Virtual Health Service Market Synopsis:
The Virtual Health Service Market Size Was Valued at USD 4.30 billion in 2023, and is projected to reach USD 56.79 billion by 2032, growing at a CAGR of 33.21% from 2024-2032.
The Virtual Health Service Market includes the delivery of medical consultations, diagnoses, treatment, and health management with the help of digital means, premises, and technologies that comprise the Virtual Health Service Market. This market encompasses a number of service categories, these being telemedicine, eHealth, and mental health services that are convenient and cost-effective models that decrease the demand for face-to-face consultations.
The Virtual Health Service Market has been expanding in the past years, through the application of digital technologies and increasing need for telemedicine services. Virtual health services allow patients to access medical consultations, health check-ups, disease treatment, and chronic disease supervision without physically visiting healthcare facilities because of telemedicine, eHealth websites, or telehealth systems. This market becomes significant, especially now with the emergence of the COVID-19 virus, which requires services that have minimal contact with a doctor and are available to everyone.
Patients, clinicians, and insurers are now turning to virtual health solutions as the use of more traditional face-to-face treatment in healthcare is increasingly expensive and its effectiveness is compromized by the need for continuous remote monitoring and prompt admission to treatment. Moreover, the market focused on Mental health services, Chronic diseases management programs, Telemedicine applications and connects key service delivery targets with underserved and rural communities. Telehealth is a form of virtual health services where the patients receives real time consultancy, making the services faster and timely.
Virtual Health Service Market Trend Analysis:
Growing Adoption of Telemedicine Platforms
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The Virtual Health Service Market has been expanding in the past years, through the application of digital technologies and increasing need for telemedicine services. Virtual health services allow patients to access medical consultations, health check-ups, disease treatment, and chronic disease supervision without physically visiting healthcare facilities because of telemedicine, eHealth websites, or telehealth systems. This market becomes significant, especially now with the emergence of the COVID-19 virus, which requires services that have minimal contact with a doctor and are available to everyone.
- Patients, clinicians, and insurers are now turning to virtual health solutions as the use of more traditional face-to-face treatment in healthcare is increasingly expensive and its effectiveness is compromized by the need for continuous remote monitoring and prompt admission to treatment. Moreover, the market focused on Mental health services, Chronic diseases management programs, Telemedicine applications and connects key service delivery targets with underserved and rural communities. Telehealth is a form of virtual health services where the patients receives real time consultancy, making the services faster and timely.
Expansion in Mental Health Services
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The Virtual Health Service Market has considerable opportunities including increasing the access to mental health services. Some patients have concerns of anxiety and depression, thus turning to virtual counselling, therapy and psychiatry via telemedicine.
- This type of mental health services allows patients to comprehend licensed mental health workers without the social humiliation that one may feel when heading for in-person appointments. Due to this opportunity, there has been increased growth of Virtual Therapy Platforms available on the market to address the needs of the employers, insurance companies and health-care providers to facilitate the inclusion of virtual therapy in the health benefits package.
Virtual Health Service Market Segment Analysis:
Virtual Health Service Market Segmented on the basis of Service Type, Technology Type, End User, and Region.
By Service Type, Telemedicine segment is expected to dominate the market during the forecast period
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The application area in the Virtual Health Service Market comprises Telemedicine, eHealth, Telehealth, Mental Health Services, Chronic Disease Management, and Others. Telemedicine, one of the largest categories, offers remote preliminary and continued consultations through video or phone conversions for diagnosis and treatment A part of telemedicine, eHealth deals with electronic health records, patient-controlled portals, and mHealth apps.
- Telehealth is more than video consults, encompassing ongoing patient assessment, diagnosis from a distance, and consumer health technologies used in cases of chronic disease. Mental Health is progressively expanding through telemedicine as patients seek online counselors while Chronic Disease Management is extending online care to diabetic or cardiovascular disease sufferers.
By End User, Healthcare Providers segment expected to held the largest share
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In the Virtual Health Service Market, the recipients and/ or users are Healthcare Providers, Patients or Consumers, Insurance Companies, and Employers. Virtual health services in Healthcare Providers like hospitals and clinics allows the provision of services to patients outside the formal Healthcare Providers channel makes it easier and more effective.
