|
Forecast Period
|
2024-2028
|
|
Market Size (2022)
|
USD 11.95 billion
|
|
CAGR (2023-2028)
|
25.01%
|
|
Fastest Growing Segment
|
Allergies
|
|
Largest Market
|
North-East
|
Market
Overview
United States Virtual Visits Market has
valued at USD 11.95 billion in 2022 and is anticipated to project impressive
growth in the forecast period with a CAGR of 25.01% through 2028. The growing
prevalence of smartphones has had a beneficial effect on the U.S. market's
expansion. Furthermore, the continuous evolution of technology and the rapid
adoption by the population are also significant drivers of market growth. The
COVID-19 pandemic had a favorable influence on the market as well. The pandemic
led to a shift in the way patients sought medical advice, with teleconsultations
becoming the new norm for communicating with healthcare professionals,
contributing significantly to market growth.
Key
Market Drivers
Increased Smartphone Penetration
The United States Virtual Visits Market
has witnessed unprecedented growth in recent years, and one of the driving
forces behind this surge is the increased penetration of smartphones. With more
Americans than ever owning smartphones, the healthcare industry is tapping into
this digital revolution to expand the accessibility and convenience of
healthcare services. The ubiquity of
smartphones ensures that a vast majority of the population has access to a
powerful computing device with an internet connection. This accessibility
transcends geographical and demographic boundaries, making virtual visits an
inclusive option for patients from diverse backgrounds. Whether in urban
centers or rural areas, patients can now connect with healthcare providers
easily, overcoming the challenges of distance and transportation. Smartphones
offer the convenience of on-the-go healthcare. Patients can schedule virtual
appointments, consult with healthcare professionals, access medical records,
and even receive prescription refills directly through their smartphones. This
mobility is especially valuable for individuals with busy schedules, those in
need of urgent medical advice, or patients with chronic conditions requiring
continuous monitoring. Smartphones facilitate enhanced patient engagement in
healthcare. Through dedicated healthcare apps and communication platforms,
patients can stay connected with their providers, receive reminders for
appointments and medication, and access educational resources.
This increased engagement not only
fosters better adherence to treatment plans but also promotes a healthier
lifestyle. Increased smartphone penetration has the potential to reduce
healthcare disparities. Patients who may have previously faced barriers to
healthcare, such as those in underserved communities or with limited mobility,
can now access virtual visits with ease. This can help bridge the gap in
healthcare access and improve health outcomes for marginalized populations.
Smartphones can be integrated with various wearable devices and sensors to
provide real-time health monitoring. Patients can track vital signs, such as
heart rate, blood pressure, and glucose levels, and share this data with their
healthcare providers during virtual visits. This data-driven approach allows
for more informed decision-making and personalized care plans. Healthcare
providers have responded to the increased smartphone penetration by developing
telehealth apps and platforms. These user-friendly applications enable patients
to schedule appointments, communicate securely with their healthcare providers,
and access their medical records. This integration of healthcare into the
digital realm has made virtual visits a seamless experience. Smartphone-enabled
virtual visits are often more cost-effective for both patients and healthcare
providers. Patients save on transportation costs and potential time off work,
while providers can streamline their operations and reduce overhead expenses.
This cost-efficiency is attractive to both sides of the healthcare equation and
encourages the adoption of virtual visits.
