One Stop Shop For Reports One Stop Shop For Reports
  • All Reports
  • All Sectors
    • Chemicals & Materials
      • Advanced Materials
      • Bulk Chemicals
      • Coatings | Paints and Additives
      • Composites
      • Renewable | Speciality chemicals
    • Consumer Goods
      • Baby Products
      • Consumer Electronics
      • Consumer Packaging
      • Cosmetics & Personal Care
      • Homecare & Decor
      • Luxury & premium products
    • Energy and Power
      • Energy Efficiency and Conservation
      • Green | Renewable Energy
      • Non Renewable | Conventional Energy
      • Power Equipment and Devices
    • Life Science
      • Biotechnology
      • Diagnostics
      • Healthcare
      • Healthcare IT
      • Medical Devices & Supplies
      • Pharmaceuticals
    • Food and Beverage
      • Agriculture & Agri Products
      • Beverages
      • Food Ingredients
      • Food Services and Hospitality
      • Nutraceutical | Wellness Food
      • Processed & Frozen Foods
    • Automotive and Transportation
      • Automotive components
      • Automotive Logistics
      • Automotive systems and accessories
    • Information and Communications Technology
      • E Commerce and Outsourcing
      • Entertainment & Media
      • High Tech | Enterprise & Consumer IT
      • Information & Network Security
      • Mobility | Telecom & Wireless
      • Software and Services
    • Semiconductor and Electronics
      • Semiconductor Materials and Components
      • Display Technology
      • Electronics System and Components
      • Emerging technologies
      • Security and Surveillance
      • Sensors and Controls
    • Building and Construction
      • Construction Materials
      • HVAC
      • Residential Construction and Improvement
      • Roads & Highways
    • Manufacturing
      • Manufacturing Services
      • Heavy Manufacturing
      • Packaging
      • Engineering | Equipment and Machinery
  • Who Trust Us
  • [email protected]
  • +1 718 874 1545 (International)
  • +91 78878 22626 (Asia)

More Results

One Stop Shop For Reports One Stop Shop For Reports
  • All Reports
  • All Sectors
    • Chemicals & Materials
      • Advanced Materials
      • Bulk Chemicals
      • Coatings | Paints and Additives
      • Composites
      • Renewable | Speciality chemicals
    • Consumer Goods
      • Baby Products
      • Consumer Electronics
      • Consumer Packaging
      • Cosmetics & Personal Care
      • Homecare & Decor
      • Luxury & premium products
    • Energy and Power
      • Energy Efficiency and Conservation
      • Green | Renewable Energy
      • Non Renewable | Conventional Energy
      • Power Equipment and Devices
    • Life Science
      • Biotechnology
      • Diagnostics
      • Healthcare
      • Healthcare IT
      • Medical Devices & Supplies
      • Pharmaceuticals
    • Food and Beverage
      • Agriculture & Agri Products
      • Beverages
      • Food Ingredients
      • Food Services and Hospitality
      • Nutraceutical | Wellness Food
      • Processed & Frozen Foods
    • Automotive and Transportation
      • Automotive components
      • Automotive Logistics
      • Automotive systems and accessories
    • Information and Communications Technology
      • E Commerce and Outsourcing
      • Entertainment & Media
      • High Tech | Enterprise & Consumer IT
      • Information & Network Security
      • Mobility | Telecom & Wireless
      • Software and Services
    • Semiconductor and Electronics
      • Semiconductor Materials and Components
      • Display Technology
      • Electronics System and Components
      • Emerging technologies
      • Security and Surveillance
      • Sensors and Controls
    • Building and Construction
      • Construction Materials
      • HVAC
      • Residential Construction and Improvement
      • Roads & Highways
    • Manufacturing
      • Manufacturing Services
      • Heavy Manufacturing
      • Packaging
      • Engineering | Equipment and Machinery
  • Who Trust Us
Home ➤ Life Science ➤ Healthcare IT ➤ Virtual Health Service Market
Virtual Health Service Market
Virtual Health Service Market
Published date: July 2024 • Formats:
Request Sample Schedule a Call
  • Home ➤ Life Science ➤ Healthcare IT ➤ Virtual Health Service Market