- Virtual health services have consumers in the form of patients who are afforded good healthcare at their convenient time. A voice is Insurance Company contributes to the provision of Virtual Health services by including them in their Service provision and Employers are also offering Virtual Health services as a part of wellness programs for employees with intention of enhancing the health of the workers and also reducing cases of absenteeism.
Virtual Health Service Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
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North America has the largest share in the Virtual Health Service Market due to the improvement of quality healthcare facilities, availability of Internet connection and the growing need for improving healthcare systems. The region has been fast adopting health technology solutions such as telemedicine, eHealth and mental health services powered by favourable regulations of health technologies in the region and investment on digital health solutions.
- The United States ranks first in the region because the country succeeded in numerous factors; a large customer base, an intelligent generation that understands the use of technologies, and high costs of healthcare that force patients to turn towards virtual health services. Telehealth solutions continue to remain a novelty in North America, although the use of technology to enable chronic disease management and mental health treatment is gaining ground.
Active Key Players in the Virtual Health Service Market:
- 1mg (India)
- Amwell (USA)
- Babylon Health (UK)
- HealthTap (USA)
- Kry (Sweden)
- Livongo (USA)
- MDLive (USA)
- MeMD (USA)
- Practo (India)
- Push Doctor (UK)
- Teladoc Health (USA)
- Other Active Players
Key Industry Developments in the Virtual Health Service Market:
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In June 2024, MetroHealth partnered with MUSC Health. This partnership is done to launch a virtual telehealth company named ‘Ovatient.’ This company will allow patients to consult with physicians remotely.
- In May 2024, TeleRare Health launched a new virtual care platform. Through this launch, the company aims to offer virtual care appointments for patients suffering from rare diseases.
- In May 2024, Monstarlab partnered with eVisit. This partnership aimed at developing virtual care platforms across Asia.
- In May 2024, Owensboro Health launched a virtual nursing program. Through this launch, the virtual nursing model will act as an additional resource to help patients during emergency situations.
- In February 2024, AvaSure launched AvaSure Episodic. AvaSure Episodic is a new virtual care platform that allows video calling among nurses and patients in the US and Canada.
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Virtual Health Service Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 4.30 Billion |
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Forecast Period 2024-32 CAGR: |
33.21% |
Market Size in 2032: |
USD 56.79 Billion |
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Segments Covered: |
By Service Type |
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By Technology Type |
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By End User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Virtual Health Service Market by Service Type
4.1 Virtual Health Service Market Snapshot and Growth Engine
4.2 Virtual Health Service Market Overview
4.3 Telemedicine
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Telemedicine: Geographic Segmentation Analysis
4.4 eHealth
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 eHealth: Geographic Segmentation Analysis
4.5 Telehealth
4.5.1 Introduction and Market Overview
