE
• The rest of MEA

Key Player Analysis

Major market share is concentrated among a few key players who have pioneered virtual care technology and services, and they continue to expand their offerings to maintain their dominant position. Initial funding in new technologies, acquisitions, collaborations, and expanding services to various expertise are some of the tactics adopted by market players to expand in the market.

Some of the major players are making combined efforts by partnering with other companies to stay ahead of the competition. Many companies are also funding the latest and most innovative products to expand their product specializations.

Major companies in the virtual care industry are continually innovating to meet the growing demand for virtual visits, which have become a convenient and effective way to receive medical care, especially in the United States and the United Kingdom.

Key Players in the Virtual Care Market

• Teladoc Health, Inc.
• American Well Corporation
• MDLIVE
• Doctor on Demand, Inc.
• Virtuwell
• CVS health
• MeMD
• HealthTap, Inc.
• iCliniq
• Sesame, Inc.
• AMD Global Telemedicine
• ATandT
• CHI Health
• General Electric Company
• Koninklijke Philips N.V.
• Cerner Corporation
• United HealthCare Services, Inc.
• Siemens Healthcare GmbH

Recent Developments

• Caregility, a top enterprise telehealth company that helps patients and doctors connect easily around the world, released a bunch of new features and integrations in October 2023 that were meant to make clinical workflows easier in their virtual care ecosystem. This announcement marks a significant milestone as the company introduces the much-anticipated Cares 2.0 software series.
• In October 2023, Newfoundland and Labrador (N.L.) is on the verge of unveiling a new virtual-care initiative tailored for residents lacking a family doctor. This innovative system will grant physician access to individuals without a primary-care provider, along with offering round-the-clock emergency coverage for rural areas and remote emergency departments.
• In October 2023, the NHS is set to expand its virtual wards program, allowing for the treatment of heart failure patients in the comfort of their own homes.
• On October 23, GNC Health, a branch of the renowned nutrition and wellness company, will launch three membership tiers for individuals and families. The Basic plan, at $34.99 per year, offers access to virtual urgent and lifestyle care, along with over 100 prescriptions with no co-pay.
• Leidos (NYSE: LDOS) secures a $180 million task order over 22 months to enhance the Defense Health Agency's military virtual health platform. Teaming up with Amwell (NYSE: AMWL), they will implement a replacement for the Military Health System Video Connect tool under the federal Digital First initiative starting in October 2023.

Report Scope