Online Doctor Consultation 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.
A virtual video conversation between a physician and a patient is referred to as a "online doctor consultation". It is becoming very popular and shows a lot of promise. It makes providing services quick and simple. It also aids in time, money, and effort savings. Common medical conditions including acne, the flu, sinusitis, bug stings, and urinary tract infections can all be effectively treated with online medical consultations.
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Online Doctor Consultation Market: Driver Trend:
One significant factor driving market expansion is the disparity between increasing patient numbers and the understaffing prevalent in healthcare institutions. Due to limited resources, inadequate staffing, and fluctuating patient volumes, emergency rooms often experience overcrowding, leading to treatment delays and suboptimal patient outcomes. The current healthcare workforce levels frequently fall short in efficiently managing the influx of patients. Given the challenges of manually monitoring and attending to patients in hospitals, technology offers an alternative avenue to bolster the capacity and scalability of the healthcare sector. Consequently, there is an anticipation that the rising demand for healthcare services will propel the adoption of online doctor consultations. This innovation can alleviate the burden on human resources, enhance operational efficiency, and elevate the quality of care delivered.
COVID 19 Impact:
As per a recent poll conducted by Boston Consulting Group (BCG), an international business consulting firm, the disruption generated by COVID-19 has resulted in a fundamental transformation in the healthcare sector of India. Nowadays, more Indians prefer virtual medical consultations. The COVID-19 pandemic had a beneficial impact on the market. The industry had a sharp surge in growth as a result of advantageous laws, a rise in online consultations, and a decrease in in-person consultation visits.
The government implemented several steps, including lockdowns and physical contact bans, to stem the spread of the coronavirus, which resulted in a dramatic fall in the number of in-person consultations and meetings with medical professionals. Furthermore, various institutions' initiatives to halt the spread of disease promoted market expansion over the projected period.
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Key Companies Profiled in Online Doctor Consultation Market:
- MDLIVE Inc.
- Plush Care
- Ping a Good Doctor
- Zocor, Inc.
- American Well
- Grand Rounds
- Prato
- Saintes
- Health Tap, Inc.
- MEd
- Guacharo
- Sate CompHealth
- My Telemedicine, Inc.
- Babylon Health
- clinic
- Snapped, Inc.
- Tlaloc Health
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 start-up companies, including Instate, First Check, 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.
Market Segmentations:
By Type of Consultation:
- Video Chat
- Audio Chat
- By Product Type:
- software
- Services
By End-User:
- Healthcare Facilities
- Homecare
- Others
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