Virtual Ward Market Size, Share and Trends Analysis Segmentation, By Component (Technology and Software and Hardware), By Application, By End-Use (Homecare, Primary Care Clinics, Post-Acute Care Facilities, and Community Health Center), and By Region, Forecast 2024-2031

Global Virtual Ward Market Overview and Key Insights:

The global virtual ward market size and is expected to register a revenue CAGR of 12.54% during the forecast period (2024-2031). Virtual wards have been proposed as a solution to several problems in the delivery of healthcare, including lowering capacity constraints, enhancing patient satisfaction and individualized treatment, lowering hospital risks, and lowering expenses.

Market Drivers:

The rising demand for home care solutions is a key driver of revenue growth in the virtual ward market. A notable benefit of virtual wards is their ability to facilitate highly personalized care delivery. This model enables nurses to concentrate on individual patients without interruptions, leading to enhanced treatment outcomes. Additionally, it reduces the stress on healthcare professionals by eliminating the need to manage multiple competing demands within a traditional ward setting. Wearable sensors play a pivotal role by providing clinicians with real-time updates, empowering remote care teams to intervene promptly and ensure patients receive hospital-quality care at home.

Furthermore, several companies are securing funding to stay ahead of other competitors. On 8 November 2022, Singapore’s Speedoc, a tech-enabled health service, announced that the company raised USD 28 million in a pre-Series B funding round headed by Bertelsmann Investments, Shinhan Venture Investment, and Mars Growth, three new investors. With this new funding, Speedoc will be able to pursue more partnerships with private and public healthcare providers to grow its mobile home care service. The HWard virtual hospital initiative is a comprehensive platform that integrates many services for at-home hospital care, overseen by a committed care team around-the-clock.

Market Opportunity:

Rapid technological developments in digital healthcare monitoring acts as an opportunity for the virtual ward market. Innovations in wearable devices, remote monitoring technologies, and health sensors have revolutionized the way healthcare is delivered and managed, particularly in the context of virtual wards. These advancements enable real-time tracking of vital signs, medication adherence, and patient symptoms outside of traditional clinical settings, providing valuable data to healthcare providers for proactive intervention and personalized care management.

According to the results of the Future Health Index (FHI) 2023 report, “Taking Healthcare Everywhere,” Singapore’s healthcare industry is setting the standard for digital technology adoption to address workforce concerns and improve the effectiveness of healthcare delivery across a range of healthcare settings. To address the shortage of healthcare staff, 75% of Singaporean healthcare executives (compared to 56% globally) either currently utilize or plan to use digital health technologies.

Recent Trends:

Virtual wards are poised to revolutionize patient care delivery by utilizing cutting-edge technologies such as Virtual Reality (VR), Augmented Reality (AR), the Internet of Medical Things (IoMT), wearable technology, and Artificial Intelligence.

The application of generative AI, namely large language models (LLMs), has the potential to enable the development of clinical co-pilots that can assist physicians in securely managing much bigger groups of patients when monitoring them remotely. On October 2024, the virtual ward, powered by Feebris technology, went live in July 2024, as part of one of the largest integrated virtual ward programmes in the UK, spanning four trusts across the ICB and onboarding approximately 500 patients each month. Advanced clinical practitioners review the technology’s digital dashboard and regularly contact families for welfare and progress updates, supporting their ongoing care plans until the child is well enough to be discharged.

Restraints & Challenges:

Privacy and security concerns represent a significant challenge that could constrain revenue growth in the virtual ward market. These platforms handle sensitive patient information, including medical histories and records. The increasing adoption of remote consultations, monitoring, and digital health records has led to a substantial rise in the volume of electronically transmitted and stored health data. Fears of unauthorized access, data breaches, and potential misuse of personal health information create hesitancy among healthcare organizations and individuals, limiting the widespread adoption of virtual ward solutions.

Component Segment Insights and Analysis:

Based on the component, the virtual ward market is segmented into the technology and software and hardware.

Technology and software segment contributed largest share in 2023.  Virtual ward software solutions offer a comprehensive suite of functionalities, including telemedicine platforms, electronic health record (EHR) systems, remote monitoring tools, data analytics, and patient engagement applications. These platforms form the foundation of virtual ward programs, equipping healthcare providers with the resources needed to deliver remote, high-quality care, track patient health, and streamline care pathways. The growing adoption of telemedicine platforms, driven by advancements in healthcare infrastructure, rising smartphone usage, and government initiatives promoting telehealth and digital health solutions, is significantly boosting revenue in this segment.

Hardware segment is expected to have the fastest CAGR throughout the forecasted period. Hardware devices support remote patient monitoring initiatives within virtual ward programs by enabling continuous monitoring of patient health parameters outside of traditional healthcare settings. Remote monitoring devices such as blood pressure monitors, glucometers, pulse oximeters, and electrocardiogram (ECG) sensors allow healthcare providers to remotely track patients’ vital signs, medication adherence, and symptom progression, enabling timely interventions and personalized care planning for patients enrolled in virtual ward programs.

