COVID-19 Pandemic Paves Way for New Growth Opportunities in the Virtual Care Sector
Competitors’ growth strategies will shape the way the market opportunity crystallizes
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Frost & Sullivan has conducted a deep-dive analysis of the US market for virtual care. The current pandemic has lit the flame that has resulted in tremendous growth opportunities for this technology-driven concept. Frost & Sullivan concludes that virtual care includes telehealth along with various workflow and clinical processes that are vital but often slowed down by inefficient technology and outdated communications systems. Frost & Sullivan believes that a market-based definition of virtual must reflect the activities of the companies involved. As a result, this report focuses on a virtual care market that includes the following segments Telehealth, Telemedicine, Clinical Processes, and Operational Processes. The virtual care market includes companies that supply platforms, software, devices, services, advisory services, and analytics.
Important drivers are propelling virtual care. For example, The COVID-19 pandemic has transformed virtual visits and online connectivity from a promising array of digital health innovations to their current status. Another driver resulting from the COVID-19 pandemic is the increasing prevalence of behavioral health issues that have been exacerbated by the global pandemic.
However, many challenges will need to be conquered for virtual care to achieve its enormous potential. This includes the ever-present concerns about privacy and security. All healthcare stakeholders are vulnerable to the potential that hackers will steal personal healthcare information. Also challenging, the fact that virtual care is not consistently defined by regulatory agencies, industry advocates, and companies who offer relevant solutions. The market is currently more opportunistic than strategic, which could hamper the near-term growth potential unless fully addressed.
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