Virtual health services allow patients to connect with doctors and medical professionals remotely using telecommunication technologies like video conferencing. Through virtual health platforms, people can get medical advice, support for chronic conditions, and other care without the need to visit a healthcare facility in-person. This is especially useful in rural areas with doctor shortages or during times when people want to limit exposure to illnesses.

The global virtual health service market has seen rising demand as telehealth technologies have advanced in recent years. Patients now have increasingly convenient access to virtual doctor visits, digital health coaching programs, remote patient monitoring solutions and more through their smartphones, tablets and computers. This enables the management of minor medical issues from the comfort of home as well as keeping track of ongoing medical conditions or following treatment plans between doctor visits.

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.

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Market key trends:

One of the major trends driving growth in the virtual health services market is the rising popularity of telehealth technologies among both patients and providers. Consumers have embraced virtual care solutions due to factors like increased convenience, lower costs and the ability to access medical expertise from anywhere. On the other side, healthcare systems have also increased their adoption of telehealth as it helps address issues like physician shortages in rural areas, integrates well with value-based care models and provides ongoing remote support for chronic condition management. As connectivity and technology solutions advance further, the availability and usage of virtual care is anticipated to rise significantly over the coming years. This will likely propel the virtual health service industry to new highs.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the virtual health service market is moderate. Establishing state of the art virtual healthcare infrastructure requires high initial investments.

Bargaining power of buyers: The bargaining power of buyers in the virtual health service market is high. Buyers have many choices available in terms of virtual healthcare providers.

Bargaining power of suppliers: The bargaining power of suppliers in the virtual health service market is low. Suppliers have limited control over pricing due to the fragmented nature of the market.

Threat of new substitutes: The threat of substitutes in the virtual health service market is moderate. Alternative options like telemedicine are available but not as advanced as virtual healthcare services.

Competitive rivalry: Competition in the virtual health service market is high due to the presence of many established players globally.

Key Takeaways

The global virtual health service market is expected to witness high growth. Rapid digitalization of healthcare and increased adoption of telehealth solutions post-COVID are fueling the market growth.

Regional analysis: North America dominates the global virtual health service market currently due to high technology adoption and connectivity solutions. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by growing internet penetration and improvements in digital healthcare infrastructure in emerging countries.

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 and American Well are the leading players offering diverse virtual healthcare solutions worldwide.