Global Virtual Healthcare Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The Global Virtual Healthcare Market is estimated to be USD 4.3 Bn in 2023 and is expected to reach USD 9 Bn by 2028 growing at a CAGR of 15.92%.

Market Dynamics

The major factors driving the market are rising healthcare costs, remote patient monitoring, the growing prevalence of chronic diseases, and rising initiatives to decrease the gap of the unmet requirement of doctors per patient. The implementation of AI in healthcare and the rising trend of digitalization has increased virtual healthcare utilization globally. Furthermore, increasing efficiency and decreasing the cost of outpatient healthcare by implementing virtual healthcare compared to traditional methods have driven the market growth. In addition, the COVID pandemic, which restricted travel and in-person visits to healthcare facilities, has increased awareness among the patients. The increasing technological advancements and rising healthcare awareness in remote areas are anticipated to create new opportunities in the market growth.

However, regulatory & reimbursement issues and lack of technology in rural areas are expected to hinder the market growth.

Market Segmentation

• The Global Virtual Healthcare Market is segmented further based on Component, Mode of Delivery, Application, and Geography.
• By Component, the market is classified into hardware, software, and services. Amongst all, the hardware segment is estimated to hold the highest market share during the forecast period.
• By Delivery Mode, the market is classified as video, audio, and KIOSKS. Amongst all, the video segment is estimated to hold the highest market share during the forecast period.
• By Application, the market is classified as everyday care, urgent care, mental health, others. Amongst all, the everyday care segment is estimated to hold the highest market share during the forecast period.
• By Geography, North America is projected to lead the market.

Recent Developments

1. Kaiser Permanente launched a virtual care plan to allow more convenient, affordable ways to get medical treatment. - 1st January 2021.
2. Amazon Care to launch across the U.S. this summer, offering millions of individuals and families immediate access to high-quality medical care and advice-24 hours a day, 365 days a year. It provides virtual care, which connects patients to medical professionals via the Amazon Care app - 17th March 2021.

Company Profiles

Some of the companies covered in this report Cisco Systems, Eagle Telemedicine, Honeywell International Inc., McKesson Corporation, OBS Medical, SOC Telemed, Specialist Telemed, etc.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Virtual Healthcare Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market