Virtual Healthcare Delivery Market - Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2027)
As per the research report, 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.
One of the main contributors to the development of the virtual healthcare delivery market is the increasing internet penetration combined with the rising acceptance of smartphones around the world. According to the World Bank, about 41% of the global population used the internet in 2015, increasing to 48.99% in 2017. In addition, the total number of internet users in 2019 was 4.39 billion. The virtual healthcare delivery industry is growing due to advantages such as no cost of in-person visits, proximity of residents in remote areas to a good healthcare service provider, increased patient engagement, improved patient care quality, and so on. Furthermore, the growing global ageing population, along with the need for protective and precautionary steps, is propelling the industry forward.
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IT investments in the healthcare industry, as well as technological advancements that allow health care providers to communicate with patients and consulting physicians over long distances, saving time and money for patients, are driving business growth. As per a survey by Cisco, globally more than 74 percent of Consumers are open to virtual doctor visits. Furthermore, players in the end-users are gaining ground on the implementation of virtual healthcare delivery due to the offering of services such as video consultation, audio consultation, and other services tailored to the patients' needs and comfort.
In addition, the COVID-19 pandemic boosted the virtual healthcare distribution market significantly. The number of patients seeking a virtual appointment increased significantly in the industry. Furthermore, governments in countries such as the United States, Canada, India, and others have reported and opened a number of interactive consultation portals. According to Practo, a health-tech website, the organisation saw a 500 percent increase in online consultations from March to May 2020.
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Insights Presented in the Report
“Amongst Platform Type, Video Consulting segment holds the major share”
The market is segmented into Video consultation, Audio consultation, Messaging, and KIOSKS based on device type. Due to the busy lifestyle and time-saving aspect of video conferencing, the video consulting type dominated the market with a share of 52 percent in 2019 and is expected to continue its dominance during the forecast period. However, due to new KIOSKS technologies developed by key industry players, the market for KIOSKS is expected to expand steadily over the forecast period.
“Amongst Components Type, Services is expected to dominate the market during the analyzed period”
The industry is divided into software and services based on market segmentation of components. In 2019, the services sector accounted for more than half of the industry. Owing to the introduction of emerging technology that necessitate specialised and regulated services, the industry is experiencing a surge. The need for solutions, on the other hand, is projected to come from developed countries.
“Amongst Delivery Mode Type, Web/ Telephonic segment is expected to dominate the market during the analyzed period”
The market is segmented into Web/ Telephonic segments based on delivery mode level. In 2019, the web/telephonic segment, which is an ancient and advanced technology, captured the majority of market share. Furthermore, increasing internet penetration and the availability of low-cost mobile data are all contributing factors to industry expansion.
“Amongst Specialty Type, Cardiology segment grabbed the major market share”
The industry is segmented into Cardiology, Radiology, Psychiatry, Urgent Care, Remote ICU, Dermatology, and others based on specialty type. Thanks to the rising proliferation of CVDs across the world as a result of unhealthy lifestyles and improvements in eating patterns, the Cardiology division grabbed the leading market share and contributed around 19.38 percent in 2019. The Neurology section, on the other hand, is expected to develop at a significant CAGR in the coming years.
“North America represents one of the largest markets of Virtual Healthcare Delivery market”
A thorough study of virtual healthcare delivery market was performed for various regions around the world, including North America (the United States, Canada, and Mexico), Europe (Germany, France, Italy, United Kingdom, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), the Middle East and Africa (UAE, Saudi Arabia, South Africa, and the Rest of MEA), and South America (Brazil, Argentina). Due to the availability of well-established healthcare facilities, North America led the industry and delivered revenue of US$ 9.4 billion in 2019. Furthermore, the area is dominant due to rising healthcare IT spending, the participation of well-established players, and the new technology upgraded goods and services.
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