Global Virtual Health Service Market by Consultation Mode (Video, Audio, Messaging and Kiosks), By Service Type (Software & Service, Hardware), by End-Users (Patient, Healthcare Providers, Payers, Employers and others) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

  • Published date: July 2024
  • Report ID: 105794
  • Number of Pages: 298
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Free Sample
  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • Consultation Mode Analysis
    • Component Analysis
    • End-user Analysis
    • Key Market Segments
    • Drivers
    • Restraints
    • Opportunity
    • Trends
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    According to a recent report by Market.us, the Global Virtual Health Service Market size is expected to be worth around USD 50.9 Billion by 2032 from USD 8.7 Billion in 2023, growing at a CAGR of 22.4% during the forecast period from 2023 to 2032.

    Virtual health services refer to the use of technologies including, mobile applications, video consultation, text-based messages, and other communication platforms to deliver the healthcare service to a patient. Virtual healthcare provides healthcare services to a patient from a remote location through these technologies.

    Virtual healthcare is also known as “telehealth” and “telemedicine.”  Virtual healthcare capabilities limit by those terms. Essentially, it is the ability to see and engage a patient from a remote location or from outside of the office.

    Many health systems, approximately 96%, are planning to increase their virtual healthcare options due to various factors such as upcoming laws, influence from health insurance providers, and the demand from consumers. It is anticipated that new regulations will simplify the process for healthcare providers to earn revenue from virtual care services.

    The American Medical Association (AMA) acknowledges that virtual healthcare can enhance the standard of patient care. Additionally, the AMA states that virtual healthcare can foster stronger patient-physician relationships as access increases and more services become available remotely. Many healthcare systems are utilizing virtual healthcare to keep track of persistent health conditions like COPD, high blood pressure, and diabetes.

    Virtual Health Service Market

    Key Takeaways

    • Market Growth: The Global Virtual Health Service Market is projected to grow from USD 8.7 billion in 2023 to approximately USD 50.9 billion by 2032, at a CAGR of 22.4%.
    • Definition: Virtual health services involve using technologies like mobile apps, video consultations, and text-based messages to deliver healthcare remotely.
    • Drivers: Market growth is driven by factors such as cost-effectiveness, increasing adoption of telemedicine, and bridging the rural healthcare gap through virtual health services.
    • Consultation Modes: Video consultations dominate the market, offering advantages like visual contact and improved communication.
    • Components: Services and software account for 56% of the market share, with increasing demand for installation, maintenance, and training services.
    • End Users: Patients form the largest segment, with telemedicine enhancing healthcare accessibility and convenience. Healthcare providers are expected to experience rapid growth in adoption.
    • Cost Savings: Telehealth services are cost-effective for both patients and service providers, reducing travel expenses, increasing efficiency, and minimizing hospital readmissions.
    • Data Privacy Concerns: Privacy and security risks, along with limited internet connectivity in rural areas, pose challenges to market expansion.
    • Technological Advancements: Advancements in digital technologies, including AI, wearable devices, and remote patient tracking, contribute to market growth.
    • Trends: Virtual-first care and virtual mental health services are emerging trends in healthcare, offering convenience and accessibility.
    • COVID-19 Impact: The pandemic accelerated the adoption of virtual health services, with increased demand due to infection risk, government restrictions, and reduced hospital visits.
    • Regional Dominance: North America leads the market with a 42% share, driven by high healthcare IT spending, strong internet connectivity, and favorable insurance coverages.
    • Key Players: Major players in the market include CVS Health Payor Solution, McKesson Corp, Cardinal Health, Cigna Healthcare, Elevance Health, Centene Corporation, and Teladoc Health, Inc.

    Consultation Mode Analysis

    The virtual health service market is classified into video, audio, kiosks, and messaging modes of consultation. Among these, the video segment led the market with 35.6% in 2022 and is expected to maintain its dominance throughout the forecast period. In recent years, video consultation has become one of the most advanced forms of telemedicine. Video consultations offer several advantages over telephone visits. They allow for visual contact, which provides more information and facilitates communication.

    Additionally, video consultations enable doctors to visually inspect patients and assess their overall condition. Research has demonstrated that video consultations are more successful than telephone appointments in treating specific disorders like depression. However, overall, teleconsultation provides a similar level of care as video visits.