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Changing Technology Landscape
The United States Virtual Visits Market
has experienced remarkable growth in recent years, largely due to advancements
in technology. As the technology landscape continues to evolve, virtual visits,
also known as telehealth or telemedicine, have emerged as a powerful and
convenient way to access healthcare services. One of the most significant
contributors to the growth of virtual visits is the improvement in video
conferencing technology. High-quality video and audio communication enable
patients and healthcare providers to have real-time, face-to-face interactions
regardless of their physical locations. This technology not only enhances the
patient-provider relationship but also aids in accurate diagnoses and treatment
planning. The proliferation of wearable devices, such as smartwatches and
fitness trackers, has revolutionized healthcare. These devices can collect
vital health data, which can be transmitted to healthcare providers for remote
monitoring. Patients can share information about their heart rate, blood
pressure, activity levels, and more, facilitating proactive healthcare
management. The development of healthcare apps and dedicated telehealth
platforms has made virtual visits more accessible and user-friendly. Patients
can easily schedule appointments, access their medical records, and communicate
securely with healthcare providers through these applications. This seamless
integration of technology simplifies the virtual visit experience. AI and data
analytics are playing an increasingly crucial role in healthcare, including
virtual visits. AI-powered algorithms can analyze patient data, identify
patterns, and offer personalized treatment recommendations. This not only
enhances the efficiency of virtual visits but also improves diagnostic
accuracy. The adoption of Electronic Health Records (EHRs) has streamlined the
exchange of medical information during virtual visits. Healthcare providers can
access patients' medical histories, test results, and treatment plans
electronically, ensuring that virtual visits are as informative as in-person
consultations. This integration of EHRs enhances the quality of care delivered
remotely. The technology landscape has witnessed the development of secure
communication platforms specifically designed for healthcare. These platforms
prioritize patient privacy and data security, ensuring that sensitive medical
information remains confidential during virtual visits. The use of secure
communication technology has built trust in virtual healthcare services.
Teleconsultations as the New Norm
Teleconsultations, the practice of
conducting medical appointments remotely through virtual visits, have rapidly
gained traction in recent years, becoming the new norm in healthcare delivery.
This paradigm shift has had a profound impact on the United States Virtual
Visits Market, driving remarkable growth and transformation. Teleconsultations
have fundamentally altered patient behavior, making healthcare more accessible
and convenient. Patients have embraced the idea of seeking medical advice from
the comfort of their homes, reducing the need for travel and time spent in
crowded waiting rooms. This newfound convenience has led to a surge in demand
for virtual healthcare services, catalyzing market growth. Teleconsultations
break down geographical barriers, allowing patients to connect with healthcare
providers regardless of their location. Patients in rural areas, remote
regions, or areas with limited access to specialists can now easily access healthcare
services. This expanded reach has significantly increased the patient pool for
virtual visits, further propelling market growth. Teleconsultations have
emerged as a solution to ensure continuity of care, particularly during crises
like the COVID-19 pandemic. By enabling patients to maintain regular
appointments with their healthcare providers without leaving their homes,
teleconsultations have proven their value in times of uncertainty. This
reliability has reinforced patient trust in virtual healthcare, contributing to
market growth. Teleconsultations have facilitated the provision of specialized
healthcare services. Patients can now consult with specialists and experts in
various fields without the constraints of distance. Whether seeking mental health
counseling, second opinions, or rare medical expertise, virtual visits offer
patients access to a broader spectrum of healthcare options, driving growth in
specialized telemedicine. Teleconsultations often lead to cost savings for both
patients and healthcare providers. Patients save on transportation expenses and
potential time off work, while healthcare facilities can optimize their
resources and reduce overhead costs. The cost-efficiency of virtual visits is
an attractive feature that incentivizes further adoption and market expansion.
Teleconsultations have improved healthcare triage and appointment scheduling.
Patients with non-urgent issues can receive timely advice without overburdening
emergency rooms and urgent care facilities. Healthcare providers can optimize
their appointment schedules, ensuring that patients with more critical needs
receive prompt attention. This efficiency contributes to better patient
experiences and supports market growth. The integration of teleconsultations
into comprehensive healthcare ecosystems has been a pivotal factor in driving
market growth. Healthcare providers have seamlessly integrated virtual visits
into their practice, allowing for efficient patient management and medical
record keeping. This integration enhances the quality of care delivered during
virtual appointments.
