In today’s world, almost any kind of service can be offered online. The digital world has made it possible for service providers to help consumers meet their needs.
Technology is quickly evolving to provide platforms which may open more avenues for online health care services. Interestingly, consumers are willing to use virtual medical services as it is more cost-effective and efficient.
According to the survey by Accenture, over 70% of the consumers want to experience medical services virtually. And that number is growing rapidly.
The online medical industry is currently on the rise; Therefore, a lot of startups are looking for new opportunities in the market.
In this market overview, we discuss the online health care industry and opportunities you can take advantage of.
What is online medical market?
Online medical market is the concept of offering health care services through online platforms. You can offer diverse medical services such as doctor consultation, patient monitoring, medicine and medical instruments selling, pathology tests, etc.
Online medical market is not only a B2C market but also a B2B market. However, many notable players in this sector are targeting general customers.
The market is so big and many companies are providing various services. But the most popular service which has become more popular during the pandemic is online doctor consultation.
The online doctor consultation is able to offer services in various areas including,
· Digital health care services
It is interesting to know that online doctor consultation is expected to create more than $5.4 billion market opportunity by 2025.
Prime drivers of online medical market
There are some major factors in the growth of virtual care such as,
· Rise in the prevalence of different diseases such as diabetes, dermatology and cardiovascular disease.
· Rapid technological and digital development
· High penetration of smartphones
· Consumers’ willingness to use online medical services
· Government financial and infrastructure assistance
Online medical market segmentation
Online medical market can be segmented by various factors such as,
1. Service type
· Health education
· remote consultation
· Online pharmacy
· Medical files management
· Disease-specific health assessment
· Online reference services
· North America
· Mid-East & Africa
3. End users
· General public
· Hospitals and clinics
· Medical equipment sellers
Online medical market outlook
Due to the help of technology,the virtual health care is growing so fast. More and more governments are taking various initiatives for online medical care since it is so cost-effective for both the government and consumers.
India is one of the leading countries in terms of virtual health care. Practo and DocPrime, MFine, CallHealth and Lybrate are some of the leading startups in India’s telemedicine market.
India is expected to hold the highest market share in the telehealth industry.
Covid-19 pandemic has affected almost every industry so far and it also has a huge impact on the growth of online medical market.
On the other hand, consumers are more convenient using online health care since they can talk to their doctors at their most convenient time and there is no need to travel a long way to seethe doctor physically.
The major means of communication in telehealth and telemedicine are through video and audio chat.
Key players operating in the telehealth and telemedicine industry
· Online Care Group
· Babylon Health
· Nant Health
· Proteus Digital Health
· LiveHealth Online
Online doctor consultation market segmentation
One of the biggest sector of online medical market is dedicated to online doctor consultation. The pandemic has led to the growth of this sector which creates many profitable opportunities for entrepreneurs out there. This sector can be segmented by indication.
· Diabetes consultation
· General physician
· Weight management
· Stress and mental health
How telehealth businesses make money?
Generally, online medical businesses have the following customers.
- Pathology labs
- Hospitals and clinics
- Medical equipment sellers
The main source of revenue for telehealth businesses is remote consultation. Depending on what type of service you want to provide, there are various ways to generate cash flow for your business.
Some of the sources of income that online medical businesses have are as follows,
· Remote doctor consultation
· Selling medicine
· Pathology tests
· Health education
· Patient monitoring
· Doctor profile management
· Hospital and clinic branding
The online medical market continues to thrive and more startups are willing to take advantage of market opportunities. Although you may face some challenges in starting online medical business, with the help of experts like Frizi team you can overcome obstacles and scale your service business.