    A virtual visit allows a natural and interactive communication form that can build a trustful relationship between the patient and the service provider.

    Some of the modes of communication includes

    • Video (Video on chat platforms, Skype/Face time, Apps etc.)
    • Audio (Apps, Phone, VOIP etc.)
    • Text Based:
    • Chat based applications (Websites, specialized telemedicine smartphone Apps etc.)
    • General text/ chat platforms/messaging (Google Hangouts, Facebook Messenger, WhatsApp etc.)
    • Asynchronous (Fax /email etc.)

    Component Analysis

    The component segment is divided into software & services and hardware. In 2022, the services & software segment had the biggest share of revenue, making up to 56%. This growth is because of the increasing need for various services like, installation, maintenance, training, staffing, and others. As software solutions continue to improve, there is a higher demand for installation and training services. Major players offer a variety of post-installation services and pre-installation, either as a package or on their own, which helps to increase growth in this segment.

    The software & services segment is expected to experience the fastest CAGR during the projected period. This growth is mainly due to the quick adoption of software solutions by healthcare providers, hospitals and insurance payers and patients. The integration of deep learning, machine learning and AI functionality further improves the personalization of healthcare which contributes to the market growth. Machine learning and AI are used in digital health to help analyze patients’ conditions remotely. Moreover, an AI Chabot is used to provide up-to-date healthcare information.

    End-user Analysis

    The end-user segment is divided into patient, healthcare providers, payers, employers and others. Among these, the patient segment had a dominant position in the market, holding a market share of over 31.2%. People turn to telemedicine for a range of reasons, whether they are dealing with minor or serious health concerns or even emergencies. To meet these diverse needs, companies that offer telemedicine services are continuously expanding their offerings.

    One such company, VSee, provides telemedicine software, carts, kits, and dashboards that enable remote patient monitoring. They also offer Application Programming Interfaces (APIs) and Software Development Kits (SDKs) that are tailored to various clinical specialties, including emergency medical care. During the projected period, the provider segment is expected to experience the most rapid growth rate.

    Telemedicine solutions are proven to improve the quality of healthcare by offering healthcare professionals quick access to patient records, decision support, improved workflow, analytics, and other beneficial features. Moreover, eHealth solutions provide great convenience for healthcare professionals in terms of data management and patient planning. These benefits are expected to accelerate the adoption of telemedicine solutions during the forecast period.

    Virtual Health Service Market Size

    Key Market Segments

    By Consultation Mode

    • Video
    • Audio
    • Messaging
    • Kiosks

    By Component

    • Software & Services
    • Hardware

    By End-User

    • Patient
    • Healthcare Providers
    • Payers
    • Employers
    • Others

    Drivers

    The cost-effectiveness of telehealth services is expected to promote the growth of this market.

    Patient as well as service providers save their expenses by using telehealth. Prior to the hospital visit during non-emergency services, patients can use digital appointments as a first step. Service providers can save a significant amount on the administration processes of the hospital. Usage of virtual health services has resulted in cost savings as compared to traditional in-person care. It reduces travel expenses, increases efficiency, and also minimizes hospital readmissions.

    Adaptation of Telemedicine

    It is accessible and convenient for the patient to receive care and medical consultation remotely. Therefore, telemedicine has been gaining popularity rapidly. The COVID-19 pandemic accelerated the adoption of telemedicine, and it became an essential tool for the healthcare provider to maintain physical distancing and offer services to the patients. Social distancing and lockdown measures during the early stages of the pandemic led to rapid and widespread telemedicine adoption in healthcare settings.

    Virtual Health Services bridge the Rural Gap

    The use of virtual health services is revolutionizing rural healthcare by providing essential medical care to remote areas. With the world becoming more digital, innovative technologies such as telemedicine and Health IT are closing the gap in accessing healthcare. This ensures that individuals in isolated areas receive the necessary medical attention they require.

    Telemedicine is a method of providing healthcare through the use of communication technologies and digital information, especially when the service provider and patient are located far apart. It has been found to be particularly beneficial for rural and underserved areas, reducing the need for patients to travel long distances to see medical specialists. This makes healthcare more accessible and convenient for people living in rural areas.

