Virtual healthcare can be defined as the "virtual visits" that take place between patients and clinicians through communications technology such as video and audio connectivity which allows "virtual" meetings to occur in real-time, from virtually any location. There are numerous ways in which virtual visits can be done. It can be done with a patient that interacts with an offsite medical specialist via a high-definition conference hookup at his or her local clinic. It can be a videoconference between a doctor and a patient at home. Moreover, virtual healthcare gives patients the chance to find more readily qualified second opinions online. Moreover, virtual healthcare is being used for meetings and consultations, check-ins, and status reports, rather than for in-depth diagnosis or treatments. However, with the evolution in technologies, virtual healthcare delivery is expected to gaining traction among end-users in the forthcoming years as well.
With the evolution of virtual healthcare technology, it was assumed as the game-changer in the healthcare industry, but slow adoption was witnessed then was anticipated among end-users such as payers, providers, etc. and, virtual health has been proclaimed as the next disrupter in the delivery of care. However, the adoption has witnessed a significant uptick. Moreover, the COVID-19 pandemic is pushing against structural barriers that had previously slowed health system investment in integrated virtual health applications.
Based on the component, virtual healthcare delivery is bifurcated into Solutions and Services. The solution segment generated revenue of US$ 7.70 billion in 2019. The market for the solution segment is expected to grow at a CAGR of 23.59% during the forecast period to reach a market valuation of US$ 47.67 billion by 2027. However, Services Market is expected to witness the highest CAGR growth during the forecast period 2021-2027.
Based on platform type, the virtual healthcare delivery market is fragmented into video consultation, audio consultation, KIOSKS, and messaging. The video consultation segment generated revenue of US$ 10.92 billion in 2019. The market is expected to grow at a CAGR of 28.06% during the forecast period to reach a market valuation of US$ 80.52 billion by 2027. However, KIOSKS is expected to witness substantial CAGR growth during the forecast period 2021-2027.
For a better understanding of the market penetration of virtual healthcare delivery, the market is analysed based on its worldwide presence in the countries such as North America (US, Canada, Mexico, Mexico), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), the Middle East and Africa (UAE, Saudi Arabia, South Africa, AND Others), and South America (Brazil, Argentina). North America constitutes a major market for virtual healthcare delivery.
Some of the major players operating in the market include American Well, Allscripts Healthcare Solutions, Biotelemetry, Blue Sky Health, CISCO Systems, Honeywell International, McKesson Corporation, OBS Medical, SOC Telemed, and MDLive.
The global virtual healthcare delivery market was valued at US$ 21 billion in 2019 and is projected to expand significantly with a CAGR of 24.60% from 2021 to 2027. The global virtual healthcare delivery market is expected to witness a boost, owing to the adoption and advancement in technologies in the healthcare sector due to the surging number of patients across the globe coupled with the benefits such as prevention from infections, time savings, reduced cost, etc.
The global virtual healthcare delivery market was valued at US$ 21 billion in 2019 and is projected to expand significantly with a CAGR of 24.60% from 2021 to 2027. Surging internet penetration coupled with the rising adoption of smartphones across the globe is one the key contributing factor for the growth in the virtual healthcare delivery market. As per the world bank in 2015 around 41% of the global population was internet users which increased to 48.99% in 2017. Further, internet users based reached 4.39 billion in 2019. The virtual healthcare delivery market is witnessing an uptick on account of the benefits such as no cost of -person visits, accessibility of the rural areas' resident to the good healthcare service provider, Increased Patient Engagement, Better Patient Care Quality, etc. Moreover, the rising global aging population coupled with the need for preventive and precautionary measures is acting as a growth catalyst to the industry.
The IT investments healthcare sector and advancement of technologies that helps in facilitating health care providers to connect with patients and consulting practitioners across extensive distances and the saves time and travel of the patient is a leading factor for the market rise. As per a study by Cisco, globally more than 74 % of Consumers are open to the virtual doctor visit. Furthermore, due to the offering of services such as video consultation, audio consultation, etc., as per the patients' requirement and comfort by the players in the end-users are gaining traction on the adoption of virtual healthcare delivery.
