Virtual Healthcare Delivery Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2027
Global Virtual Healthcare Delivery Market is expected to reach the market valuation of US$ 122 billion by 2027 expanding at a reasonable CAGR of 24.6% during the forecast period (2021-2027) from US$ 32.6 billion in 2021. Hectic and tiring lifestyle coupled with the surging prevalence of chronic disease across the globe is contributing to the growing demand for virtual healthcare delivery market. Moreover, the COVID-19 pandemic gave a robust boom to the industry as the World Health Organization (WHO) recommended using virtual healthcare delivery for the purpose to reduce the need for the person to go to health care facilities to evaluate suspected cases of COVID-19 disease.
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The various factors driving the market of virtual Healthcare Delivery is the surging demand for on-demand non-emergency medical treatments to patients globally. Moreover, the key benefits such as the chance to find more readily qualified second opinion online and saves time and travel expenses are contributing to the growing market of virtual healthcare delivery systems.
Furthermore, a rise in internet penetration coupled with the adoption of smartphones is supporting the growth of the market. The U.S Health Department announced video chat apps such as Apple's FaceTime and Zoom for consultations owing to the rise in COVID-19 patients. In a study, it was found that around 44.87% of people across the globe have smartphones. There were around 4.7 bn mobile phone users globally and out of that around 3.2 bn were smartphone users. Moreover, it is expected that by the end of 2020, mobile phone users would reach 4.8 bn, and out of that 3.5 bn would be smartphone users.
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The benefits of virtual healthcare delivery such as online consultations and meetings, status reports, and check-ins, are some of the catalysts to the growing market. Also, the escalating aging population and the preference for virtual consultation for routine health checkups are contributing to the growing market. As per a report by the United Nations, there were around 703 million people globally who were above 65 years. Further, it is expected that by 2050 the number would reach around 1.5 billion.
Based on the Platform Type, the market is bifurcated into Video consultation, Audio consultation, Messaging, and KIOSK. Video consultation grabbed the major market share and accounted for around 52% in 2019. The same segment is anticipated to maintain its dominance during the forthcoming years too. The benefits such as remote monitoring of patients after discharge, consultation with a doctor of choice with no traveling, etc. are some of the supporting factors for the great adoption of the video consultation. However, the KIOSKS segment is anticipated to exhibit robust growth in the forecast period of 2021-27.
Based on the Components Type, the market is bifurcated into solutions and Services. The services segment grabbed the lion’s share and accounted for 58.33% in 2019 and is anticipated to maintain its dominance during the analyzed period as well. The availability of healthcare IT service providers and the launch of new services on regular basis across the globe are gaining end-users traction. Therefore, the market of services segment is witnessing an uptick. However, the software segment is forecast to grow at a steady pace owing to the adoption of these solutions in the developing nations as well.
Based on the Delivery Mode, the segment is bifurcated into Web/ Telephonic and Call Centers. The Web/ Telephonic segment captured the major market share in 2019 and contributed around 73% owing to the surging internet penetration and mobile phones. It was found that around 60% of the global population uses the internet. However, the call center segment is expected to witness double-digit growth in the forecast period. It was revealed that Call centers can generate an ROI of 3:1, driving revenue, and patient loyalty.
Based on Specialty, the market is bifurcated into Cardiology, Radiology, Psychiatry, Urgent Care, Remote ICU, Dermatology, and Others. The cardiology segment grabbed the major market share owing to the rising prevalence of cardiovascular disease. As per WHO, Cardiovascular disease is the number 1 cause of death globally. Around 31% of all the deaths across the globe happen due to CVDs. However, the dermatology segment is expected to grow at a considerable CAGR owing to the increasing number of patients related to skin problems.
Based on the End-Users, the market is bifurcated into payers, providers, patients, and others. Provider segment grabbed the major market share and accounted for 51.44% In 2019. The Providers represent the medical community that includes hospitals, care facilities, and physicians. A surge in the healthcare facilities leading to a great adoption of virtual healthcare delivery.
Additionally, the report provides detailed initiatives that are being taken in the field of healthcare. The market is classified into distinct regions including North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India), and the Rest of the World. North America generated maximum revenue of US$ 9.4 billion in 2019 owing to the presence of numerous local and foreign players in the countries such as the U.S and Canada. Moreover, well-established healthcare infrastructure across the region is also a growth catalyst to the industry. However, the APAC is an emerging leader in the healthcare service provider is expected to witness the CAGR growth of 26.66% during the forecast period 2021-2027.
Allscripts Healthcare Solution, American Well, Biotelemetry, Blue Sky Telehealth, Cisco Systems, Honeywell International, McKesson Corporation, OBS Medical, SOC Telemed, MDLIVE, Inc., and AMD Global Telemedicine are some of the prominent players operating in the global Virtual Healthcare Delivery market. The companies are more focused on strategic alliances and new product development to gain a competitive edge in the industry.
The Virtual Healthcare Delivery Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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