Since the global pandemic, the healthcare industry has been changing in leaps and bounds. In 2021, Statistica, a market research firm, reported that the global artificial intelligence (AI) in the healthcare market was $11 billion U.S, and forecasted that by 2030, this market will be over $188 billion U.S., a compound annual growth rate (CAGR) of thirty seven percent.
What is clear is that the global Virtual Care market is a promising growth segment. According to the latest research study from Zion Research, the demand of global Virtual Care Market size was valued at USD $42982.40 million in 2021 and it is expected to surpass around USD $ 6934.54 million by 2028, growing at a CAGR of 15.10% during the forecasted period.
One only has to look at the venture capital (VC) market to appreciate this market’s buoyancy. Despite a modest slowdown, VC funds managed to raise an impressive amount of nearly $22 billion in 2022, making it the second-largest fundraising year on record. The positive momentum continued into Q1 2023, with the fundraising pace accelerating slightly to $6.8 billion and the outlook remains very positive.
With these market dynamics, there is no question that we are undergoing a healthcare transformation that is unprecedented where virtual care, real-time digital support, and new diagnostic toolkits are providing increased operational efficiency in healthcare,
These new Virtual Care business models are providing more advanced diagnostic capabilities, better tools for patient care and better access solutions. All of these changes are due to the realities of increasingly overburdened health systems which are failing patients with long queues, and complicated operating infrastructures, where ease of knowledge does not flow rapidly. Hence, populations that need more support remain underserved, face high health-care rising costs, and the ease of access to quality are remains unequally distributed.
Modernizing health-care delivery through new delivery models can improve access to health-care services, enhance quality of care, alleviate the burden on doctors and physicians, and create efficiencies to reduce costs for patients, providers and governments.
When it comes to AI in healthcare, market leaders like Google Health, Amazon Health, and Microsoft are leading the way. Their enabling infrastructures, and AI industry approaches are pivotal and are undeniably shaping the healthcare industry.
Sundar Pichai, the CEO of Alphabet and Google has said that “health care offers the biggest potential over the next five to ten years for using AI to improve outcomes, and also vowed that the technology giant will heed privacy concerns.”
One of the recent innovators is Virtual Care Rehab, a company founded in 2020, by Dr. Christopher Saieva after he experienced long COVID—a nine-month battle—which riveted him to the crucial need for a better approach to rehabilitation. As a result a new online platform has been launched connecting healthcare professionals to those in need, marking a significant shift in healthcare delivery. The Virtual Care Rehab offers a range of online services including: psychotherapy, physical therapy, chiropractic care, dietetics, naturopathy, and fitness programs. Their integrated, multi-disciplinary approach ensures that individuals can access holistic healthcare solutions without ever having to leave their homes. By integrating health technologies with multidisciplinary online care, the company’s mission is to create a collaborative platform where professionals are redefining digital health, ensuring comprehensive interdisciplinary support and pioneering the next wave of advancements in the industry.
Dr. Saieva stated that striking the right clinical balance between hands-on, in-person interactions and the ethical utilization of health technologies is key for a smarter patient experience. While he acknowledged the unparalleled convenience and access that digital and smarter AI technology support tools offer, he also stressed the unique nuances of face-to-face care.
“It’s not just about juxtaposing these two facets of care, but rather weaving them into a seamless tapestry. As we incorporate diverse health technologies, the responsibility remains to ensure that these virtual online methods enhance, not replace, the essential aspects of traditional care. In this swiftly evolving sector, we’re not merely reacting to changes; we’re at the helm, shaping a healthcare future that’s both groundbreaking and deeply rooted in personal connection. This holistic approach is our vision of truly modernizing healthcare.”
In the competitive landscape there are already several platforms such as: Docus.ai, Tia, Maple, Rocket Doctor, to name a few.
At Virtual Care Rehab, Dr. Saieva stressed that they take great pride in rehabilitation, supported by an experienced clinical team, robust market presence, and unwavering commitment to innovation. A cornerstone of their approach is the integration of both mental and physical health through digital means, fostering a more holistic approach to care. While many competitive platforms excel in general medicine, their mission is to offer a more comprehensive healthcare experience which they have coined as “hybridized clinical care.”
As in all my research articles on CEO’s, I like to appreciate the entrepreneurial lessons that the CEO’s have learned in their personal journeys. This is what Dr. Saieva had to say:
“Steering the ship of Virtual Care Rehab has been an enlightening journey, one rich with lessons at every turn. Entrepreneurship is a path strewn with challenges, moments where the weight of the unknown might bow you, and instances that test your conviction. Yet, it’s in these very trials that the seeds of growth are sown. Every hurdle is a call to rise higher, every setback an invitation to come back stronger. As an entrepreneur, it’s not just about endurance or resilience, but about kindling that inner flame that burns with a purpose — a purpose that seeks to bring about change, to make a mark. And it’s this unyielding commitment to a vision, this passion to make a difference, that truly defines the entrepreneurial spirit.”
It gives me great hope that we are rapidly closing our complicated health care ecosystems with more innovative methods to connect medical experts to real-time connect with patients in the comfort of their homes or in face to face virtual care facilities. Companies like Virtual Care Rehab were founded based on real life and death experiences. Innovation and change always happens on the edge of looking over the edges, the deeper the precipices, humans have an uncanny ability to create a more enlightened path forward.
That’s exactly what Dr. Saieva has accomplished – under tremendous stress and potentially a death experience from Covid 19, a new breakthrough possibility has successfully emerged.
Research Sources:
Dr. Cindy Gordon Forbes Recent Articles on Healthcare and AI Toolkits
- AI in Healthcare is Making the World Healthier
- Docus.ai on their health platform here
- Why Happiness and AI are important in advancing Healthcare
- Why Mindfulness (AI Methods) advance Employee Health and Engagement *Blog One
- Why Mindfulness (AI Methods) advance Employee Health and Engagement * *Blog Two
Other:
- The Economist Video AI in Healthcare
- The Future of Medicine (Video)
- A great interview with the CEO of Microsoft, Satya Nadella here on Healthcare and AI.
Definition of Virtual Care (Zion Market Research, 2023)
The virtual care market refers to the use of technology, such as telemedicine and remote patient monitoring, to provide healthcare services remotely. This can include virtual consultations with healthcare providers, remote monitoring of patients’ health status, and the use of digital tools to manage and track treatment plans. The market for virtual care is growing rapidly as more patients and healthcare providers turn to these technologies to improve access to care and reduce costs. Factors driving the growth of the virtual care market include an increasing demand for convenient, accessible healthcare, advancements in technology, and the COVID-19 pandemic which has accelerated the adoption of virtual care as an alternative to in-person visits.
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