Also, the COVID-19 pandemic gave a robust boom to the virtual healthcare delivery market. The market registered an exhibit growth in the number of patients for a virtual consultation. Moreover, governments across the countries such as the U.S, Canada, India, etc. announced and launched several portals for a virtual consultation. As per a health-tech platform Practo, the company registered 500% growth in the online consultation from March to May in 2020.
The global Virtual Healthcare Delivery market is highly fragmented. The presence of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are Allscripts Healthcare Solution, American Well, Biotelemetry, Blue Sky Telehealth, Cisco Systems, Honeywell International, McKesson Corporation, OBS Medical, SOC Telemed, MDLIVE, Inc., and AMD Global Telemedicine among others. Several M&A's along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
Insights Presented in the Report
"Amongst Platform Type, Video Consulting segment holds the major share"
Based on platform type, the market is fragmented into Video consultation, Audio consultation, Messaging, and KIOSKS. Video consultation type dominated the market with a share of 52.00% in 2019 and is expected to maintain its dominance during the forecast period owing to the busy lifestyle and time-saving factor of video conferencing. However, the KIOSKS would witness steady growth in the forecast period on account of the new solutions by the key players in the industry for KIOSKS.
"Amongst Components Type, Services is expected to dominate the market during the analyzed period"
Based on the market segment by components, the market is segmented into software and services. In 2019, the services segment captured more than 50 percent of the market share. The market is witnessing an uptick due to the adoption of new technologies that require professional and managed services. However, the demand for solutions is expected to emerge from the developing countries.
"Amongst Delivery Mode Type, Web/ Telephonic segment is expected to dominate the market during the analyzed period"
Based on Delivery mode type, the market is fragmented into Web/ Telephonic segments. Web/Telephonic segment being an old and mature technology grabbed the major market share in 2019. Moreover, escalating internet penetration and offering of mobile data at an affordable price is also a contributing factor for market growth.
"Amongst Specialty Type, Cardiology segment grabbed the major market share"
Based on specialty type, the market is fragmented into Cardiology, Radiology, Psychiatry, Urgent Care, Remote ICU, Dermatology, and others. The Cardiology segment captured the leading market share and contributed around 19.38% in 2019 owing to the surging prevalence of CVDs across the globe due to unhealthy lifestyles and changes in dietary habits. However, the Neurology segment is forecasted to grow at a considerable CAGR in the forthcoming years.
"North America represents one of the largest markets of Virtual Healthcare Delivery market"
For a better understanding of the market dynamics of the Virtual Healthcare Delivery market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, Mexico), Europe (Germany, France, Italy, United Kingdom, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Middle East and Africa (UAE, Saudi Arabia, South Africa and Rest of MEA), South America (Brazil, Argentina) has been conducted. North America dominated the market and generated revenue of US$ 9.46 billion in 2019 owing to the presence of well establishes healthcare infrastructure, Moreover, the surging healthcare IT investment in the region coupled with the presence of well-established players and the latest technology upgraded products and services make the region dominant.
