Online Doctor Consultation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The Online Doctor Consultation Market is expected to grow at a CAGR of 9.2% for the next five years. This can be attributed to the rising use of smartphones, laptops, and tablets across the world. Also, a huge population growth pushes the need for urgent doctor consultations from anywhere at any time.

Key Highlights

• The market has recently advanced due to the widespread use of high-speed internet, particularly when coupled with high-resolution smartphone cameras and sophisticated video conferencing software. Doctors can now diagnose patients from anywhere globally with a smartphone and a data connection.
• Due to the digitalization model, the world is moving towards more technology-integrated businesses. Patients, clients, doctors, medical practitioners, and the medical fraternity are gradually adopting smart technology for their daily work. Experienced doctors and medical practitioners are enlisting themselves in online healthcare services.
• The online medical consultation market may face significant privacy and data security challenges. The online-healthcare ecosystem must maintain security and secrecy in order to foster confidence between patients and healthcare professionals. The main hazards to the industry include unauthorized access to medical data, data theft, breaches, hacking, and data loss during the transmission of patient data on cloud-based networks. Due to this issue, the online medical consultations market is expected to witness challenges in the coming years.
• The industry is growing, and many small companies are evolving in the industry. While the healthcare sector works tirelessly to use technology to suit people's needs, consumer expectations for a convenient healthcare system are changing. Through cutting-edge networks, reviews, and other services, online doctor consultation enables the medical community to share specialist expertise during critical situations or other emergencies.
• Remote consultations using mobile or online platforms quickly increased in popularity during the COVID-19 pandemic. Online consultations were crucial for supporting non-severe COVID-19 patients, relieving the burden of inpatient treatment, and preserving access to routine services. It is a method of enabling access to care that is both affordable and effective. Greater surge capacity would be added to systems through further remote consultation infrastructure development while ensuring platforms are built to safeguard patient privacy.

Key Market Trends

Demand has Remained High Since the Pandemic

• The entire healthcare industry, like many others, is undergoing a rapid digital revolution due to the impact of the pandemic. The World Health Organization (WHO) defines digital health as an umbrella term that includes e-health and emerging fields like the application of cutting-edge computer sciences. Many believe online platforms are more expansive and have no geographic boundaries because they operate independently of national health infrastructure.
• Technology serves as a powerful equalizer. The pandemic not only made inequality worse, but it also sparked a rapid rise in digital transformation. We discovered ways to continue advancing science and innovation while expanding access to healthcare by embracing collaboration and digitalization.
• The coronavirus propelled the emergence of digital health, a wide concept encompassing healthcare and teleconsultation solutions, remote monitoring, connected devices, digital health platforms, and health apps. The notion also includes analyzing relevant health data and its use in big data-based systems, such as those used for observational studies and AI-assisted diagnosis support.
• People around the world are becoming more dependent on online doctor consultations and telemedicine during the pandemic. That effect is continuing and is expected to grow higher in the forecast period. People are now introduced to fewer hazards in online doctor consultations than in in-person visits. Similarly, medical professionals have started using digital consultation platforms more regularly owing to the time constraint and more health-related safety.
• Last year, the pandemic continued to be a problem, and since the waiting list situation isn't going away, clinicians are making every effort to facilitate the adoption of new technology that will alleviate the current problems. A key element in ensuring standards are upheld and patient safety is maintained by the clinical analysis of these technologies' efficacy.
• The telemedicine market has expanded considerably in recent years on the back of the COVID-19 pandemic. The global telemedicine market was estimated to be worth USD 50 billion in 2019. The market is predicted to be worth almost USD 460 billion by 2030; it is expected to have tremendous future growth. Many causes, such as rising traditional healthcare costs, funding for telemedicine, and an increase in digital health consumers, have contributed to the market's expansion.

North America Largely Drives Market Share

• The digital revolution in healthcare in the United States is propelled by federal regulations, financial incentives, technological advancements, and the demands of improving healthcare treatment efficiency, reducing its cost and economic impact, and elevating communications between providers, patients, and payers to 21st-century norms.
• The region is witnessing a continuous uptick in wireless penetration, escalated number of smartphone users, and expanded broadband coverage. Additionally, it is anticipated that the market would rise due to the digital transformation of healthcare systems that incorporate hardware, software, and services. An increase in smartphone ownership and the regular release of innovative mobile healthcare applications with improved functionality contribute to the market's expansion.
• The people of this region depend more on doctor-on-call services in critical situations for a long time. Also, the chronic health condition of the aged people of this region, coupled with the need to reduce treatment costs and time, is driving the sector in the region. Moreover, the National Association of Chronic Disease Directors' study states that nearly 60% of American adults suffer from at least one chronic illness. As the American population ages, more people are labeled as 'high risk' for various chronic illnesses.
• The United States is regarded as the global center for technology. With constant innovation and the growing trend of using technologically advanced apps and platforms for medical services are rapidly moving. Many digital healthcare start-ups are growing in the region. The presence of major market participants like Teladoc, Inc., Sesame Care, Amwell, Inc., Doctor on Demand, and many others is a crucial driver supporting this region's industry.
• Being the most technologically sound region, the quick uptake of various apps or software by healthcare institutions, insurance payers, patients, and providers would fuel this market's expansion in the upcoming years. Also, the online consultation market in North America is expected to witness the introduction of many new software and applications. There is a random upswing in the number of registered and experienced doctors in the region enlisting them for online consultation.

Competitive Landscape

The Online Doctor Consultation Market is moderately fragmented as it currently consists of several large market players. Many key players in the market are in constant efforts to bring advancements. A few prominent companies are entering into collaborations and expanding their global footprint in developing regions to consolidate their positions in the market. The major player in this market includes Babylon Health, American Well Corp, Alibaba Health Information Technology, and Practo Technologies Pvt. Ltd, Doctor Anywhere, and several others.

In January 2023, Teladoc Health, a pioneer in whole-person virtual care worldwide, reported the release of a new comprehensive digital application that will enable consumers to receive individualized whole-person care as part of the debut of a completely integrated healthcare experience. The whole suite of services offered by Teladoc Health, including general care, mental health, and chronic disease management, will now be easily accessible to customers from a single location and under a single portable account.

In August 2022, Coviu, an Australian telehealth company, launched its virtual offerings in the United States. Over the next year, the company also intends to double the number of employees. The telehealth platform from Coviu includes new functionality like group telehealth sessions and phone consultations in addition to secure video conferencing, an app store, remote patient monitoring, and other features.

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.