Indication Segment Insights and Analysis:

Based on the indication, the virtual ward market is segmented into osteoporosis, frailty & falls recovery treatment, wound Care & pressure injury management, respiratory illnesses & infections, urinary tract infections (UTIs), diabetes, oncology, mental health, learning disabilities, and others.

Oncology segment contributed largest share in 2023. Excluding non-melanoma skin cancer, at least 42% of newly diagnosed cancers in the United States – approximately 840,000 cases in 2024 – are potentially preventable, including 19% caused by smoking and at least 18% caused by a combination of excess body weight, alcohol consumption, poor nutrition, and physical inactivity. The service monitors vital sign readings and any negative effects that the patient may be experiencing because of the treatment. As part of the oncology service, the patient receives feedback and recommendations on how to manage treatment-related side effects. The oncology service eliminates the need for oncology nurses to call patients, which reduces administrative workload. If measurements go outside of criteria or if adverse effects are detected, an alert for clinical follow-up is generated, allowing patients to be appropriately prioritised.

Diabetes segment accounted for the fastest growth rate during the forecasted period. According to the WHO, the number of diabetics increased from 200 million in 1990 to 830 million in 2022. Diabetes and diabetes-related kidney disease killed more than 2 million people in 2021. Furthermore, elevated blood glucose was responsible with around 11% of all cardiovascular deaths. Virtual wards in diabetes management are the integration of remote monitoring technologies, such as continuous glucose monitoring (CGM) systems, smart insulin pens, and mobile health applications. These tools enable patients to track their blood glucose levels, medication adherence, dietary habits, and physical activity in real-time, empowering them to take proactive steps in managing their condition. Virtual wards overcome these barriers by leveraging telemedicine platforms, virtual consultations, and digital health solutions to deliver timely and accessible care to diabetic patients regardless of their location.

End-Use Segment Insights and Analysis:

Based on the end-use, the virtual ward market is segmented into the homecare, primary care clinics, post-acute care facilities, and community health center.

Homecare segment contributed largest share in 2023. Homecare services encompass a wide range of medical and non-medical interventions, including remote monitoring, telemedicine consultations, medication management, and rehabilitation, tailored to meet the unique needs of patients within virtual ward programs. Homecare services within virtual ward programs enable patients to access timely medical interventions and monitoring while minimizing the need for hospital visits and in-person consultations, especially in remote or underserved areas. Telemedicine consultations and remote monitoring solutions allow healthcare providers to assess patients’ health status, provide medical advice, and adjust treatment plans remotely, reducing the burden on traditional healthcare facilities and optimizing resource allocation. Homecare services also facilitate early detection of health issues, timely interventions, and continuity of care, leading to improved patient outcomes and reduced healthcare costs in the long term.

Post-Acute Care Facilities accounted for the fastest growth rate during the forecasted period. The Post-Acute Care Facilities segment is a key driver of the virtual wards market, revolutionizing healthcare delivery by providing comprehensive and specialized care to patients transitioning from acute care settings to home or community-based care. Post-acute care facilities encompass a range of services, including rehabilitation, skilled nursing care, transitional care, and palliative care, tailored to meet the unique needs of patients recovering from acute illness, injury, or surgery within virtual ward programs. Post-acute care facilities play a crucial role in facilitating safe and effective transitions of care, enabling patients to receive the appropriate level of support and rehabilitation to optimize recovery and prevent rehospitalization.

Geographical Outlook:

Europe Virtual Word Market:

Europe is registered highest market share in virtual ward market in 2023. The regional market is propelled by the increase in government funding, presence of major key players operating in the market. As of January 2022, there were 53 virtual wards across 38 integrated care systems (ICSs) primarily supporting acute respiratory infection and frailty (known as Hospital at Home) but there are others that support general acute conditions. The NHS Home ambition is to support the national expansion of virtual wards based on evidence which suggests 16% of admissions could be supported through a virtual ward.  The aim is for ICSs to achieve 21 virtual wards ‘beds’ per 100k population by October 2022 and 40-50 by December 2023.

Digital treatment firms and virtual healthcare services are on the rise, and Medoma, a Swedish startup that pioneered “virtual acute wards” in the Nordics, has recently raised €6 million in venture funding. This funding round included existing investors Bonnier Ventures, Sven Hagströmer’s private firm Biovestor, and Gabriel Urwitz’s company AB Segulah. The financing was also headed by Nordic venture capital company Inventure and Bonnier Ventures, a division of media behemoth the Bonnier Group.

Asia Pacific Virtual Word Market:

Asia Pacific is registered the fastest growth rate during the forecasted period. The increasing adoption of telemedicine stands as a key factor propelling the growth of the Asia Pacific Virtual Wards Market. According to a report from the Asia Pacific Economic Cooperation, The World Health Organization (WHO) expects a global shortage of 10 million health professionals by 2030, with lower- and middle-income nations facing the most severe shortages. In many isolated or rural parts of Asia, the WHO’s recommended ratio of one physician to every 1,000 patients is closer to one to every 10,000. Even though telemedicine is not widely used in Japan, more than 50% of respondents indicated that they would be interested in using telemedicine services, and 86% of those who had already used telemedicine services stated they would do so in the future.