4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.5.3 Key Market Trends, Growth Factors and Opportunities
4.5.4 Telehealth: Geographic Segmentation Analysis
4.6 Mental Health Services
4.6.1 Introduction and Market Overview
4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.6.3 Key Market Trends, Growth Factors and Opportunities
4.6.4 Mental Health Services: Geographic Segmentation Analysis
4.7 Chronic Disease Management
4.7.1 Introduction and Market Overview
4.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.7.3 Key Market Trends, Growth Factors and Opportunities
4.7.4 Chronic Disease Management: Geographic Segmentation Analysis
4.8 Others)
4.8.1 Introduction and Market Overview
4.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.8.3 Key Market Trends, Growth Factors and Opportunities
4.8.4 Others): Geographic Segmentation Analysis
4.9 Technology Type
4.9.1 Introduction and Market Overview
4.9.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.9.3 Key Market Trends, Growth Factors and Opportunities
4.9.4 Technology Type: Geographic Segmentation Analysis
Chapter 5: Virtual Health Service Market by End-User
5.1 Virtual Health Service Market Snapshot and Growth Engine
5.2 Virtual Health Service Market Overview
5.3 Healthcare Providers
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Healthcare Providers: Geographic Segmentation Analysis
5.4 Patients
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Patients: Geographic Segmentation Analysis
5.5 Insurance Companies
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Insurance Companies: Geographic Segmentation Analysis
5.6 Employers)
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Employers) : Geographic Segmentation Analysis
Chapter 6: Company Profiles and Competitive Analysis
6.1 Competitive Landscape
6.1.1 Competitive Benchmarking
6.1.2 Virtual Health Service Market Share by Manufacturer (2023)
6.1.3 Industry BCG Matrix
6.1.4 Heat Map Analysis
6.1.5 Mergers and Acquisitions
6.2 TELADOC HEALTH (USA)
6.2.1 Company Overview
6.2.2 Key Executives
6.2.3 Company Snapshot
6.2.4 Role of the Company in the Market
6.2.5 Sustainability and Social Responsibility
6.2.6 Operating Business Segments
6.2.7 Product Portfolio
6.2.8 Business Performance
6.2.9 Key Strategic Moves and Recent Developments
6.2.10 SWOT Analysis
6.3 AMWELL (USA)
6.4 MDLIVE (USA)
6.5 DOCTOR ON DEMAND (USA)
6.6 HEALTHTAP (USA)
6.7 KRY (SWEDEN)
6.8 PUSH DOCTOR (UK)
6.9 BABYLON HEALTH (UK)
6.10 PRACTO (INDIA)
6.11 OTHER ACTIVE PLAYERS
Chapter 7: Global Virtual Health Service Market By Region
7.1 Overview
7.2. North America Virtual Health Service Market
7.2.1 Key Market Trends, Growth Factors and Opportunities
7.2.2 Top Key Companies
7.2.3 Historic and Forecasted Market Size by Segments
7.2.4 Historic and Forecasted Market Size By Service Type
7.2.4.1 Telemedicine
7.2.4.2 eHealth
7.2.4.3 Telehealth
7.2.4.4 Mental Health Services
7.2.4.5 Chronic Disease Management
7.2.4.6 Others)
7.2.4.7 Technology Type
7.2.5 Historic and Forecasted Market Size By End-User
7.2.5.1 Healthcare Providers
7.2.5.2 Patients
7.2.5.3 Insurance Companies
7.2.5.4 Employers)
7.2.6 Historic and Forecast Market Size by Country
7.2.6.1 US
7.2.6.2 Canada
7.2.6.3 Mexico
7.3. Eastern Europe Virtual Health Service Market
7.3.1 Key Market Trends, Growth Factors and Opportunities
7.3.2 Top Key Companies
7.3.3 Historic and Forecasted Market Size by Segments
7.3.4 Historic and Forecasted Market Size By Service Type
7.3.4.1 Telemedicine
7.3.4.2 eHealth
7.3.4.3 Telehealth
7.3.4.4 Mental Health Services
7.3.4.5 Chronic Disease Management
7.3.4.6 Others)
7.3.4.7 Technology Type
7.3.5 Historic and Forecasted Market Size By End-User
7.3.5.1 Healthcare Providers
7.3.5.2 Patients
7.3.5.3 Insurance Companies
7.3.5.4 Employers)
7.3.6 Historic and Forecast Market Size by Country
7.3.6.1 Russia
7.3.6.2 Bulgaria
