Virtual Care Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Virtual Care Market is segmented By Component (Services, Solutions) By Mode of Delivery (Audio, Video, Messaging) By End User (Homecare, Hospital, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Market Overview

Global Virtual Care Market reached US$ YY billion in 2022 and is expected to reach US$ YY million by 2031 growing at a CAGR of YY% during the forecast period 2024-2031.

Virtual care refers to the use of technology to deliver healthcare services remotely. It encompasses a broad range of healthcare services, including medical consultations, monitoring, education and administration of care. Virtual care can range from a telephone or video consultation with the healthcare provider by sharing the tests and scans with experts for advice.

It can also involve using special devices to monitor and manage the health outside of a clinic or hospital. Virtual care includes online platforms and mobile apps that provide a range of healthcare services, including appointment scheduling, prescription refills, access to medical records and teleconsultations.

Market Scope

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Market Dynamics

Increasing launches of virtual care platforms and services

The increasing launches of virtual care platforms and services act as a significant driver for market growth. Virtual care platforms and services consist of a broad range of technologies and solutions designed to facilitate remote healthcare delivery, consultations, monitoring and patient engagement.

For instance, in November 2023, OASIS Virtual Care launched its innovative virtual nursing service called VirtualAlly Model of Care. It is the first- service which is designed to redefine care within the in-patient setting.

Additionally, in September 2023, Wheel launched the next generation of its virtual care platform to help enterprise organizations build seamless care experiences. Wheel's platform incorporates configurable virtual care programs, a seamless consumer experience, and a nationwide clinician network.

Also, in October 2023, Cedars-Sinai, a K Health launched an AI-driven virtual care app for new and existing patients in California. Furthermore, significant growth drivers such as the rising adoption of virtual care, and investments by the key players are expected to drive the market in the forecast period.

High risks associated with privacy and security

Unauthorized access to patient health data during virtual care sessions or through connected devices can lead to data breaches. Also, the use of insecure communication channels, such as unencrypted emails or messaging services can expose sensitive patient information. Thus, the above mentioned factors can hamper the market growth.

Segment Analysis

The global virtual care market is segmented based on component, mode of delivery, end user and region.

The services segment accounted for approximately 65.6% of the market share 

The services  segment is expected to hold the largest market share over the period forecast due to the increasing number of adoptions for virtual care services, and new service launches. Virtual care services use a variety of technologies to let patients and healthcare professionals communicate, enabling consultations, follow-up, and education.

For instance, in December 2023, NuvoAir in partnership with ALS Association launched the virtual pulmonary care service. This virtual-first specialty care provider helps patients to manage complex heart and lung conditions.

Additionally, in October 2023, SA Health launched its new virtual care service for women needing urgent attention for their gynecological concerns. The service is available to those less than 20 weeks into their pregnancy and who are experiencing signs of pregnancy loss. Hence, due to the above factors, the segment is expected to hold the largest market share.

Geographical Analysis

North America is expected to hold a significant position in the global virtual care market share

The global virtual care market is segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa. 

North America has maintained a significant market proportion due to factors such as the rising launches of virtual care services, and increasing healthcare expenditure in virtual care management, this trend is anticipated to continue throughout the forecast period.

For instance, in May 2023, Always Best Care Senior Services launched a 24/7 AI Virtual Care Agent by Sensi.Ai to be available to its franchisees nationwide. This audio-based AI technology developed specifically for in-home non-medical care environments that analyzes physical, cognitive, and emotional events.

Additionally, in July 2023, Digital Health Inc., in partnership with portfolio company Hydreight Technologies Inc. launched a new website booking system and marketplace, supported by a dispatch call center called “MobileMedIV.com.” It provides customers a streamlined approach to inquiring about services offered, receiving consultations, and booking appointments for IV therapy and other services.

COVID-19 Impact Analysis 

COVID-19 has made people practice digital health services amidst the outburst, and it came to light that there is an urgency for virtual care interventions. For instance, a COVID-19 forecasting model was developed by the Harward Global Health Institute that provided an early warning system for COVID-19 cases, hospitalizations, ICU admissions, ventilator utilization, and deaths, enabling healthcare officials to be proactive in suppressing the pandemic.

Competitive Landscape

The major global players in the market include Teladoc Health Inc., Oracle Corporation, Sword Health Inc., PlushCare , Transcarent, MDLIVE, Medocity Inc., Oracle Corporation, CVS Health, and VeeOne Health among others.

Key Developments

• In March 2023, Royal Philips introduced Philips Virtual Care Management, a comprehensive portfolio of flexible solutions and services to help health systems, providers, payers, and employer groups.
• In August 2023, Amazon launched its virtual health clinic across all 50 states that provide 24/7 care for about 30 common health conditions such as pinkeye, COVID, or a sinus infection.

Why Purchase the Report?

• To visualize the global virtual care market segmentation based on component, mode of delivery, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of global virtual care market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global virtual care market report would provide approximately 58 tables, 58 figures, and 185 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies