Market Trends of Global Virtual Care Industry
This section covers the major market trends shaping the Virtual Care Market according to our research experts:
Home Healthcare Segment is Expected to Witness Significant Growth Over the Forecast Period
The home healthcare segment is anticipated to witness significant growth over the forecast period. With the advent of COVID-19, patients are gradually adopting the virtual care concept. Although the concept already exists in developed countries such as the United States, it is still new in many developing countries. With the onset of COVID-19, virtual care has emerged as one of the easiest and most utilized modes of consultation among all age groups.
The lack of beds and high consultation waiting time in hospitals have majorly contributed to the shift of the physical to virtual care trend. For instance, the National Health Service in the United Kingdom published a guideline on establishing technology-enabled virtual wards for patients in December 2021. Virtual wards enable patients who would normally be admitted to the hospital to receive the acute care, remote monitoring, and therapy they require in the comfort of their own homes, including care homes. The organization further stated that by making the appropriate information available to the right people at the right time, technology might help organizations lessen the stress on frontline workers and enhance patient outcomes. Virtual wards are appropriate for a variety of illnesses that can be handled and monitored safely and successfully at home. Many communities have created or are working to create virtual wards for a variety of patients, including those with respiratory issues, heart failure, or acute exacerbations of a frailty-related ailment. In addition, there is no risk of getting any infections during virtual visits, while in physical visits, the risk is comparatively high. Therefore, such instances indicate that the home healthcare segment is expected to witness significant growth over the forecast period.
North America is Expected to Dominate the Virtual Care Market Over the Forecast Period
North America is expected to dominate the market owing to factors such as increasing adoption of virtual care models, expanding the geographical reach of the companies, a surge in the number of virtual healthcare start-ups, and growing service launches by key and small players operating in this region. For instance, in February 2022, Clinicians launched the first virtual care service, KixCare, for kids in Canada. Therefore, such developments are anticipated to propel the market's growth in this region.
Moreover, key service launches, government initiatives toward virtual care, and a high concentration of market players or manufacturers' presence in the United States are some of the other factors driving the growth of the virtual care market in the country. For instance, as per the report published by the US Department of Health & Human Services (HHS) in February 2022, HHS awarded around USD 55 million to increase virtual health care access and quality through community health care centers. The funding will help the health centers adopt the latest innovations and technologies to expand facilities for primary care for underserved communities. Likewise, in May 2022, CVS Health introduced CVS Health Virtual Primary Care, a new virtual care solution accessible via a single digital platform. For a more coordinated and consumer-centric health care experience, the solution integrates CVS Health's services, clinical expertise, and data. Hence, such factors are anticipated to propel the market growth in the United States over the forecast period. Therefore, owing to the aforementioned factors, the growth of the studied market is anticipated in the North American region.
