The virtual healthcare market is expected to reach revenues over $3.5 billion by 2022 with a CAGR of 49.8 percent during the forecast period, according to a recent report by Verify Markets. The report represent revenues generated by companies operating in the U.S. virtual healthcare market by mode of consultation (online visits to physicians through various modes of communication such as audio, video and kiosks).
Core Virtual Healthcare Market Segments
Growth in the virtual healthcare market is largely being driven by revenue generated from three core segments:
1. Video Consultation– revenues generated from video consultation services used by patients through their personal devices such as laptops, tablets, smartphones and desktops
2. Audio Consultation – revenues genereated from audio consultation used by patients through their telephonic devices
3. Kiosks – this core segment involves revenues generated from patients visiting kiosks deployed by virtual healthcare companies at various pharmacies, employer sites, and emergency room in hospitals
Key Market Drivers
The adoption of integrated business models by the healthcare industry and increasing penetration of smartphones have significantly fostered the rise of the virtual healthcare market in the United States. The Affordable Care Act is consequently leading to the increasing popularity of virtual healthcare services among hospitals and customers. Furthermore, virtual healthcare offers benefits such as resource optimization in the healthcare industry and reduction in the number of personal visits in non-emergency medical conditions, which are the key driving factors in the U.S. virtual healthcare market. However, factors such as varying medical practices laws across different states and security and privacy for patients are posing as major restraints to the growth of the U.S. virtual healthcare market.
Digital transformation allows the healthcare industry to deliver on-demand non-emergency medical treatments to patients. U.S. certified doctors and physicians are listed on various virtual healthcare service platforms eliminating the occurrence of any fraud medical practice. In addition, insurance companies have been keen on increasing coverage for such virtual healthcare services. Companies like Cigna Healthcare and Life Insurance Company (CHLIC) and UnitedHealth partnered with virtual healthcare service providers MDLIVE, Inc. and American Well Corporation, respectively, to offer maximum access to healthcare services for its members.
Emerging Market Leaders
Prominent companies included in this report are Teladoc, Inc., MDLIVE, Inc., Doctor on Demand, Inc., American Well Corporation and HealthTap, Inc.