Published Date : 08 Aug 2023
The U.S. virtual care market size surpassed USD 5.6 billion in 2022 and is projected to rise to USD 76.31 billion by 2032, anticipated to grow at a CAGR of 29.9 percent during the projection period from 2023 to 2032.
The market for virtual visits in the US has grown favorably because of factors such as increased smartphone penetration, internet availability, an increase in online consultations from covid, rise in neurological diseases, which caused a significant growth spurt in the market for virtual visits. Virtual visits are becoming increasingly popular, and one of the main reasons for this is the rapidly evolving and expanding technology and the quick acceptance rates by the general public. Moreover, factors such as security concerns, data privacy issues and stringent regulatory framework restrain the market growth. Furthermore, the wide availability of doctors and healthcare professionals across virtual care is expected to create significant growth opportunities for the market.
U.S. Virtual Care Market Report Scope:
|Market Revenue in 2023||USD 7.25 Billion|
|Projected Forecast Revenue in 2032||USD 76.31 Billion|
|Growth Rate from 2023 to 2032||CAGR of 6.75%|
|Largest Market||North America|
|Forecast Period||2023 To 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Increase in government initiatives helps drive the market growth
Increasing government initiatives are also having a positive impact on the growth of the US virtual visit market. The Federal Communications Commission (FCC) has established a $200 million COVID-19 telemedicine program and this is the latest funding for the purpose announced on January 26, 2022, which connects caregivers and enables them to better counsel patients in rural and remote areas. The FCC also launched the Connected Care Pilot Program on June 17, 2022, and approved the guideline for this program to initiate the three-year project. Many other initiatives have been taken to improve the telemedicine environment in the country, thereby driving the growth of the virtual visit market.
The presence of a stringent regulatory framework and privacy issues restrain the market growth
The virtual care market is divided into internal medicine, Family medicine, pediatrics, cardiology, endocrinology, pulmonology, and rheumatology based on the applications it caters to. In the 2007 National Physicians Survey, both practitioners and second-year residents rated patient-physician relationships, workload flexibility or predictability, and ability to pursue other interests as factors in choosing primary care practice, citing it as a reason. In 2022, the internal medicine industry held a sizable portion of the market. According to a survey conducted by the American College of Physicians (ACP), internal medicine specialists and doctors are more eager than ever to adopt virtual health technologies.
The virtual care industry in the United States is divided into three types of consultations: audio, video, and messaging. In 2022, the Audio category will command a 45.9% market share. The market is expanding as a result of the easy accessibility to smartphones and high preference. Additionally, the video section is anticipated to develop significantly throughout the course of the forecast period. The COVID-19 is a factor in this growth. By April 2020, telemedicine was used for 43.5% of all Medicare doctor visits. That proportion was under 0.1% before the epidemic. Virtual care also encompasses text and phone consultations, but video visits are now scheduled much more frequently. These days, messaging consultations are popular because consumers can now plan appointments and ask questions about their health through messaging.
Impact of Covid 19:
Demand for online consultations and telemedicine services have surged as a result of the COVID-19 outbreak. Important market participants reported considerable growth in revenue and user numbers. For instance, Teladoc Health Inc. saw a 97.7% growth in overall revenue from 2019 to 2020. In 2020, visits increased by 156% to about 10.6 million. Similarly, American Well Corporation enjoyed 83.4% revenue growth in 2020. Easy access to doctors via online platforms, travel restrictions and measures to reduce hospital patient numbers are having a positive impact on the market.
Major Key Players:
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