The virtual wards market has experienced substantial growth in recent years, driven by the urgent need to alleviate NHS capacity pressures and enhance patient care efficiency. This innovative approach to healthcare allows patients to receive hospital-level care at home, significantly reducing the burden on traditional hospital settings.
Key growth drivers include the NHS' focus on reducing hospital admissions and emergency department waiting times. The latest data shows an alarming 1.5 million patients waited 12 hours or longer in A&E in 2023, underscoring the requirement for alternatives. Virtual wards are emerging as a critical solution, offering real-time remote monitoring and care, thereby addressing this issue and improving patient outcomes.
Market expansion is also fuelled by strategic investments and acquisitions by major players. ResMed's acquisition of Inhealthcare and OMRON's purchase of Luscii Healthtech reflect a broader trend of consolidating digital health capabilities to enhance remote patient monitoring and virtual care solutions. These deals illustrate a strategic shift towards integrating advanced digital tools to support a growing patient base and streamline care processes.
Similarly, Graphnet Health's acquisition of Docobo highlights the trend of integrating remote patient management systems into broader health platforms. This movement is expected to bolster the capabilities of Integrated Care Systems and improve the management of chronic conditions through better data integration and patient engagement.
The most significant transaction, however, came with Current Health’s $400m exit to BestBuy in 2021, as the US retail giant continues its move into the healthcare market.
Alongside these strategic acquisitions have come significant venture capital fundraises for Doccla (recently raising £35m) and Huma (which raised a staggering $80m in July), as these providers look to scale rapidly to capitalise upon the market opportunity.
The drive towards virtual wards is not only a response to immediate healthcare needs but also a strategic investment in the future of patient care. As more patients are managed through virtual wards, the sector is likely to see increased M&A activity, with investors keen to capitalise on the growing demand for efficient, technology-enabled care solutions.
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