7.3.6.3 The Czech Republic
7.3.6.4 Hungary
7.3.6.5 Poland
7.3.6.6 Romania
7.3.6.7 Rest of Eastern Europe
7.4. Western Europe Virtual Health Service Market
7.4.1 Key Market Trends, Growth Factors and Opportunities
7.4.2 Top Key Companies
7.4.3 Historic and Forecasted Market Size by Segments
7.4.4 Historic and Forecasted Market Size By Service Type
7.4.4.1 Telemedicine
7.4.4.2 eHealth
7.4.4.3 Telehealth
7.4.4.4 Mental Health Services
7.4.4.5 Chronic Disease Management
7.4.4.6 Others)
7.4.4.7 Technology Type
7.4.5 Historic and Forecasted Market Size By End-User
7.4.5.1 Healthcare Providers
7.4.5.2 Patients
7.4.5.3 Insurance Companies
7.4.5.4 Employers)
7.4.6 Historic and Forecast Market Size by Country
7.4.6.1 Germany
7.4.6.2 UK
7.4.6.3 France
7.4.6.4 The Netherlands
7.4.6.5 Italy
7.4.6.6 Spain
7.4.6.7 Rest of Western Europe
7.5. Asia Pacific Virtual Health Service Market
7.5.1 Key Market Trends, Growth Factors and Opportunities
7.5.2 Top Key Companies
7.5.3 Historic and Forecasted Market Size by Segments
7.5.4 Historic and Forecasted Market Size By Service Type
7.5.4.1 Telemedicine
7.5.4.2 eHealth
7.5.4.3 Telehealth
7.5.4.4 Mental Health Services
7.5.4.5 Chronic Disease Management
7.5.4.6 Others)
7.5.4.7 Technology Type
7.5.5 Historic and Forecasted Market Size By End-User
7.5.5.1 Healthcare Providers
7.5.5.2 Patients
7.5.5.3 Insurance Companies
7.5.5.4 Employers)
7.5.6 Historic and Forecast Market Size by Country
7.5.6.1 China
7.5.6.2 India
7.5.6.3 Japan
7.5.6.4 South Korea
7.5.6.5 Malaysia
7.5.6.6 Thailand
7.5.6.7 Vietnam
7.5.6.8 The Philippines
7.5.6.9 Australia
7.5.6.10 New Zealand
7.5.6.11 Rest of APAC
7.6. Middle East & Africa Virtual Health Service Market
7.6.1 Key Market Trends, Growth Factors and Opportunities
7.6.2 Top Key Companies
7.6.3 Historic and Forecasted Market Size by Segments
7.6.4 Historic and Forecasted Market Size By Service Type
7.6.4.1 Telemedicine
7.6.4.2 eHealth
7.6.4.3 Telehealth
7.6.4.4 Mental Health Services
7.6.4.5 Chronic Disease Management
7.6.4.6 Others)
7.6.4.7 Technology Type
7.6.5 Historic and Forecasted Market Size By End-User
7.6.5.1 Healthcare Providers
7.6.5.2 Patients
7.6.5.3 Insurance Companies
7.6.5.4 Employers)
7.6.6 Historic and Forecast Market Size by Country
7.6.6.1 Turkiye
7.6.6.2 Bahrain
7.6.6.3 Kuwait
7.6.6.4 Saudi Arabia
7.6.6.5 Qatar
7.6.6.6 UAE
7.6.6.7 Israel
7.6.6.8 South Africa
7.7. South America Virtual Health Service Market
7.7.1 Key Market Trends, Growth Factors and Opportunities
7.7.2 Top Key Companies
7.7.3 Historic and Forecasted Market Size by Segments
7.7.4 Historic and Forecasted Market Size By Service Type
7.7.4.1 Telemedicine
7.7.4.2 eHealth
7.7.4.3 Telehealth
7.7.4.4 Mental Health Services
7.7.4.5 Chronic Disease Management
7.7.4.6 Others)
7.7.4.7 Technology Type
7.7.5 Historic and Forecasted Market Size By End-User
7.7.5.1 Healthcare Providers
7.7.5.2 Patients
7.7.5.3 Insurance Companies
7.7.5.4 Employers)
7.7.6 Historic and Forecast Market Size by Country
7.7.6.1 Brazil
7.7.6.2 Argentina
7.7.6.3 Rest of SA
Chapter 8 Analyst Viewpoint and Conclusion
8.1 Recommendations and Concluding Analysis
8.2 Potential Market Strategies
Chapter 9 Research Methodology
9.1 Research Process
9.2 Primary Research
9.3 Secondary Research
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Virtual Health Service Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 4.30 Billion |
|
Forecast Period 2024-32 CAGR: |
33.21% |
Market Size in 2032: |
USD 56.79 Billion |
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Segments Covered: |
By Service Type |
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By Technology Type |
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By End User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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