Virtual Ward Market Size to Reach a Significant Growth in 2031
The Virtual Ward Market size is expected to register a revenue CAGR of 12.54% during the forecast period
November 30, 2024 – The global virtual ward market size is expected to register a revenue CAGR of 12.54% during the forecast period. Rising demand for home care solutions is the key factor driving market revenue growth.
Remote care has already proven to be quite beneficial to many health systems, and the expansion of these initiatives is not slowing down. Despite the availability of numerous technologically enabled options, patients, physicians, and healthcare professionals were hesitant to embrace them. They favored the conventional, face-to-face, in-person diagnosis. Healthcare practitioners were forced by the epidemic to concentrate on swiftly adjusting to the times. According to United Nations (UN), it is anticipated that there will be 8.6 billion people on the planet by 2030 and 9.8 billion by 2050. The majority of hospitalizations and medical treatment are needed by those over 60. Hospital systems must embrace digital transformation and implement “smart” infrastructure employing artificial intelligence (AI), data analytics, and the Internet of Things (IoT) in order to build integrated and effective spaces that are tailored to the requirements of both patients and clinicians. This is necessary to fulfill the growing demand with the resources now available.
For instance, on October 2024, Norfolk and Waveney Integrated treatment Board (ICB) has established a children’s virtual ward to help give hospital-level pediatric treatment at home. Pediatric virtual wards aim to benefit children and their families by allowing them to receive care in a familiar setting, potentially speeding up recovery. Advanced clinical practitioners analyze the technology’s digital dashboard and contact families on a frequent basis to provide welfare and progress updates, thereby supporting their continuous care plans until the kid is well enough to be discharged.
Virtual wards have evolved as a game-changing solution in modern healthcare, allowing patients to get hospital-level treatment from their own homes. While the benefits are enormous, installing and running virtual wards presents its own set of obstacles. Protecting patient data is critical in any healthcare setting, and the distant aspect of virtual wards adds further complications. Ensuring compliance with data protection rules such as GDPR and maintaining strong cybersecurity safeguards are significant difficulties. Integrating virtual ward services into established healthcare workflows can be difficult. Healthcare providers may need to modify their procedures and processes to enable remote monitoring and telemedicine consultations. The success or failure of implementing innovative virtual health care models is frequently attributed to a complex combination of facilitators and barriers, rather than individual elements alone, such as time constraints, infrastructure, unreliable technology, and staff and service user preferences.
Key Highlights:
- Technology and software segment is expected to register highest share over the forecast period. The virtual wards (VW) facilitated by technology elearning session presents an overview of the learning process for registered doctors working on a VW. VWs are appropriate for a wide range of circumstances and may be safely and successfully administered and monitored at home. Many communities have produced or are creating VWs powered by technology for a variety of illnesses, including respiratory issues, COVID-19, and heart failure.
- Diabetes segment is expected to account for a significant fastest growth rate over the forecast period. Virtual wards are intended to enhance patient outcomes and experiences, reduce hospitalizations, and enable early supported departure. Since diabetes is an underlying condition in one out of every four hospital patients, VW prioritizes their safe and timely discharge. Diabetes patients could be released into a VW where their condition is remotely supervised by diabetes specialist nurses through an app, but they spent an additional two days in the hospital on average.
- Asia Pacific accounted for fastest growth rate in the global virtual ward market in 2023 due to the adoption of remote consultation and care and technological advancements in setting up virtual ward. On October 2022, the Singapore Ministry of Health’s Office of Healthcare Transformation has partnered with the country’s three public healthcare clusters to expand their experimental home hospitalisation schemes. These programs – National University Health System’s NUHS Home, Singapore General Hospital’s SGH Home, and Yishun Health Medical Home – now offer eligible patients with general medical conditions, such as skin infections, urinary tract infections, and COVID-19, the option of being admitted to a virtual ward.
- Some major companies in the global market report include 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, and PMD Solutions.
- On July 2023, Singaporean healthtech start-up Speedoc has partnered with Parkway Shenton, Singapore’s leading healthcare provider. The alliance aims to use Speedoc’s expertise in hospital-level care to increase treatment options for Parkway Shenton patients, bringing medical care closer to their homes.
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Navistrat Analytics has segmented global virtual ward market on the basis of component, indication, end-use, and region:
- 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
- Technology & Software
- 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
- North America