Virtual Care Market Size, Share, and Trends 2024 to 2033

Virtual Care Market (By Modality: Real-time Virtual Health, Remote Patient Monitoring, Store and Forward; By Component: Services, Hardware, Software; By Delivery Mode: Web/App-based, Cloud-based, On-premises; By End-user: Healthcare Providers, Patients, Employer Groups and Government Organizations, Payers) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

  • Last Updated : June 2024
  • Report Code : 4515
  • Category : Healthcare

Virtual Care Market Size and Forecast

The global virtual care market size was USD 11.49 billion in 2023, calculated at USD 15.18 billion in 2024, and is expected to reach around USD 186.13 billion by 2033. The market is expanding at a solid CAGR of 32.11% over the forecast period 2024 to 2033. The rising developments in the healthcare industry across the world are driving the growth of the virtual care market.

Virtual Care Market Size 2024 to 2033

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Virtual Care Market Key Takeaways

  • The North America virtual care market size is exhibited at USD 2.30 billion in 2023 and is expected to attain around USD 37.69 billion by 2033, poised to grow at a CAGR of 32.26% between 2024 and 2033.
  • North America led the market with the largest share in 2023.
  • Asia Pacific region is expected to experience the fastest rate of growth during the forecast period.
  • By modality, the real-time virtual health segment led the market in 2023.
  • By modality, the remote patient monitoring segment is expected to grow significantly during the forecast period.
  • By component, the services segment dominated the market in 2023.
  • By component, the hardware segment is estimated to grow with the highest CAGR during the forecast period.
  • By delivery mode, the web/app-based segment held the largest market share in the virtual care market.
  • By delivery mode, the cloud-based segment is estimated to grow with the highest CAGR during the forecast period.
  • By end-user, the healthcare providers segment dominated the market in 2023.
  • By end-user, the patient monitoring segment is expected to be the fastest-growing segment in 2023.

U.S. Virtual Care Market Size and Growth 2024 to 2033

The U.S. virtual care market size surpassed USD 1.72 billion in 2023 and is projected to attain around USD 28.46 billion by 2033, poised to grow at a CAGR of 32.39% from 2024 to 2033.

U.S. Virtual Care Market Size 2024 to 2033

North America held the largest virtual care market share in 2023 and is expected to maintain its dominance throughout the forecast period. The growth of this region is mainly driven by the rising government initiatives in countries such as the US, Canada, and Mexico to develop the remote healthcare sector in this region. Also, growing advancements in science and technology, along with the high disposable income of the people, are likely to boost the market growth. The rising developments in the telecommunication sector, along with the presence of a well-developed IT industry, are driving the market growth in this region. Moreover, the availability of high-grade internet facilities, along with the growing penetration of smartphones, has boosted the market growth in this region. The growing adoption of e-consultation services, along with rising developments in AI infrastructure, propels the market growth in this region. Furthermore, the presence of several virtual care companies, such as AMD Global Telemedicine, American Well, Wheel, Teladoc Health, BioTelemetry, and others, boost the growth of the virtual care market.

  • In May 2024, the FDA (the U.S. Food and Drug Administration) announced a new initiative named ‘the Home as a Health Care Hub’ for developing remote healthcare across the U.S.
  • In June 2024, Wheel launched an AI-driven Horizon platform. This launch aimed at integrating AI technology in a virtual care platform to enhance the capabilities of digital health solution providers and life sciences companies across the U.S.

Virtual Care Market Share, By Region, 2023 (%)

Asia Pacific is expected to be the fastest-growing region during the forecast period. The growth of this region is mainly driven by the rising developments in the medical devices industry across countries such as India, China, Japan, Israel, and others. Also, the growing interest from the public and private sectors in development & research for developing virtual care industries has boosted the market growth. The rise in a number of government initiatives to develop the healthcare sector, along with increasing government investment in strengthening the healthcare sector, is driving the market growth. Furthermore, the presence of several local virtual care market players, such as Intouch Technologies, Halodoc, Speedoc, Jio Health, and others, drives the growth of the virtual care industry.

  • In the budget of 2023-2024, the Ministry of Health and Family Welfare received an amount of Rs 89,155 crore from the Indian government for developing health research and health & family welfare.
  • In July 2023, Speedoc announced a partnership with Parkway Shenton. This partnership is done to provide 24*7 virtual care to patients across the Asia-Pacific region.

Market Overview

The virtual care market is an important industry in the healthcare domain. This industry deals in providing remote monitoring of patients across the world. The virtual care market is expected to grow significantly with the increase in government initiatives to develop the healthcare sector in different parts of the world. This industry mainly consists of several components, including software, hardware, and services. Virtual care comprises several modes of communication that mainly include real-time virtual health, remote patient monitoring, and store and forward. It also consists of several delivery modes, such as web/app-based, cloud-based, and on-premises. This industry comprises many end users that mainly include healthcare providers, patients, employer groups government organizations, and payers. This industry is likely to grow exponentially with the growth in the healthcare and IT sector.

  • In February 2024, GE HealthCare collaborated with Biofourmis. This collaboration aimed at developing and expanding virtual care at-home solutions.

