Global Virtual Healthcare Delivery Market: Current Analysis and Forecast (2020-2027)
Virtual healthcare can be defined as the "virtual visits" that take place between patients and clinicians through communications technology such as video and audio connectivity which allows "virtual" meetings to occur in real-time, from virtually any location. There are numerous ways in which virtual visits can be done. It can be done with a patient that interacts with an offsite medical specialist via a high-definition conference hookup at his or her local clinic. It can be a videoconference between a doctor and a patient at home. Moreover, virtual healthcare gives patients the chance to find more readily qualified second opinions online. Moreover, virtual healthcare is being used for meetings and consultations, check-ins, and status reports, rather than for in-depth diagnosis or treatments. However, with the evolution in technologies, virtual healthcare delivery is expected to gaining traction among end-users in the forthcoming years as well.
With the evolution of virtual healthcare technology, it was assumed as the game-changer in the healthcare industry, but slow adoption was witnessed then was anticipated among end-users such as payers, providers, etc. and, virtual health has been proclaimed as the next disrupter in the delivery of care. However, the adoption has witnessed a significant uptick. Moreover, the COVID-19 pandemic is pushing against structural barriers that had previously slowed health system investment in integrated virtual health applications.
Based on the component, virtual healthcare delivery is bifurcated into Solutions and Services. The solution segment generated revenue of US$ 7.70 billion in 2019. The market for the solution segment is expected to grow at a CAGR of 23.59% during the forecast period to reach a market valuation of US$ 47.67 billion by 2027. However, Services Market is expected to witness the highest CAGR growth during the forecast period 2021-2027.
Based on platform type, the virtual healthcare delivery market is fragmented into video consultation, audio consultation, KIOSKS, and messaging. The video consultation segment generated revenue of US$ 10.92 billion in 2019. The market is expected to grow at a CAGR of 28.06% during the forecast period to reach a market valuation of US$ 80.52 billion by 2027. However, KIOSKS is expected to witness substantial CAGR growth during the forecast period 2021-2027.
For a better understanding of the market penetration of virtual healthcare delivery, the market is analysed based on its worldwide presence in the countries such as North America (US, Canada, Mexico, Mexico), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), the Middle East and Africa (UAE, Saudi Arabia, South Africa, AND Others), and South America (Brazil, Argentina). North America constitutes a major market for virtual healthcare delivery.
Some of the major players operating in the market include American Well, Allscripts Healthcare Solutions, Biotelemetry, Blue Sky Health, CISCO Systems, Honeywell International, McKesson Corporation, OBS Medical, SOC Telemed, and MDLive.
The global virtual healthcare delivery market was valued at US$ 21 billion in 2019 and is projected to expand significantly with a CAGR of 24.60% from 2021 to 2027. The global virtual healthcare delivery market is expected to witness a boost, owing to the adoption and advancement in technologies in the healthcare sector due to the surging number of patients across the globe coupled with the benefits such as prevention from infections, time savings, reduced cost, etc.