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

Albany, NY -- (SBWire) -- 03/08/2019 --Revenue generated by the global virtual care market is estimated to exhibit a double-digit CAGR and reach US$ 13.08 Bn by 2026, demonstrating stellar expansion at 26.1% CAGR over 2018-2026. Revenue contribution from the virtual care solution segment is expected to expand at a CAGR of 26.9% during the forecast period due to the increasing deployment of solutions in different virtual care application areas such as hospitals, pharmacies, and others.

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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.

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 24x7 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, 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.

A proliferating trend of virtual hospitals is particularly driving the virtual care market in Western Europe. This 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.

Virtual care is a method that includes the treatment of patients suffering from routine healthcare issues with the help of video, audio or written communication. It can also be referred to as virtual visits with the help of communication devices held by patients as well as physicians located in different places. Virtual care methods are mainly used for meetings, consultation regarding regular health issues consultation, and the like. Virtual care consists of the "virtual visits" that are carried out with the help of telecommunication technologies between patients and healthcare providers. The term "virtual" stands for real-time virtualized meetings between patients and doctors from any location.

Some of the key players in the virtual care market are Teladoc, Inc.; Americal Well; AT&T Inc.; MDLIVE Inc.; AMD Global Telemedicine, Inc.; Koninklijke Philips N.V.; CHI Health; United HealthCare Services Inc.; THA Group; and Synzi.

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Patients and healthcare providers can have virtual visits through different platforms such as a videoconference between a doctor and a patient at home, office, or any other location. Virtual care enables patients as well as doctors to interact with each other from any location, which includes different cities, states, and others. Applications of virtual care in healthcare service delivery is increasing due to the flexibility offered by connected devices. In addition, patients prefer virtual care as they get a chance to find qualified second opinions online owing to the availability of a variety of options for choosing doctors as per their requirements. Virtual care is useful for carrying out meetings, consultations, check-ins, and status reports, however, in-depth diagnosis or treatments cannot be carried out using this method. Moreover, virtual care is applicable in the field of disease management that requires constant follow ups, for instance, in case of patients suffering from diabetes, hypertension, and the like.

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