The U.S. Virtual Visits Market size is expected to reach USD 105.5 billion in terms of revenue and 5.2 billion in terms of volume by the end of the forecast period and is expected to grow at a CAGR of 30.9% in terms of revenue, and 36.9% in terms of volume as per a new report published by Grand View Research, Inc. Increasing demand for telehealth and teleconsultation and introduction of new and advanced technologies has positively impacted the growth of the market in the U.S. Increasing penetration of smartphones and assisted technologies has also been a key factor for the fast growth of the market.
In
the service segment, cold and flu management had the largest market share in
2021. The major factor behind the growth of the market is the growing demand
for teleconsultations for patients for treatment of common conditions like cold
and flu to reduce the chances of contracting additional illnesses due to
hospital visits. The availability of specialists through telehealth and
teleconsultations, even in remote areas has brought about a revolution in the
virtual visits market, acting as a key factor for the growth of the market.
Based
on age, the 18 to 34 years segment had the largest market share in 2021. The
growth is a result of increasing smartphone penetration and increased internet
usage by the consumers in this age group. The increase in the number of young
adults suffering from mental health issues has also risen in the past few years
and more so during COVID-19, resulting in a large market share.
Based
on gender, women dominated the market with a revenue share of 65% in 2021. The
increasing demand for telemedicine and telehealth had increased due to COVID-19
to reduce the chances of contracting additional infections, especially in
pregnant females. The virtual visits made it easier for all to get access to
specialists and better healthcare facilities within the comfort of their homes,
proving to be a major factor in the growth of this segment and the market
overall.
Based
on the type of commercial plans, self-funded/ASO group plans had the largest
revenue share. Growth in this segment has been a result of ASO groups proposing
and encouraging virtual visits in their coverage plans to avoid regular visits
to hospitals in avoidable conditions. During the pandemic, only non-emergency
visits throughout the country were encouraged by healthcare providers to avoid
the risk of infection. In wake of the pandemic, employers are increasingly
preferring self-coverage plans and providing cost-effective healthcare services
for their employees to diminish the exploding healthcare costs, which is
further enhancing the growth of the market.
The
COVID-19 pandemic created a massive growth spurt for the virtual visits market
in the U.S. With the people needing healthcare solutions during the peak of the
pandemic, teleconsultations were providing the necessary care that was needed.
The huge jump in the uptake of virtual consultations was a result of government
initiatives as well as fear of contracting the disease by physically visiting
the hospitals. It came as a necessary relief for the healthcare providers as
well, where they were less burdened due to the use of teleconsultations in case
of non-emergency cases. The overall productivity of the healthcare system had
also improved, proving the virtual visit market has been a great success and
would be a way to consult in the future as well.
Related Press
Release@ U.S.Virtual Visits Market Report
U.S. Virtual Visits Market Report Highlights
- The U.S.
market is expected to reach USD 105.5 billion (Revenue) and 5.2 billion
visits (Volume) by 2030, due to rising demand for telehealth services and
virtual visits and also due to advancements in the field of delivering
virtual care through apps and connected devices
- The cold and
flu management service segment had the biggest revenue share as of 2021.
Growing adoption rates of telehealth solutions to get consultations
regarding common conditions have risen during the pandemic, this has been
a result of awareness and encouragement by all private and government
agencies to curb the spread of the disease
- The age
group 18-34 dominated, capturing the revenue share of 31.8% in 2021, this
has been due to the increasing use of smartphones and internet-connected
devices, increasing burden of mental health issues among the consumers in
this age, and ease of access to healthcare through virtual visits, all
contributing to the growth of the segment
- In the
gender segment, women dominated the market with a record revenue share of
65% in 2021. The increasing adoption of virtual visits during the pandemic
had created a safe environment for pregnant women to receive the best
healthcare without physically going to hospitals and quality post-natal
care was also made available for women, resulting in the overall growth of
the market
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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