Virtual Healthcare Market | Smartphone Penetration, Growing Healthcare Expenses, and Adopting Integrated Business Models Have All Driven Virtual Healthcare Businesses

According to Precision Business Insights (PBI), the latest report the global virtual healthcare market is expected to be worth USD 21,243.9 million in 2022 and projected to grow at a 26.4% CAGR over 2022 to 2028.The Growth of the Virtual Healthcare Market is mainly driven by factors such as the growing geriatric and medically underserved (especially rural) populations, the benefits of Virtual Healthcare given the current shortage of physicians and care personnel, advancements in Virtual Healthcare, and increasing technology adoption in the wake of COVID-19. However, regulatory disparities in different regions, the possibility of fraud, and increasing usage of social media for care provision may restrain the market growth to a certain extent over the coming years.

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The Service Segment is Dominating the Virtual Healthcare Market:
Based on the component, the global virtual healthcare market is segmented by Product, Services in which the services segment is anticipated to grow at a significant CAGR over the forecast years owing to the fact that consumers increasingly choose virtual visits to consult physicians about cold and flu symptoms. Most patients in this category used virtual consultation services to prevent illness from spreading and developing additional symptoms from hospital visits. The type has grown due to an increase in the frequency of influenza during the pandemic. The number of influenza cases increased dramatically in 2020, fueling the expansion of this category.

North America Leads Virtual Healthcare Market:
North America is expected to hold a significant market share in the global Virtual Healthcare market and is projected to grow at a prominent growth rate over the forecast years owing to the existence of large firms like Teladoc, MDLive, and others, as well as strong government backing and expanding teleconsultations, are propelling this region's business. According to the Amwell Physician Survey, doctors' readiness to adopt telehealth climbed from 57% in 2015 to 69% in 2019. Furthermore, between 2015 and 2019, physician telehealth use surged by 340%. This will very certainly improve the market in North America.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Global Virtual Healthcare market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, April 2019 - InTouch Health has launched the Solo, an end-to-end fully integrated virtual care platform, which is suitable for any user type in any healthcare setting. January 2019 - UnitedHealth Group announced the acquisition of Vivify Health, Inc., a remote patient monitoring company.

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By Component
o Product
o Services
By Platform
o Audio
o Kiosks
o Messaging
o Video

By Application
o Hospital
o Insurance Company
o Medical Center
o Pharmacies
o Physician Group

By Geography
o North America
o Europe
o Asia-Pacific
o Latin America
o Middle East and Africa (MEA)

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Key players' profiles in the virtual healthcare market report are • MDlive, Inc. (Evernorth), American Well Corp, Twilio, Inc, Teladoc Health, Inc, Doctor on Demand, Inc. (Included Health), Zoom Video Communications, Inc., SOC Telemed, Inc., NXGN Management, LLC, Plantronics, Inc., Practo, VSee, Sesame, Inc., Doxy.me Inc., PlushCare, HealthTap, Inc.

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