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| Global Virtual Health Service Market |
The global Virtual Health Service Market is estimated to be valued at US$ 11.11 Bn in 2023 and is expected to
exhibit a CAGR of 32. % over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Virtual health services refer to healthcare services provided through digital
platforms including telehealth, telemedicine and mHealth tools. These services
allow patients to connect with doctors and other healthcare providers remotely
via audio, video or data communications. Key advantages of virtual health
services include improved accessibility of care, reduced costs, and convenience
for both patients and providers. With the growing prevalence of chronic
diseases and shortage of physicians globally, virtual health services are
helping to address issues related to accessibility and affordability of
healthcare.
Market key trends:
One of the major trends in the virtual health service market is the increasing
adoption of telehealth and telemedicine. According to estimates, the
telemedicine market is expected to grow over 29% year on year until 2025. The
COVID-19 pandemic has further accelerated the usage of digital health solutions
as patients deferred non-essential medical visits to curb the spread of
infection. Several countries have also eased regulations temporarily to expand
coverage for telehealth services. Moreover, integration of technologies such as
AI, VR and blockchain with telemedicine is enhancing its capabilities. As
virtual care becomes more sophisticated, its acceptance rate among consumers
and healthcare providers is also rising steadily.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the virtual
health service market due to high costs associated with building strong brands
and acquiring certified medical professionals.
Bargaining power of buyers: The bargaining power of buyers is high due to
availability of variety of virtual health service providers. Buyers can easily
switch between providers based on service quality and pricing.
Bargaining power of suppliers: The bargaining power of suppliers is low due to
availability of several option providers of health technology platforms and
medical professionals.
Threat of new substitutes: The threat of new substitutes is low as face-to-face
consultation by medical professionals remains the preferred option for critical
illnesses.
Competitive rivalry: Strong competition exists among existing players to gain
higher market share.
Key Takeaways
The Global
Virtual Health Service Market is expected to witness high growth,
exhibiting a CAGR of 32.% over the forecast period, due to increasing demand
for convenient healthcare services. The market size for virtual health service
in 2023 is estimated to be US$ 11.11 Bn.
Regional analysis: North America dominated the global virtual health service
market in 2022 and is expected to continue its dominance over the forecast
period. This is attributed to growing geriatric population, increasing adoption
of digital health solutions, and favorable regulatory environment for virtual
care in the region. Asia Pacific is expected to exhibit the fastest growth in
the coming years driven by rising healthcare expenditure, improving internet
penetration, and growing awareness regarding telehealth services.
Key players: Key players operating in the virtual health service market are
Teladoc Health, Amwell, Doctor on Demand, MDLive, 98point6, Babylon Health,
eVisit, HealthTap, American Well (now known as Amwell), Livongo (acquired by
Teladoc Health). Teladoc Health dominates the market with their suite of
virtual care solutions to connect patients with healthcare professionals
anytime, anywhere.
Read More: https://www.rapidwebwire.com/virtual-health-service-market-scope/