Virtual Care Market Growth Factors

  • The technological advancements in the healthcare industry are expected to drive the growth of the virtual care market.
  • The rise in government initiatives for strengthening the medical sector has driven market growth.
  • The ongoing developments in the AI industry across the world foster market growth.
  • The increasing adoption of online consulting and integration of modern technologies in telemedicine has boosted the market growth.
  • The rising investments from public and private sector entities for developing the virtual care industries also boost the market growth.
  • The growing penetration of the internet, along with the rising use of mobile phones across the world, drives the market growth.
  • The increasing application of telemedicine in post-operative and rehabilitation care boosts the market growth.
  • The advancements in the telecommunication industry propel market growth.
  • The rising advancements in video enhancement technologies are likely to boost the market growth positively.
  • The growing trend of medical wearables devices for remote monitoring of patients fosters virtual care market growth to some extent.

Virtual Care Market Scope

Report Coverage Details
Market Size by 2033 USD 186.13 Billion
Market Size in 2023 USD 11.49 Billion
Market Size in 2024 USD 15.18 Billion
Market Growth Rate from 2024 to 2033 CAGR of 32.11%
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Modality, Component, Delivery Mode, End-user, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Virtual Care Market Dynamics

Drivers

Growing use of smartphones for telehealth

The growing demand for telemedicine across the world increases the demand for smartphones with superior features. Also, the rising proliferation of smartphones has increased the demand for online consulting services for patients suffering from various diseases. By using smartphones, patients can seek advice from the best doctors remotely. This, in turn, boosts the market growth. The advancements in IT sectors associated with the development of healthcare applications for smartphones have developed rapidly in present times. Moreover, virtual care companies have started launching new mobile applications to provide superior telemedicine services to people across the world.

  • In April 2024, Cedars-Sinai launched a mobile app named ‘Cedars-Sinai Connect.’ This app supports virtual healthcare for children and Spanish speakers in California and allows people to access the best healthcare professionals for chronic, acute, and preventive care.

Rising adoption of virtual care services by military officials

The demand for virtual care services has increased in the military department due to the rise in warfare across different parts of the world. During warfare, the soldier may get injured at any time and require emergency treatment to be cured, which, in turn, drives the growth of the virtual care market in military operations. Moreover, several government initiatives for developing telemedicine services for military purposes are likely to boost the market growth.

  • In March 2024, the U.S. Défense Health Agency launched a new digital tool named ‘My Military Health.’ Through this tool, military officials will get 24*7 doctor consultations across the U.S.

Restraint

Data breaches and the high cost of telemedicine

The virtual care industry is developing significantly with the growing trend of online healthcare across the world. However, there are various problems associated with virtual care. Firstly, there are security issues due to data breaches and online consultations between doctors and patients. Secondly, the deployment of virtual care systems in hospitals and other organizations is also growing rapidly in present times. Thus, security issues, along with the high cost associated with virtual care systems, are expected to restrain the growth of the virtual care market.

Opportunity

Integration of AI in virtual care

The virtual care industry has developed rapidly due to the advancements in modern sciences and technologies. The ongoing development of modern technologies, such as AI, has contributed significantly to the development of the telemedicine sector. The integration of AI in virtual care helps to enhance the overall quality of remote medical consulting. Thus, the integration of AI technologies in the virtual world is expected to create ample growth opportunities for market players in the future.

  • In February 2024, Virtua Health announced it would partner with Care.ai. This partnership aims to integrate AI technology into a virtual care platform to optimize patient care and improve the experience of consultation among doctors and patients.

Modality Insights

The real-time virtual health segment held the largest virtual care market share in 2023 and is expected to continue its dominance during the forecast period. The growth of this segment is generally driven by the rising prevalence of chronic diseases among people who need emergency checkups to get cured. Also, the rising advancements in audio and video technologies to provide superior telehealth consultations among patients and doctors further drive the market growth. The growing adoption of smart gadgets such as smartwatches, bands, fitness trackers, and others is boosting market growth. Moreover, several virtual care companies started developing real-time virtual health platforms with superior audio and video capabilities that, in turn, are expected to drive the growth of the virtual care market.

  • In October 2022, Veta Health launched a real-time virtual care platform. Through this launch, Veta Health will use Twilio’s text/chat features in its platform to enhance communication among patients and doctors.

The remote patient monitoring segment is expected to grow significantly during the forecast period. The growth of this segment is generally driven by the growing cases of insomnia across the world. Also, the growing adoption of smart trackers to monitor diabetes and blood sugar among patients drives the market growth. Moreover, the growing demand for portable and wireless medical devices is also expected to boost the market growth to some extent. The growing emphasis on remote patient monitoring services among patients in developed countries, along with a rising number of collaborations among healthcare companies for developing superior remote patient monitoring services, is driving the growth of the virtual care market.

  • In August 2023, Omron Healthcare collaborated with EPIC Health. This collaboration aimed at launching a remote patient monitoring service for patients who are prone to heart attack and stroke risks.

