Online Doctor Consultation Market Size - By Type of Consultation (Video Chat, Audio Chat) By Product Type (software and Services, By End-User (Healthcare Facilities, Homecare, and Others) & Region: Global Forecast 2023 - 2033
- PUBLISHED ON
- 2024-10-17
- NO OF PAGES
- 275
- CATEGORY
- Information Communication & Technology
Market Overview
Online Doctor
Consultation Market is projected to achieve a value of USD 22,032 Million in
2023, with a linear behavior in the market growth it is forecasted to achieve a
value of USD 47,032 Million by 2033 with a CAGR of 23% during the forecast
period 2023-2033.
An online doctor
consultation refers to a virtual video conference between a medical
professional and a patient, gaining increasing popularity due to its promising
advantages. This approach streamlines service delivery by offering a convenient
and swift alternative. Furthermore, it contributes to cost and time savings,
along with reduced effort. Additionally, online medical consultations have
proven effective in addressing common health issues such as acne, the flu,
sinusitis, insect bites, and urinary tract infections.
The growing
demand for smart devices, including smartphones, laptops, and tablets, is
anticipated to be a driving force in the online doctor consultation market.
This surge in demand is primarily attributed to the inadequacy of traditional healthcare
solutions like retail clinics and urgent care centers to meet emergency
requirements as the population continues to increase. Consequently, the
adoption of technology-integrated business models for quicker patient access is
expected to play a significant role in stimulating market growth in the
forecast period.
Additionally,
certified doctors and physicians are increasingly joining various virtual and
online healthcare service platforms. Over the last five years, there has been a
notable increase in the adoption and usage of mobile-based health applications.
This trend is likely to have a positive impact on the online doctor consultation
market in the near future.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2022 |
USD 20,132 Million |
|
Market Forecast in 2033 |
USD 47,032 Million |
|
CAGR % 2023-2033 |
23% |
|
Base Year |
2022 |
|
Historic Data |
2016-2022 |
|
Forecast Period |
2023-2033 |
|
Report USP |
Consumption,
company share, company heatmap, company production capacity, growth factors
and more |
|
Segments Covered |
By Type of Consultation, By
Product type, By End-User |
|
Growth Drivers |
Online
consultations are generally more cost-effective than traditional in-person
visits. Integration with electronic health records (EHRs) and healthcare information systems has improved data sharing and care coordination between online consultation providers and traditional healthcare settings. Advancements in video conferencing, mobile applications, and healthcare technology have improved the quality and ease of online consultations.
|
|
Regional Scope |
North America, Europe, APAC,
South America and Middle East and Africa |
|
Country Scope |
U.S.; Canada;
U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia;
China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico;
Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
|
Key Companies |
MDLIVE Inc, PlushCare,Ping an
Good Doctor, ZocDoc, Inc., American Well,
Grand Rounds, Practo, Sanitas, HealthTap, Inc., MeMD, Guahao, Sata
CommHealth, MyTelemedicine, Inc.,
Babylon Health, iCliniq,SnapMD, Inc.,Teladoc Health, Lybrate, Inc., eVaidya,
Chunyu Yishenge, Virtuwell,Dictum Health,Doctor On Demand, Inc., Medifi
Medtech Solutions USA Limited,and others. |
Market Dynamics
Online Doctor
Consultation market is driven by many factors such as the increasing the uses
of smart devices likes smarts phones, laptops, tablets. Moreover, increasing
the uses of high speed internet, high quality cameras and devices make easy to
see and diagnosed the patient by doctor from anywhere in the world will propel
the growth of the market.
Overcrowding in
emergency departments is a result of limited resources, staff shortages, and
fluctuating patient numbers, causing delays in care and subpar patient
outcomes. The existing healthcare workforce often struggles to manage the large
patient influx effectively. Given the challenges of manual monitoring and
patient care in hospitals, technology presents a complementary solution to
bolster the healthcare industry's capacity and scalability.
As a result, the
rising demand for healthcare services is expected to propel the adoption of
online doctor consultations. These consultations can alleviate the strain on
human resources, improve operational efficiency, and elevate the overall quality
of healthcare services. Consequently, this is poised to drive growth in the
global online doctor consultation market during the forecast period.
The online
medical consultation market could encounter substantial privacy and data
security issues. Ensuring security and confidentiality is crucial within the
online healthcare ecosystem to build trust between patients and healthcare
providers. Moreover, high cost of the telehealth application, maintenance of
app, software, devices and services impeded the growth of market. As a result,
the online medical consultation market is likely to face challenges in the
years ahead due to these concerns.
COVID-19
pandemic impact is expected to remain positive for the Online Doctor
Consultation industry. Due to lockdown and restriction held by the government
everything was disturbed then online consultation get grip to grow. For
instance, Teladoc Health Inc. saw a substantial 60% rise in virtual
consultations, reaching 2 million within a mere three-month span from January
to March 2020, in contrast to the final quarter of 2019.
We Market Research C&C (Consumer Perception and Correlation) Analysis
The Consumer perception and correlation analysis primarily brings forth key consumer demand in the specific period of time. It primarily focuses on analyzing what consumers want as a key functionality within the online doctor consultation product. Below figure depicts the key consumer drivers and their preference level from the consumer side in 2021 and 2022:
Source: We Market Research
Convenience and accessibility are the major key factors that is propelling the online doctor consultation market growth, followed by cost, specialty services and quality of care. From the figure is clearly evident that electronic health record (EHR) has recorded a higher jump, as EHRs support medication management by providing healthcare providers with access to the patient's medication history. This is vital for online consultations where medication adjustments or prescriptions may be necessary.