    Restraints

    Data Privacy Issues

    Three risk factors associated with privacy and security in telehealth practice include technology factors (limited access to internet, technology and data security issues), operational factors (technology accessibility, payer denials, reimbursement, education and training) and environmental factors (difficulty sharing sensitive health information remotely, lack of private space for vulnerable populations)

    Sharing sensitive information with healthcare providers and workers can be challenging due to privacy concerns. One such concern is that the location of the videoconference may unintentionally reveal details about the patient’s living conditions. Moreover, healthcare providers are concerned about the space, location, and accessibility of telehealth services.

    Limited access to internet connectivity

    Limited connectivity to the internet in less-developed or rural areas creates a digital divide. This might lead to decrease in the demand for virtual health services in these areas. As per India Today news, out of the 5.97 lakh villages, more than 25,000 villages in India still lacks internet or mobile connectivity.

    Opportunity

    Technological Advancements

    Remote monitoring devices, video conferencing, mobile health applications, and telemedicine platforms are the result of advancements in digital technologies in which both healthcare providers and patients can get easy and convenient access to virtual health and services. Artificial Intelligence (AI) is one of the most recent developments in telemedicine technologies that aims to improve healthcare providers’ productivity. With the introduction of wearable devices and other remote patient tracking resources, this technology keeps patients updated.

    Trends

    Virtual-first Care

    A new trend in healthcare is emerging where care is provided in the comfort of one’s home rather than in the doctor’s office. With virtual care, patients can receive many of the same services they would in-person, but with the added convenience of remote delivery. By connecting patients with healthcare providers through virtual platforms, this approach is improving accessibility, outcomes, patient satisfaction, and overall quality of life. This is a particularly valuable solution for providers navigating complex clinical and financial challenges.

    Virtual care for mental health

    Virtual behavioral health solutions are expected to come to the fore, especially in light of the COVID-19 pandemic. Increasing investment in mental health-related therapies is expected to raise the demand for virtual health services in the coming years.

    Regional Analysis

    North America Holds Region Accounted Significant Share of the Global Virtual Health Service Market

    North America held the largest market share, with 42% in virtual health service market in 2022. The North America region dominated the market because there is high spending on healthcare IT, strong internet connectivity, presence of key players, and large population base of smartphone users. Availability of favorable insurance coverages in the region is further driving the regional growth of the market.

    Virtual Health Service Market Region

    Key Regions

    • North America
      • The US
      • Canada
    • Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Russia & CIS
      • Rest of Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • ASEAN
      • Rest of APAC
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC
      • South Africa
      • Rest of MEA

    Key Players Analysis

    Virtual health service market is fragmented in nature due to presence of several companies operating regionally as well as globally. Some of the dominant players of virtual health service industry are CVS Health Payor Solution, McKesson Corp, Cardinal Health, Cigna Healthcare, Elevance Health, Centene Corporation. This market is very vast and fragmented. Thus many leaders are coming with new technologies and new ideas.

    Market Key Players

    The following are some of the major players in the industry

    • CVS Health Payor Solution
    • McKesson Corp
    • Cardinal Health
    • Cigna Healthcare
    • Elevance Health
    • Centene Corporation
    • Teladoc Health, Inc.
    • Other Key Players

    Recent Developments

    • CVS Health Payor Solution (June 2024): CVS Health Payor Solution launched VirtualCare Connect, a comprehensive virtual health platform that offers telehealth consultations, remote patient monitoring, and digital wellness programs, aimed at improving patient outcomes and reducing healthcare costs.
    • McKesson Corp (May 2024): McKesson Corp acquired HealthNet Solutions in May 2024, a company specializing in telehealth services and virtual care technologies. This acquisition is expected to enhance McKesson’s virtual health offerings and expand its market presence.
    • Cardinal Health (April 2024): Cardinal Health introduced VirtualHealth Suite in April 2024, a robust telehealth platform designed to support healthcare providers with remote consultations, patient management, and integrated electronic health records (EHR) capabilities.
    • Cigna Healthcare (March 2024): Cigna Healthcare merged with TeleCare Inc. in March 2024. This strategic merger aims to combine resources and expertise to deliver advanced virtual health services, including telemedicine, digital therapeutics, and remote patient monitoring.
    • Elevance Health (February 2024): Elevance Health acquired VirtualHealth Innovations, a leading provider of telehealth solutions. This acquisition is intended to expand Elevance Health’s virtual care capabilities and improve access to remote healthcare services for its members.

