Global Virtual Visits Market Report
Global Virtual Visits Market by Service Type (Cold & Flu Management, Chronic Care Management, Behavioral Health, Allergies, Preventive Care, and Urgent Care), Patient Group (Adults and Pediatrics), Gender (Male and Female), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Virtual Visits Overview
The use of technology to enable remote medical consultations and healthcare services is referred to as virtual visits, telehealth, or telemedicine. Virtual visits, sometimes referred to as telemedicine or telehealth visits, are medical consultations or appointments that take place virtually using technology. Patients can communicate with their healthcare providers via video conferencing, phone calls, or secure messaging systems rather than going in person. Virtual visits can be especially useful for people who find it difficult to travel to medical institutions because of physical limitations, ongoing illnesses, or old age. For people who live in places with few medical facilities or healthcare practitioners, virtual visits offer access to healthcare services.
Global Virtual Visits Market Analysis
The global virtual visits market size was $15.1 billion in 2022 and is predicted to grow with a CAGR of 32.6%, by generating a revenue of $246.0 billion by 2032.
COVID-19 Impact on Global Virtual Visits Market
Widespread lockdowns, social isolation, and worries about viral exposure were brought on by the pandemic. As a result of these circumstances, the demand for virtual visits increased as more people looked for non-physical access to healthcare. Virtual visits have become a vital tool for maintaining the continuity of medical care while lowering the danger of viral transmission. To offer consultations, diagnoses, and treatment remotely, healthcare practitioners immediately embraced telehealth systems and virtual visit capabilities. Virtual visits have become a vital tool for maintaining the continuity of medical care while lowering the danger of viral transmission. Adopting telehealth technologies and virtual visit capabilities, healthcare providers may now deliver consultations, diagnoses, and treatment from a distance.
Virtual visits are anticipated to become a staple of healthcare services after COVID-19, with healthcare providers integrating them into their everyday workflow. As a result of the pandemic's emphasis on the importance of a strong telehealth infrastructure, telehealth platforms, video conferencing tools, and electronic health record integration have all advanced. Following COVID-19, additional telehealth technology investments and advancements are anticipated, leading to more smooth and user-friendly virtual visit experiences.
Convenience and Accessibility to Drive the Market Growth
Patients can receive healthcare services in a convenient and accessible manner through virtual visits. By communicating with medical professionals from the convenience of their homes, patients can avoid travel and wait periods. For patients with chronic diseases, limited mobility, or those living in distant or neglected areas, convenience is especially crucial. Technology advancements, particularly in the areas of communications and digital platforms, have been a major factor in the growth of the market for virtual visits. Virtual visits are now more practical and convenient thanks to advancements in high-speed internet connectivity, video conferencing capabilities, secure messaging, and electronic health record integration. For both consumers and healthcare professionals, virtual encounters can result in cost savings. Patients can cut back on travel expenses, parking fees, and missed work. Without the requirement for actual office space, healthcare providers can increase resource efficiency, lower overhead expenses, and possibly serve a wider patient group.
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Limited Physical Examination and Diagnostic Capabilities to Restrain the Market Growth
The limited ability to conduct physical examinations and diagnostic testing remotely is one of the main drawbacks of virtual visits. In-person examinations, such as palpation, auscultation, or diagnostic imaging, are necessary for several medical problems. The extent of virtual visits may be restricted by the lack of physical examinations, necessitating further in-person appointments for full care. Virtual visits may be significantly hampered by a lack of access to dependable internet connectivity and technological tools, especially in remote or underdeveloped locations. Patients who do not have the required technology or do not have access to reliable internet connections may find it difficult to participate in virtual visits, which limits their potential to gain from remote care. In virtual visits, protecting patient privacy and data security is of utmost importance. To safeguard patient data, telehealth platforms must follow stringent privacy laws and put in place strong security measures. The potential for data breaches or unauthorized access can erode patient confidence and prevent virtual visits from becoming widely used.
Expansion into Specialized Healthcare Services to Drive Excellent Opportunities
Primary care and routine consultations have received the majority of attention during virtual visits. Virtual visits could be extended to include more specialized medical treatments, such as dermatology, cardiology, and mental health. Patients with particular medical needs may benefit from virtual visits, which can increase the accessibility and efficiency of specialized services. Virtual visits can be used with remote patient monitoring equipment, wearable sensors, and Internet of Things (IoT) technologies to improve patient care. By providing remote monitoring of patients' vital signs, symptom tracking, and health data collection, this connection enables more thorough and proactive care management. By assisting with diagnosis, treatment planning, and patient triage, Artificial Intelligence and Machine learning technologies have the potential to improve virtual visits. In order to support healthcare providers' decisions during virtual visits, AI algorithms can analyze patient information, medical history, and symptoms, leading to improvements in the accuracy of diagnoses and treatment suggestions.
