As the adoption of contemporary healthcare system elevates, the sales of virtual care solutions and services continue to expand. Healthcare service providers are increasingly seeking modernized solutions and services at the stake of minimal cost and time, providing a strong impetus to the virtual care market. Growing awareness about the availability and benefits of virtual care services as video, audio, messaging, and other will further trigger the demand for virtual care in the healthcare industry in the near future.
“In addition to augmenting software investments by healthcare companies and towering penetration of connected devices, frequent technology innovations and product launches for incorporating automation in pharmacies, hospitals, and other entities have been identified to remain a key force fueling the adoption of virtual care model through 2026. The roughly US$ 2 billion virtual care market will possibly surpass US$ 13 billion by the end of 2026, demonstrating stellar expansion at 26.1% CAGR over 2018-2026. While software is likely to remain the most attractive component type, the video will prevail as the most preferred platform type.”
Senior Research Expert, ICT, Persistence Market Research
Remote Healthcare and Connectivity at the Forefront in Terms of Demand
Besides the dearth of skilled professional healthcare resources, the industry is constantly facing concerns regarding 24×7 connectivity for remote healthcare delivery. With continuously escalating healthcare demand from densely populated countries such as China and India, delivering quality healthcare services to remote locations is becoming a difficult task for healthcare professionals. Applications of virtual care solutions are strongly presumed to help both patients and healthcare providers to bridge the gaps in communication – eventually providing seamless, uninterrupted connectivity on a real-time basis. However, PMR predicts that the concerns regarding patient privacy and healthcare data security, and licensing and legal restrictions will remain longstanding challenges throughout the projection period.
A Major Booster on Its Way to Virtual Care Market – with the Emergence of the Virtual Hospital Trend
North America, being an early technology adopter, will continue to reign supreme over other regional markets in virtual care market. The collective revenue of North America and Western Europe is anticipated to account for over half of the total virtual care market value; Asia Pacific is projected to experience robust expansion over the forecast period – exhibiting a healthy CAGR over 2018-2026.
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A proliferating trend of virtual hospitals is particularly driving the virtual care market in Western Europe. PMR’s study found that Western European healthcare providing organizations are increasingly taking efforts in establishing a strategic model with virtual care providers to streamline virtual healthcare service delivery on a long-term basis. Royal Philips recently announced the 10-year virtual hospital agreement with Dutch Rijnstate Hospital.
Several participants in the virtual care market are likely to adopt this partnership model for an enhanced delivery of healthcare services to patients at any locations at a regional level. With brisk penetration of digitalization in healthcare domain over the recent past, developing regional markets such as APEJ and MEA are expected to represent a heap of attractive revenue generation opportunities for virtual care solutions and services vendors.
On-demand healthcare and virtual care & EHR will also represent significantly impactful trends in the virtual care market. Another important factor that will drive virtual care market includes an expanding application in ‘triple aim’ achievement, i.e. the simultaneous pursuit of improved patient experience, enhanced health of populations, and reduced per capita healthcare costs, concludes PMR.
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The Key to Meet Evolving Business Needs – Perpetuating a Pliant Healthcare Delivery Model
A majority of virtual care market players are strategizing partnerships with third party providers with an objective to strengthen their presence in high-demand-for-healthcare regional markets. The most sought after product and technology differentiation strategy among leading virtual care market participants includes partnerships and acquisitions of emerging players for rapid sales growth. Product innovations are expected to trigger geographical expansion by enabling companies to reach their new potential customer base faster. Maintaining adaptable healthcare service delivery models will help healthcare providers cater to evolving business demands in real-time scenario.