North America Virtual Word Market:

North America is to register a considerable market share in virtual ward market in 2023. The regional market is propelled by the increase in prevalence of chronic disorders and incorporation of digital health technologies such as telehealth and remote monitoring. According to the CDC, projections for the entire U.S. population in 2021 were 11.6% of Americans, or 38.4 million persons of all ages, had diabetes.

Diabetes affected 38.1 million adults in the United States who were 18 years of age or older, or 14.7% of all adults. Furthermore, several government regulations in adopting virtual ward are also acting as a driver for the market growth. For instance, on September 2024, several health care measures were advanced by the House Energy and Commerce Subcommittee on Health. The Telehealth Modernization Act of 2024 (H.R. 7623), which would extend important telehealth flexibilities from the COVID-19 era—a policy that the AAMC supports—for two years, until December 31, 2026, was advanced by the subcommittee in a unanimous vote. A five-year extension of the Acute Hospital Care at Home program, which is supported by AAMC, until December 31, 2029, was added to the Act.

Competition Analysis:

The virtual ward market is characterized by a fragmented structure, with numerous players competing across various segments and regions. List of major players included in the virtual ward market report are:

• Docobo
• Generated Health
• Doccla
• Spirit Health
• Current Health
• Whzan Digital Health
• Jaga-Me Pte. Ltd. (Alliance Healthcare Group)
• PHL Group Ltd.
• Masimo
• HomeLink Healthcare
• Virtual Ward Technologies Limited
• MYDOC Pte. Ltd.
• Camascope
• PMD Solutions
• Other companies

Strategic Developments in Virtual Ward Market:

• In April 2023, BT Group has announced the introduction of its virtual ward’s initiative, which is aimed at healthcare consumers across the UK. The move is part of BT’s commitment to collaborate with the NHS to provide smarter, safer, and more efficient services for all. Virtual wards allow patients to get healthcare services remotely, safely, and conveniently, outside of a hospital setting. This follows BT study, which indicated that 74% of NHS personnel believe technology helps to offer better quality care, while 49% find the present standard of technology at work stressful.
• In 12 July 2023, Singapore healthtech start-up Speedoc announced a partnership with Singapore’s primary healthcare provider Parkway Shenton. The partnership intends to leverage Speedoc’s expertise in providing hospital-level care and expand care options for patients of Parkway Shenton, extending their reach into the community while providing medical care within the comfort of patients’ homes.

Key Advantages for Stakeholders:

Navistrat Analytics’ industry report provides an in-depth quantitative analysis of various market segments, historical and current trends, market forecasts, and dynamics within the global agentic AI market. The historical years covered in this report are 2021 to 2022, with 2023 serving as the base year for market size calculations. The forecast period extends from 2024 to 2031.

The report includes an executive summary and a comprehensive overview of market drivers, restraints, opportunities, and challenges (DROC), along with insights into regulatory standards. It features detailed analyses such as PORTER’s Five Forces, SWOT, and PESTLE, as well as assessments of technological trends and the competitive landscape.

PORTER’s Five Forces analysis helps stakeholders evaluate the impact of new entrants, competitive rivalry, supplier power, buyer power, and substitution threats, enabling them to assess the level of competition and the attractiveness of the global market. The competitive landscape provides stakeholders with a clear understanding of the current market positions of key players, offering valuable insights into their competitive environment.

Scope And Key Highlights Of The Global Virtual Ward Market Report:

The virtual ward market report offers a detailed analysis of market size, including historical revenue (in USD Million) data for 2021-2022 and revenue forecasts for 2024-2031 across the following segments:

• Component Outlook (Revenue, USD Million; 2021-2031)
  • Technology & Software
    • Remote Patient Monitoring (RPM)
    • Electronic Health Records (EHR)
    • Telemedicine Platforms
    • Others
  • Hardware
    • Wearable Devices & Sensors
    • Home-based Diagnostic Kits
    • Internet of Medical Things (IoMT)
    • Others
• Indication Outlook (Revenue, USD Million; 2021-2031)
  • Osteoporosis, Frailty & Falls Recovery Treatment
  • Wound Care & Pressure Injury Management
  • Respiratory Illnesses & Infections
  • Urinary Tract Infections (UTIs)
  • Diabetes
  • Oncology
  • Mental health
  • Learning disabilities
  • Others
• End-Use Outlook (Revenue, USD Million; 2021-2031)
  • Homecare
  • Primary Care Clinics
  • Post-Acute Care Facilities
  • Community Health Center
• Regional Outlook (Revenue, USD Million; 2021-2031)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Benelux
    • Nordic Countries
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Oceania
    • ASEAN Countries
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Israel
    • Turkey
    • Rest of MEA

Frequently Asked Questions (FAQ) about the Virtual Ward Market Report