U.S. Virtual Visits Market Size To Reach USD 105.5Bn By 2030
U.S. Virtual Visits Market Growth & Trends
The U.S.
virtual visits market size is expected to reach USD
105.5 billion by 2030, expanding at a CAGR of 29.9% from 2023 to 2030,
according to a new report 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
2022. 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
2022. 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 64.5% in
2022. The increasing demand for telemedicine and telehealth has 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.
Request a free sample copy: https://www.grandviewresearch.com/industry-analysis/us-virtual-visits-market
U.S. Virtual Visits Market Report Highlights
·
The U.S. market is expected to reach USD 105.5 billion 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 2022. 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 held the largest revenue share in 2022, 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 64.5% in 2022. 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
U.S. Virtual Visits Market Segmentation
Grand
View Research has segmented the U.S. virtual visits market report based on
service type, age group, gender, and commercial plan type:
Service Type Outlook (Revenue & Volume, USD Million &
Million Units, 2018 - 2030)
·
Cold & Flu management
·
Allergies
·
Urgent Care
·
Preventive Care
·
Chronic Care Management
·
Behavioral Health
Age Group Outlook (Revenue & Volume, USD Million & Million
Units, 2018 - 2030)
·
Age 18-34
·
Age 35-49
·
Age 50-64
·
Age 65 and above
Gender (Revenue & Volume, USD Million & Million Units,
2018 - 2030)
·
Male
·
Female
Commercial Plan Type (Revenue & Volume, USD Million &
Million Units, 2018 - 2030)
·
Small Group
·
Self-funded/ASO Group Plans
·
Medicaid
·
Medicare
List of Key Players in the U.S. Virtual Visits Market
·
American Well
·
MDLIVE
·
Doctor On Demand by Included Health, Inc.
·
eVisit
·
Teladoc Health, Inc.
·
MeMD
·
HealthTap, Inc.
·
Vidyo, Inc.
·
PlushCare
·
Zipnosis
Browse Full Report: https://www.grandviewresearch.com/industry-analysis/us-virtual-visits-market
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