To know more about global virtual visits market opportunities, get in touch with our analysts here.
Global Virtual Visits Market Share, by Service Type, 2022
The cold & flu management sub-segment accounted for the highest market share in 2022. Respiratory illnesses like the cold and flu are extremely contagious. By enabling patients to consult medical professionals remotely without coming into contact with other people in waiting rooms or medical facilities, virtual visits can help prevent the spread of these infections. Cold and flu are prevalent disorders that impact a big section of the population, especially during colder months or seasonal shifts. The high incidence of cold and flu cases indicates there is a substantial market need for virtual visits connected to these conditions.
Global Virtual Visits Market Size, by Patient Group, 2022
The pediatrics sub-segment accounted for the highest market share in 2022. Parents or guardians must frequently actively participate in decision-making and treatment planning when providing for a child. Virtual consultations make it simpler for parents to participate because they may attend from their homes or places of employment without needing to make childcare arrangements or take time off. This ease motivates parents to take their kids to the doctor on time. Pediatric patients require specialized treatment from medical professionals skilled in treating kid illnesses and ailments since they have particular healthcare needs. In some places, especially rural or underserved regions, finding pediatric specialists may be difficult.
Global Virtual Visits Market Trends, by Gender, 2022
The female sub-segment accounted for the highest market share in 2022. Virtual consultations give women a practical way to speak with medical professionals about issues related to their reproductive health. Menstrual irregularities, contraceptive methods, fertility planning, preconception counselling, and menopause symptom treatment are included. Without the need for in-person visits, women can obtain specialized care, encouraging prompt interventions and individualized treatment regimens. Virtual visits give women a way to receive prenatal and postnatal care, giving them regular check-ups, direction, and support during their pregnancies and after giving birth. Healthcare professionals can keep an eye on the pregnancy's development, evaluate the health of the mother and fetus, respond to worries, and offer advice on prenatal diet, breastfeeding, postpartum recovery, and infant care. Virtual visits lessen the need for frequent in-person meetings while improving prenatal and postnatal experiences. Discussions about urine incontinence, pelvic organ prolapse, and pelvic floor exercises can be facilitated via virtual visits. Women can get advice on dealing with pelvic floor problems, get suggestions for physical therapy, and look into treatment choices. Virtual visits provide open dialogues and access to specialized care by removing potential barriers to talking about sensitive subjects. Specialized medical care is needed for women in the areas of family planning, prenatal care, and postpartum care which is anticipated to drive the virtual visits market share in the coming years.
Global Virtual Visits Market Growth, by Region, 2022
The North America virtual visits market generated the highest revenue in 2022. One of the main markets for virtual visits worldwide is North America. The need for remote treatment during the COVID-19 pandemic, developments in telecommunications technology, and rising demand for convenient and accessible healthcare services have all contributed to the market's significant expansion. The technical landscape in North America is strong, with many people using smartphones and tablets and high-speed internet. These elements have made it easier for patients to engage with healthcare professionals from the comfort of their homes through the widespread acceptance of virtual visits. In healthcare systems across North America, virtual visits are becoming more and more prevalent. Virtual visit platforms have been embraced by hospitals, clinics, and healthcare networks and integrated into their service portfolios. The seamless sharing of patient data made possible by integration with electronic health records (EHRs) enhances the continuity of care.
Competitive Scenario in the Global Virtual Visits Market
Investments, mergers, and acquisitions are common strategies followed by major market players. Amazon Clinic, a new virtual medical service, was launched in 32 states in November 2022. The new service allows for a list of 20 distinct diseases, from sinusitis to seasonal allergies, and is primarily meant for straightforward and common health needs.
Some of the leading virtual visits market players are American Well CorporationMDLive, Inc, Vidyo, Inc, Doctor On Demand, Inc, PlushCare, Inc, eVisit Telemedicine Solution, HealthTap, Inc, Teladoc Health, Inc, Zipnosis, and MeMD.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Service Type
Segmentation by Patient Group
Segmentation by gender
Key Companies Profiled
Q1. What is the size of the global virtual visits market?
A. The size of the global virtual visits market was over $15.1 billion in 2022 and is projected to reach $246.0 billion by 2032.
Q2. Which are the major companies in the virtual visits market?
A. Zipnosis and MeMD are some of the key players in the global virtual visits market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The North America region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Investment and merger and acquisitions are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Zipnosis and MeMD are the companies investing more on R&D activities for developing new products and technologies.