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Growing demand for virtual healthcare solutions to drive growth in the global Virtual Health Service Market

Gauri Cmi
Growing demand for virtual healthcare solutions to drive growth in the global Virtual Health Service Market

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 refer to healthcare services provided through digital platforms including telehealth, telemedicine and mHealth tools. These services allow patients to connect with doctors and other healthcare providers remotely via audio, video or data communications. Key advantages of virtual health services include improved accessibility of care, reduced costs, and convenience for both patients and providers. With the growing prevalence of chronic diseases and shortage of physicians globally, virtual health services are helping to address issues related to accessibility and affordability of healthcare.

Market key trends:

One of the major trends in the virtual health service market is the increasing adoption of telehealth and telemedicine. According to estimates, the telemedicine market is expected to grow over 29% year on year until 2025. The COVID-19 pandemic has further accelerated the usage of digital health solutions as patients deferred non-essential medical visits to curb the spread of infection. Several countries have also eased regulations temporarily to expand coverage for telehealth services. Moreover, integration of technologies such as AI, VR and blockchain with telemedicine is enhancing its capabilities. As virtual care becomes more sophisticated, its acceptance rate among consumers and healthcare providers is also rising steadily.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate in the virtual health service market due to high costs associated with building strong brands and acquiring certified medical professionals.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of variety of virtual health service providers. Buyers can easily switch between providers based on service quality and pricing.

Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of several option providers of health technology platforms and medical professionals.

Threat of new substitutes: The threat of new substitutes is low as face-to-face consultation by medical professionals remains the preferred option for critical illnesses.

Competitive rivalry: Strong competition exists among existing players to gain higher market share.

Key Takeaways

The Global Virtual Health Service Market is expected to witness high growth, exhibiting a CAGR of 32.% over the forecast period, due to increasing demand for convenient healthcare services. The market size for virtual health service in 2023 is estimated to be US$ 11.11 Bn.

Regional analysis: North America dominated the global virtual health service market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to growing geriatric population, increasing adoption of digital health solutions, and favorable regulatory environment for virtual care in the region. Asia Pacific is expected to exhibit the fastest growth in the coming years driven by rising healthcare expenditure, improving internet penetration, and growing awareness regarding telehealth services.

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), Livongo (acquired by Teladoc Health). Teladoc Health dominates the market with their suite of virtual care solutions to connect patients with healthcare professionals anytime, anywhere.


Read More: https://www.rapidwebwire.com/virtual-health-service-market-scope/

Gauri Cmi
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