What are the Historical Developments and Current Growth Metrics of the Virtual Health Service Market?
The virtual health service market has seen considerable growth due to a variety of factors.
• In the past few years, the size of the virtual health service market has seen rapid growth. It is expected that it will expand, growing from $13.58 billion in 2024 to $17.74 billion in 2025, sustaining a compound annual growth rate (CAGR) of 30.7%.
This exceptional growth during the historic period is due to factors such as the rising adoption of smartphones and tablets, increasing demand for easy healthcare solutions, the prevalence of chronic diseases, an amplified focus on patient engagement, and growing needs for remote patient monitoring.
What Is The Projected Growth Of The Virtual Health Service Template Market?
The virtual health service market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of virtual health services is anticipated to witness significant expansion in the upcoming years, skyrocketing to $51.28 billion by 2029 with a compound annual growth rate of 30.4%.
Factors contributing to this surge in the forecast period range from the augmented use of telehealth services and heightened demand for remote patient monitoring to the expansion of online health platforms, increased emphasis on patient-centric healthcare, and a growing requirement for mental health services. Key trends that will define the forecast period are the amalgamation of telehealth platforms, crafting of individualized virtual health solutions, increased use of virtual reality for therapeutic purposes, the incorporation of wearable technology, and the fusion of digital therapeutic systems.
What Are The Key Drivers Fueling Growth In The Virtual Health Service Market?
The virtual health service market is anticipated to grow due to the rising acceptance of telemedicine. Telemedicine involves delivering healthcare services and professional medical consultations through electronic communication tools, making it possible for patients to receive medical care at home. This spike in telemedicine usage is driven by technological advancements, a rising preference for convenience among patients, and measures taken to improve the accessibility of healthcare. Virtual health services lend support to telemedicine by providing the necessary digital structure and tools for remote consultations, enabling healthcare providers to diagnose, treat, and keep track of patients without the requirement for in-person appointments. For example, as of June 2023, the Ministry of Justice in the UK reported that 8,028 individuals were fitted with a location monitoring device (GPS), marking a 67% increase from the 4,799 individuals in June 2022. Consequently, the growing acceptance of telemedicine is propelling the virtual health service market forward.
What Are The Principal Market Segments In The Global Virtual Health Service Industry?
The virtual health service market covered in this report is segmented –
1) By Component: Software And Services, Hardware
2) By Consultation Mode: Video, Audio, Messaging, Kiosks
3) By Specialty And Use Case: General Medicine, Mental Health, Dermatology, Chronic Condition Management, Remote Surgery Assistance, Nutrition And Fitness, Women's Health, Pediatrics
4) By Mode Of Delivery: Web Based, App Based, Phone Based
5) By End User: Patients, Healthcare Providers, Payers, Employers, Other End Users
Subsegments:
1) By Software and Services: Telemedicine Software, Health Monitoring Software, Electronic Health Records (EHR) Systems, Mobile Health Applications, Remote Patient Monitoring Services, Consultation Services, Analytics and Reporting Services
2) By Hardware: Telehealth Kits, Medical Devices for Remote Monitoring, Computers and Tablets, Wearable Health Devices, Video Conferencing Equipment
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What Trends Are Shaping The Virtual Health Service Market?
Key players in the virtual health service market are advancing integrated virtual care to improve patient care, streamline healthcare delivery, and increase access to healthcare services. Integrated virtual care encapsulates a broad digital health system that merges diverse virtual services like telemedicine, remote monitoring, and digital health records, refining healthcare delivery, enhancing patient access, and managing care across multiple platforms. For example, in October 2022, PointClickCare Technologies, a healthcare technology firm based in Canada, unveiled its Virtual Health product, a telemedicine solution crafted to augment collaboration and up-to-the-minute insights for skilled nursing facilities (SNFs) across the nation. This technology effortlessly merges into existing workflows, boosting patient care and staff contentment and shrinking expenses by maintaining occupancy rates and curtailing readmissions. The introduction of this technology signifies a notable progression in the virtual health service market, responding to the escalating demand for effective telehealth solutions and spurring innovations in post-acute care.
Who Are the Key Players In The Virtual Health Service Market?
Major companies operating in the virtual health service market are:
• CVS Health Corporation
• McKesson Corporation
• Cardinal Health Inc.
• Cigna Group
• Elevance Health Inc.
• Centene Corporation
• Dell Technologies Inc.
• Cisco Systems Inc.
• Qualcomm Incorporated
• Epic Systems Corporation
• Teladoc Health Inc.
• Babylon Health Limited
• Allscripts Healthcare Solutions Inc.
• WELL Health Technologies Corp.
• American Well Corporation
• MDLive Inc.
• Doctor On Demand Inc.
• HealthTap Inc.
• TytoCare Ltd.
• 98point6 Inc.
• Medici Inc.
• VSee Lab Inc.
• Doxy.me LLC
• eVisit Inc.
• MDTech Inc.
• Lemonaid Health Inc.
What Are The Regional Insights Into The Virtual Health Service Market?
North America was the largest region in the virtual health service market in 2024. The regions covered in the virtual health service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
