Virtual Healthcare Delivery Market Assessment Covering Growth Factors and Upcoming Trends

Research report presented by UnivDatos, Emphasis on Platform Type (Video Consultation, Audio Consultation, Messaging, Kiosks), Components (Solutions, Services), Delivery Mode (Web/Telephonic, Call Centers), Specialty (Cardiology, Radiology, Psychiatry, Urgent Care, Remote ICU, Dermatology, Others), End-users (Payers, Providers, Patients, Others) and Geographical analysis (key regions and countries).

As per the research report, the global Virtual Healthcare Delivery Market was valued at US$ 21 billion in 2019 and is projected to expand significantly with a CAGR of 24.6% from 2021 to 2027. Surging internet penetration coupled with the rising adoption of smartphones across the globe is one the key contributing factor for the growth in the virtual healthcare delivery market. As per the world bank in 2015 around 41% of the global population was internet users which increased to 48.99% in 2017. Further, internet users based reached 4.39 billion in 2019. The virtual healthcare delivery market is witnessing an uptick on account of the benefits such as no cost of -person visits, accessibility of the rural areas’ resident to the good healthcare service provider, Increased Patient Engagement, Better Patient Care Quality, etc. Moreover, the rising global aging population coupled with the need for preventive and precautionary measures is acting as a growth catalyst to the industry.

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The IT investments healthcare sector and advancement of technologies that helps in facilitating health care providers to connect with patients and consulting practitioners across extensive distances and the saves time and travel of the patient is a leading factor for the market rise. As per a study by Cisco, globally more than 74% of Consumers are open to virtual doctor visits. Furthermore, due to the offering of services such as video consultation, audio consultation, etc., as per the patients’ requirement and comfort by the players in the end-users are gaining traction on the adoption of virtual healthcare delivery.

Also, the COVID-19 pandemic gave a robust boom to the virtual healthcare delivery market. The market registered an exhibit growth in the number of patients for a virtual consultation. Moreover, governments across the countries such as the U.S, Canada, India, etc. announced and launched several portals for a virtual consultation. As per a health-tech platform Practo, the company registered 500% growth in the online consultation from March to May in 2020.

The global Virtual Healthcare Delivery market is highly fragmented. The presence of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are 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 among others. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Platform Type, Video Consulting segment holds the major share”

Based on platform type, the market is fragmented into Video consultation, Audio consultation, Messaging, and KIOSKS. Video consultation type dominated the market with a share of 52% in 2019 and is expected to maintain its dominance during the forecast period owing to the busy lifestyle and time-saving factor of video conferencing. However, the KIOSKS would witness steady growth in the forecast period on account of the new solutions by the key players in the industry for KIOSKS.

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“Amongst Components Type, Services is expected to dominate the market during the analyzed period”

Based on the market segment by components, the market is segmented into software and services. In 2019, the services segment captured more than 50% of the market share. The market is witnessing an uptick due to the adoption of new technologies that require professional and managed services. However, the demand for solutions is expected to emerge from developing countries.

“Amongst Delivery Mode Type, Web/ Telephonic segment is expected to dominate the market during the analyzed period”

Based on Delivery mode type, the market is fragmented into Web/ Telephonic segments. Web/Telephonic segment being an old and mature technology grabbed the major market share in 2019. Moreover, escalating internet penetration and offering of mobile data at an affordable price is also a contributing factor for market growth.

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“Amongst Specialty Type, Cardiology segment grabbed the major market share”

Based on specialty type, the market is fragmented into Cardiology, Radiology, Psychiatry, Urgent Care, Remote ICU, Dermatology, and others. The Cardiology segment captured the leading market share and contributed around 19.38% in 2019 owing to the surging prevalence of CVDs across the globe due to unhealthy lifestyles and changes in dietary habits. However, the Neurology segment is forecasted to grow at a considerable CAGR in the forthcoming years.

“North America represents one of the largest markets of Virtual Healthcare Delivery market”

For a better understanding of the market dynamics of the virtual healthcare delivery market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, Mexico), Europe (Germany, France, Italy, United Kingdom, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Middle East and Africa (UAE, Saudi Arabia, South Africa and Rest of MEA), South America (Brazil, Argentina) has been conducted. North America dominated the market and generated revenue of US$ 9.4 billion in 2019 owing to the presence of well establishes healthcare infrastructure, Moreover, the surging healthcare IT investment in the region coupled with the presence of well-established players and the latest technology upgraded products and services make the region dominant.

Customization Options:

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.