Global Virtual Care Market was valued at USD 2.045billion in 2020 which expected to reach USD 43.85billion in 2027 at a CAGR 38.98% from 2021 to 2027.
Virtual care is defined as the method which includes the treatment of patients suffering from routine healthcare issues with the help of audio or written communication, video. It can also be referred to as virtual visits with the help of communication devices held by physicians and patients located in different places. Virtual care mainly used for meetings, consultation regarding healthcare issues. It comprises virtual visits which are carried with the help of telecommunication technologies between patients & healthcare providers.
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The COVID-19 outbreak has changed the dynamics of healthcare. Requirements to ensure social distancing have transformed virtual healthcare from an important innovation to a must-have model. Although, some companies consider virtual care to be a component of telehealth, the analyst concluded that the virtual care comprises telehealth along with various workflow and clinical processes which are important but often slowed down by inefficient technology & archaic communications systems.
Some of the prominent players in the global virtual care market such as American Well, AT&T, AMD Global Telemedicine, Inc., CHI Health, GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., MedSpring, MDLIVE Inc., United HealthCare Services, Inc., etc.
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The Asia Pacific region is expected to be the most lucrative market growing at the fastest growth rate throughout the forecast period. Initiatives by public & private bodies, such as awareness programs, partnerships, and research and development funding, are estimated to boost the market in the region. Furthermore, shortage of healthcare resources is estimated to propel the growth of global virtual care market. For instance, as per the World Health Organization, Thailand & India have ratio of 0.4 and 0.9 physicians per 1,000 people.
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