Components Insights

The services segment dominated the virtual care market in 2023. The growth of this segment is generally driven by the growing demand for telehealth services to treat patients in remote locations. The growing advancements in medical sciences, along with the rising penetration of the internet in isolated areas, are likely to boost the market growth. Moreover, the growing incidences of cancer and cardiovascular diseases increase the demand for virtual care services, thereby driving market growth. Also, virtual care companies are launching several telehealth services to enhance remote communication among doctors and patients, which, in turn, drives the growth of the virtual care market.

  • In December 2023, Hartford HealthCare launched a new virtual care service. This new service is named ‘The Health Desk @ 100 Pearl’ and is aimed at advancing telehealth across the U.S. region.

The hardware segment is estimated to grow with the highest CAGR during the forecast period. The growth of this segment is driven by the rising demand for remote patient monitoring services across the world. Also, the rising adoption of tablets and mobile phones for online consultations is likely to boost the market growth. Moreover, telehealth companies are launching several virtual care hardware components such as monitors and trackers, which, in turn, boost the market growth.

  • In November 2023, AWS launched a new virtual desktop. This desktop is launched to enhance the experience of virtual care among patients.

Delivery Mode Insights

The web/app-based segment held the largest share in the market. This segment is generally driven by the growing demand for smartphones across the world. Moreover, the rise in the number of mobile applications related to virtual care, along with advancements in app development methodologies, is likely to boost the market growth. Also, several healthcare companies are launching mobile applications that provide superior telehealth services to the people, thereby driving the growth of the virtual care market.

  • In May 2023, MediBuddy launched the Eagle Intelligent Health app in South Africa. This app provides high-end telehealth services to the people of this country.

The cloud-based segment is estimated to grow with the highest CAGR during the forecast period. The growth of this segment is generally driven by the rise in the number of cloud data centers across the world. Also, advancements in high-speed broadband and 5G services are likely to support the growth of the cloud-based virtual care industry. Moreover, healthcare companies are developing cloud-based virtual care systems that drive the growth of the virtual care market during the forecast period.

  • In October 2023, 98point6 Technologies announced a partnership with SteadyMD. This partnership is aimed at developing a cloud-based virtual care platform to provide high-end patient-doctor interaction.

End-User Insights

The healthcare providers segment dominated the market in 2023. This segment is generally driven by the rise in the number of healthcare providers of virtual care services across the world. Also, the rising number of investments by private and public sector entities in the healthcare industry is likely to boost market growth. Moreover, healthcare providers are launching various virtual healthcare services, which in turn drives the growth of the virtual care market.

  • In March 2024, Island Health launched a new Virtual Palliative Supportive Care (VPSC) system. Through this launch, the company aims to deliver high-quality consultations to patients living in remote areas.

The patient monitoring segment is expected to be the fastest-growing segment in 2023. The growth of this segment is generally driven by the growing demand for remote patient monitoring services. Also, the growing prevalence of infectious diseases among patients increases the demand for remote consultation services, thereby boosting market growth. Moreover, the advancements in patient monitoring devices, along with developments in telecommunication sectors, are driving the growth of the virtual care market.

Virtual Care Companies

Virtual Care Market Companies

  • AMD Global Telemedicine
  • American Well
  • BioTelemetry
  • GlobalMedia Group
  • Koninklijke Philips
  • Resideo Life Care Solutions
  • Medtronic
  • Teladoc Health
  • InTouch Technologies
  • Vivify Health

Recent Developments

  • In June 2024, MetroHealth partnered with MUSC Health. This partnership is done to launch a virtual telehealth company named ‘Ovatient.’ This company will allow patients to consult with physicians remotely.
  • In May 2024, TeleRare Health launched a new virtual care platform. Through this launch, the company aims to offer virtual care appointments for patients suffering from rare diseases.
  • In May 2024, Monstarlab partnered with eVisit. This partnership aimed at developing virtual care platforms across Asia.
  • In May 2024, Owensboro Health launched a virtual nursing program. Through this launch, the virtual nursing model will act as an additional resource to help patients during emergency situations.
  • In February 2024, AvaSure launched AvaSure Episodic. AvaSure Episodic is a new virtual care platform that allows video calling among nurses and patients in the US and Canada.

Segments Covered in the Report

By Modality

  • Real-time Virtual Health
    • Video
    • Audio
    • Chat/E-mail
  • Remote Patient Monitoring
  • Store and Forward

By Component

  • Services
  • Hardware
  • Software

By Delivery Mode

  • Web/App-based
  • Cloud-based
  • On-premises

By End-user

  • Healthcare Providers
  • Patients
  • Employer Groups and Government Organizations
  • Payers

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

The global virtual care market size is expected to increase USD 186.13 billion by 2033 from USD 11.49 billion in 2023.

The virtual care market is anticipated to grow at a CAGR of over 32.11% between 2024 and 2033

The major players operating in the virtual care market are AMD Global Telemedicine, American Well, Biotelemetry, GlobalMedia Group, Koninklijke Philips, Resideo Life Care Solutions, Medtronic, Teladoc Health, InTouch Technologies, Vivify Health, and Others.

The driving factors of the virtual care market are the growing use of smartphones for telehealth and rising adoption of virtual care services by military officials.

North America region will lead the global virtual care market during the forecast period 2024 to 2033.

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