Further, based on the correlation analysis conducted
between need for EHR on the market it has been observed that EHR is linearly
related to online doctor consultation market with a correlation factor of
0.9379.
Market Type of Consultation Analysis
By Type of
Consultation, the Online Doctor Consultation market is Categories into Video
Chat, Audio Chat. The Video Chat segment accounts for the largest share of
around 76% in market in 2022. The significant growth can be attributed to
factors such as affordability, convenience and accessibility.
Video chat
removes the geographical limitations and delay of availability of doctors during
emergency conditions. Now a day many governments provide funding to learning
and conduct online consulting program. For instance, The Australian Nursing
Federation (ANF) offers a nine-module program aimed at delivering online video
consultation information for clients located in rural, remote and outer
metropolitan areas.
Market Product Type Analysis
By Product type,
the Online Doctor Consultation market is Categories into software and Services.
The Services segment accounts for the largest share of around 79 % in 2022.
Online
consultation services are significantly cutting down on waiting times for
consultations and referrals. This is the reason more hospitals are either
offering or implementing e-consultation services, consequently promoting the
growth of the services segment.
Market End User Analysis
By End-user, the
Online Doctor Consultation market is Categories into Healthcare Facilities,
Homecare, and Others. The Healthcare segment accounts for the largest share of
around 67% in 2022. Rising investment in healthcare and increasing hospital
facility in developed and developing country are major factor to drive the
segment. Increasing awareness, use of telecommunications tools to train doctors
and COVID-19 is one more additional factor which helps to dominate the segment.
However, the
homecare segment is anticipated to experience the most rapid Compound Annual
Growth Rate (CAGR) during the forecast period. Key factors contributing to the
expansion of this segment include substantial cost savings in healthcare
services spending and the increasing elderly population.
Market Regional Analysis
North America
dominate the Online Doctor Consultation market with the highest revenue
generating market with share of more than 52%. Well established healthcare
facility, availability of services and products, increasing preference of home
healthcare services, are the key driving factor of the region.
Europe is
expected to expand the higher growth with highest CAGR in forecasted year. The
factors behind that are increasing investment in healthcare sector, increasing acceptance
of online services.
Asia-Pacific, is
the fastest growing Online Doctor Consultation market in forecasting year.
Rising uses of advance technology, smart phones and advance camera open the
growth of markets. Numerous startup companies, including InstaDoc, FirstCheck,
and others, are establishing a presence in the Asia Pacific region, and this is
expected to stimulate market growth.
Latin America
and Middle East & Africa are expected to grow at a moderate level because
of slower adoption of technologically advanced solutions and lack of awareness
among the population towards tests for Online Doctor Consultation.
Competitive Analysis
The Online
Doctor Consultation market is dominated by a few companies, such as MDLIVE Inc,
PlushCare, Ping an Good Doctor, ZocDoc, Inc., American Well, Grand Rounds,
Practo, Sanitas, HealthTap, Inc., MeMD, Guahao, Sata CommHealth, MyTelemedicine,
Inc., Babylon Health, iCliniq,SnapMD, Inc.,Teladoc Health, Lybrate, Inc.,
eVaidya, Chunyu Yishenge, Virtuwell,Dictum Health,Doctor On Demand, Inc.,
Medifi Medtech Solutions USA Limited,and others.
There are some
of the key trends that are shaping the competitive landscape of the Online
Doctor Consultation market.
Jan 2021,
PlushCare partners with CVS Health to offer virtual care services to CVS
Health's customers.
August 2020,
Teladoc Health, a US-based company, has forged a partnership with Livongo, also
based in the US, to enhance online consultations by integrating AI technology
for seamless diagnosis and consultation services for Teladoc's global customer
base.
July 2020,
Teladoc Health, a US-based company, completed the acquisition of its market
rival, InTouch Health, also based in the US, for a sum of USD 600 million. The
primary goal of this acquisition was to bolster Teladoc's product and service
offerings while expanding its footprint within hospitals and healthcare
systems.
March 2020,
Practo, based in India, introduced a health plan under the name "Practo
Plus" to provide unlimited online doctor consultations.
By Type of Consultation
·
Video Chat
·
Audio Chat
By Product Type
·
software
·
Services
By End-User
·
Healthcare Facilities
·
Homecare
·
Others
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
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Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size of Online Doctor Consultation market in 2022?
Online Doctor Consultation market was valued at USD 20,132 million in 2022 and is estimated to grow at a CAGR of 23%.
Which are the top companies operating within the market?
Major companies operating within the Online Doctor Consultation market, MDLIVE Inc, PlushCare,Ping an Good Doctor, ZocDoc, Inc., American Well, Grand Rounds, Practo, Sanitas, HealthTap, Inc., MeMD, Guahao, Sata CommHealth, MyTelemedicine, Inc., Babylon Health, iCliniq,SnapMD, Inc.,Teladoc Health, Lybrate, Inc., eVaidya, Chunyu Yishenge, Virtuwell,Dictum Health,Doctor On Demand, Inc., Medifi Medtech Solutions USA Limited,and others.
Which region dominates the Online Doctor Consultation market?
North America dominates the market with an active share of 52%, while North America is estimated to grow at a higher CAGR of 15%.
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