    Report Scope

    Report Features Description
    Market Value (2023) USD 8.7  Billion
    Forecast Revenue (2032) USD 50.9 Billion
    CAGR (2023-2032) 22.4%
    Base Year for Estimation 2022
    Historic Period 2016-2021
    Forecast Period 2023-2032
    Report Coverage Revenue Forecast, Market Dynamics, Competitive Landscape, Recent Developments
    Segments Covered By Consultation Mode (Video, Audio, Messaging and Kiosks), By Component (Software & Services, Hardware), by End-Users (Patient, Healthcare Providers, Payers, Employers and others)
    Regional Analysis North America – The US & Canada; Europe – Germany, France, The UK, Spain, Italy, Russia & CIS, Rest of Europe; APAC– China, Japan, South Korea, India, ASEAN & Rest of APAC; Latin America– Brazil, Mexico & Rest of Latin America; Middle East & Africa– GCC, South Africa, & Rest of MEA
    Competitive Landscape CVS Health Payor Solution, McKesson Corp, Cardinal Health, Cigna Healthcare, Elevance Health, Centene Corporation, Teladoc Health, Inc., Other Key Players
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What is Virtual Health Service (VHS)?

    Virtual Health Service refers to healthcare services and consultations provided remotely through digital platforms, such as video calls, chat, or mobile apps.

    How big is the Virtual Health Service Market?

    The global Virtual Health Service Market size was estimated at USD 7.1 billion in 2022 and is expected to reach USD 50.9 billion in 2032.

    What is the Virtual Health Service Market growth?

    The global Virtual Health Service Market is expected to grow at a compound annual growth rate of 22.4%.

    Who are the key companies/players in the Virtual Health Service Market?

    Some of the key players in the Virtual Health Service Markets are CVS Health Payor Solution, McKesson Corp, Cardinal Health, Cigna Healthcare, Elevance Health, Centene Corporation, Teladoc Health, Inc., Other Key Players

    Why are Virtual Health Services important?

    VHS expands access to healthcare, increases convenience, and supports timely medical consultations, especially in remote or underserved areas.

    What types of services can I access through Virtual Health Services?

    You can access a wide range of services, including medical consultations, mental health counseling, prescription refills, and follow-up appointments.

    Virtual Health Service Market
    Virtual Health Service Market
    Published date: July 2024
    add_shopping_cartBuy Now get_appDownload Sample
    keyboard_arrow_up
    • CVS Health Payor Solution
    • McKesson Corp
    • Cardinal Health
    • Cigna Healthcare
    • Elevance Health
    • Centene Corporation
    • Teladoc Health, Inc.
    • Other Key Players

Related Reports

  • Clinical Laboratory Services Market
  • Air Ambulance Services Market
  • Private Nursing Services Market
  • Remote Patient Monitoring Software and Services Market
  • Dental Services Market
  • Bioinformatics Services Market
  • Healthcare Claims Management Market
  • Medical Transcription Software Market
  • Medication Management System Market
  • Generative AI in Healthcare Market

Our Clients

  • Our Clients
Virtual Health Service Market
  • 105794
  • July 2024
    • ★★★★★
      ★★★★★
    • (71)
add_shopping_cart Buy Now
Trusted by more than 17382 organizations globally
  • Client Logo
  • Client Logo
  • Client Logo
✖
Request a Sample Report
We'll get back to you as quickly as possible

  • location_on420 Lexington Avenue, Suite 300 New York City, NY 10170,
    United States
  • phone+1 718 874 1545 (International)
  • phone+91 78878 22626 (Asia)
  • email[email protected]
  • Facebook Logo
  • Twitter Logo
  • LinkedIn Logo
Find Help
  • Contact Us
  • How to Order
Legal
  • Privacy Policy
  • Refund Policy
  • Frequently Asked Questions
  • Terms and Conditions
Explore
  • About Us
  • All Reports
  • All Sectors
  • Infographics
  • Statistics and Facts
Secured Payment Options
Secured Payment Options

© 2025 Market.Us. All Rights Reserved.