In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
May 2021: Allscripts Healthcare Solutions Inc. announced that its Allscripts Developer Program (ADP) leading team has launched ADP Empower, a new program designed to amplify diverse voices in the healthcare technology industry.
January 2021: Royal Philips, the subsidiary of Koninklijke Philips N.V., announced that it would acquire the leading medical device integration and data technologies services provider, Capsule Technologies, Inc. The acquisition will help Royal Philips to expand its portfolio of services in the healthcare industry.
The global virtual care & healthcare delivery market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. The growth in the number of patients suffering from life-associated chronic disease, aging population coupled with the proliferating internet penetration across the globe is estimated to contribute to the development of the market. These are virtual visits with the help of communication devices held by patients and physicians located in different places, which are mainly used for meetings, consultation regarding common health issues, follow up consultations and others. The ease of virtual health checks-up and consultations for individuals especially, the old-age population, is expected to boost the market growth over the forecast period. According to the data collected from World Health Organisation, the world’s population aged 60 years and older was 1 billion in 2019, which is expected to cross 2.1 billion by 2050. Moreover, the increasing prevalence of various chronic and infectious diseases, and benefits of virtual healthcare, such as, saving time and money through offered discounts, prevention from getting infections at hospitals or clinics, and the option for a second opinion simultaneously, are expected to influence the market growth. Moreover, the IT investments healthcare sector and advancement of technologies that help facilitate healthcare providers such as doctors and specialists to connect with patients across extended distances is another leading factor expected to boost the market growth.
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The market is segmented on the basis of platform type into video consultation, audio consultation, messaging, KIOSKS and, others out of which, the video consultation segment is anticipated to grab the most significant share by the end of 2021, on account of better accessibility for follow up with patients, higher favourable diagnosis rates and better efficiency over the video consultation as compared to audio consultation.
Based on components, the services segment in the global virtual care and healthcare delivery market is projected to grow with a significant CAGR over the forecast period. The segment's growth can be attributed to the availability of healthcare IT service providers, and the launch of new services regularly across the globe. Meanwhile, the software segment is expected to grow steadily by the end of 2030 owing to the development of new technologies, such as, artificial intelligence, and machine learning in the virtual healthcare market and the adoption of such solutions in developing nations.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.74 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.31 in 2008 to USD 1,110.84 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
The market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising internet penetration and growing awareness about the benefits of virtual healthcare system. Moreover, the introduction of 5G in certain countries such as Singapore and Japan are leading to the adoption virtual healthcare services in the region.
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investments of the government in the virtual care and healthcare delivery market, accompanied by the increasing research and development to produce more efficient virtual care and delivery platforms. Alternatively, the market in Europe is also anticipated to occupy a significant share in the virtual care and healthcare delivery market on account of increasing adoption of new technologies and increasing research and development revolving around developing virtual care services in the region. As per the analysis of the GSM Association, at the end of 2019, 66% population in the Asia Pacific subscribed to mobile services.
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The global virtual care & healthcare delivery market is further classified on the basis of region as follows:
Our in-depth analysis of the global virtual care & healthcare delivery market includes the following segments:
Ans: Increasing internet penetration and increasing geriatric population in the world are the key factors driving market growth.
Ans: The market is anticipated to attain a high CAGR over the forecast period, i.e., 2022-2030.
Ans: Lack of awareness about the virtual services in lower economic regions is estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the internet penetration and growing awareness about virtual healthcare benefits in the region.
Ans: The major players dominating the virtual care & healthcare delivery market are Medtronic, Honeywell International Inc., McKesson Corporation, OBS Medical, and AMD Global Telemedicine, among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by platform type, component, and region.
Ans: With respect to platform type, the video consultation segment is anticipated to hold the largest market share owing to higher positive diagnosis rates and better efficiency of video consultation.