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? The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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? Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
? The study comprehensively covers the market across different segments
? Deep dive regional level analysis of the industry
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Table of Contents
1 MARKET INTRODUCTION
1.1 Market Definition
1.2 Objective of the Study
1.3 Limitation
1.4 Stakeholders
1.5 Currency used in the Report
1.6 Scope of the Global Virtual Healthcare Delivery Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1 Research Methodology for the Global Virtual Healthcare Delivery Market Study
2.1.1 Main Objective of the Global Virtual Healthcare Delivery Market Study
3 INDUSTRY PERFORMANCE
4 EXECUTIVE SUMMARY
5 CASE STUDY
6 CUSTOMER SURVEY
7 COVID-19 IMPACT
8 MARKET INSIGHTS BY PLATFORM TYPE
8.1 Video Consultation
8.2 Audio Consultation
8.3 Messaging
8.4 Kiosks
9 MARKET INSIGHTS BY COMPONENTS
9.1 Software
9.2 Services
10 MARKET INSIGHTS BY DELIVERY MODE
10.1 Web/Telephonic
10.2 Call Centres
11 MARKET INSIGHTS BY SPECIALITY
11.1 Cardiology
11.2 Radiology
11.3 Psychiatry
11.4 Urgent Care
11.5 Remote ICU
11.6 Dermatology
11.7 Others
12 MARKET INSIGHTS BY END-USER
12.1 Payers
12.2 Providers
12.3 Patients
12.4 Others
13 MARKET INSIGHTS BY REGION
13.1 North America Virtual Healthcare Delivery Market
13.1.1 United States
13.1.2 Canada
13.1.3 Rest of North America
13.2 Europe Virtual Healthcare Delivery Market
13.2.1 Germany
13.2.2 United Kingdom
13.2.3 France
13.2.4 Italy
13.2.5 Spain
13.2.6 Rest of Europe
13.3 Asia-Pacific Virtual Healthcare Delivery Market
13.3.1 China
13.3.2 Japan
13.3.3 India
13.3.4 Australia
13.3.5 Rest of Asia-Pacific
13.4 Middle East & Africa Virtual Healthcare Delivery Market
13.4.1 United Arab Emirates
13.4.2 Saudi Arabia
13.4.3 South Africa
13.4.4 Rest of MEA
13.5 South America Virtual Healthcare Delivery Market
13.5.1 Brazil
13.5.2 Argentina
13.5.3 Rest of South America
14 VIRTUAL HEALTHCARE DELIVERY MARKET DYNAMICS
14.1 Market Trend & Drivers
14.2 Market Challenges
14.3 Market Opportunities
15 LEGAL & REGULATORY FRAMEWORK
16 DEMAND AND SUPPLY SIDE ANALYSIS
16.1 Demand Side Analysis
16.2 Supply Side Analysis
16.2.1 Top Product Launches
16.2.2 Top Business Partnerships
16.2.3 Top Mergers and Acquisitions
16.2.4 Top Business Expansions and Investment
17 VALUE CHAIN ANALYSIS
18 VIRTUAL HEALTHCARE DELIVERY MARKET HOTSPOT & OPPORTUNITIES
19 VIRTUAL HEALTHCARE DELIVERY MARKET TRENDS & INSIGHTS
20 COMPETITIVE SCENARIO
20.1 Porter's Five forces analysis
20.1.1 Bargaining power of Supplier
20.1.2 Bargaining power of Buyer
20.1.3 Industry Rivalry
20.1.4 Availability of Substitute
20.1.5 Threat of new Entrants
20.2 Competitive Landscape
20.2.1 Company Shares, By Revenue
20.3 Competition Matrix
20.3.1 Product/Service Portfolio
20.3.2 Target Markets
20.3.3 Target End Users
20.3.4 Research & Development
20.3.5 Strategic Alliances
20.3.6 Strategic Initiatives
21 COMPANY PROFILED
21.1 Allscripts Healthcare Solution
21.1.1 Key Facts
21.1.2 Business Description
21.1.3 Key Product/Services Offerings
21.1.4 Growth Strategy
21.1.5 SWOT Analysis
21.1.6 Key Financials
21.1.6.1 Revenue Split
21.1.6.2 Financial Overview of IBM Corporation
21.1.7 Recent Developments
21.1.7.1 Product Launch
21.1.7.2 Partnerships
21.1.7.3 Business Expansions and Investment
21.1.7.4 Merger and Acquisition
21.2 Cisco Systems
21.3 Honeywell International
21.4 McKesson Corporation
21.5 OBS Medical
21.6 SOC Telemed
21.7 MDLIVE, Inc.
21.8 AMD Global Telemedicine
21.9 Medtronic
21.1 Philips
22 DISCLAIMER
List of Tables
List of Figures
American Well
Allscripts Healthcare Solutions
Biotelemetry
Blue Sky Health
CISCO Systems
Honeywell International
McKesson Corporation
OBS Medical
SOC Telemed
and MDLive