Expanding Coverage and Reimbursement
Policies
The United States Virtual Visits Market
is experiencing a significant surge in popularity, driven by several factors,
including changing patient preferences and technological advancements. However,
one pivotal factor that cannot be overlooked is the expansion of coverage and
reimbursement policies for virtual visits. One of the most compelling reasons
for the growth of virtual visits is the increasing financial accessibility it
offers to patients. Expanding insurance coverage and reimbursement policies means
that a more extensive portion of the population can now afford virtual
healthcare services. Patients are more likely to seek virtual care when they
know that it is covered by their insurance plans or that they will be
reimbursed for the expenses incurred during the virtual visit. With virtual
visits being integrated into insurance coverage and reimbursement policies,
patients can experience a significant reduction in out-of-pocket costs. This
makes telehealth an attractive option for individuals who might have otherwise
hesitated due to concerns about affordability. Lower financial barriers
encourage more people to embrace virtual healthcare, thereby expanding the
market. Healthcare providers also benefit from expanding coverage and
reimbursement policies. When virtual visits are reimbursed at rates comparable
to in-person visits, providers are incentivized to offer telehealth services as
part of their practice. This not only helps in maintaining revenue but also
enables healthcare facilities to optimize their resources efficiently.
Expanding coverage and reimbursement policies are particularly beneficial for
patients in underserved and rural areas. In many cases, these regions have
limited access to in-person healthcare services, including specialized care.
With virtual visits covered by insurance and reimbursed, patients in such areas
can connect with healthcare providers without the need for lengthy travel,
thereby improving access to quality healthcare. Reimbursement for preventive
virtual visits encourages patients to seek regular check-ups and consultations
with healthcare providers. Preventive care can help identify health issues
early, leading to more effective and less expensive treatments. The assurance
of coverage and reimbursement removes a financial barrier that might have
otherwise deterred individuals from engaging in preventive care. Coverage and
reimbursement policies that include virtual visits play a vital role in
population health management. Healthcare organizations can implement telehealth
services to monitor and manage the health of their patient populations more
effectively. This can lead to better health outcomes, reduced hospital
admissions, and overall cost savings for both patients and providers. Patients
with chronic conditions can benefit significantly from coverage and
reimbursement for virtual visits. Continuous monitoring and management of
chronic illnesses through virtual platforms can help prevent exacerbations and
complications, reducing the overall cost of care. When these services are
financially supported, it encourages patients to engage in ongoing virtual care
for better disease management.
Key
Market Challenges
Uneven Access to Technology
While smartphones and high-speed
internet are widespread, there are still segments of the population that lack
access to the necessary technology. Rural and underserved areas may have
limited internet connectivity, and not everyone can afford a smartphone or
computer. This digital divide poses a significant challenge as it restricts access
to virtual healthcare services for certain demographics.
Digital Literacy and Technological
Barriers
Even when technology is available, not
all patients are equally comfortable or proficient in using digital platforms
for healthcare purposes. Elderly populations, in particular, may face
challenges navigating virtual visit platforms, which can hinder their ability
to access care. Healthcare providers need to offer user-friendly solutions and
provide support to bridge the digital literacy gap.
Data Security and Privacy Concerns
Patient data security and privacy are
paramount in healthcare, and virtual visits are no exception. Ensuring that
virtual platforms are secure and compliant with healthcare privacy regulations,
such as HIPAA, is a constant challenge. Any breach or lapse in security can
erode patient trust and hinder market growth.
Integration with Existing Healthcare
Systems
Integrating virtual visits seamlessly
into existing healthcare systems and electronic health records (EHRs) can be
complex. Inefficiencies in data exchange and integration can disrupt patient
care and provider workflows. A lack of interoperability between different
telehealth platforms can hinder the industry's growth and overall efficiency.
Key
Market Trends
Hybrid Care Models
A prominent trend on the horizon is the
emergence of hybrid care models, where healthcare providers blend virtual and
in-person services to create more flexible and patient-centric approaches to
care. These models will enable patients to choose between virtual and physical
visits, depending on their needs and preferences. Hybrid care will provide a
more comprehensive and adaptable healthcare experience.
Expansion of Specialty Services
Virtual visits are no longer limited to
primary care consultations. Specialty services, including mental health
counseling, dermatology, and even surgical consultations, are expanding rapidly
in the virtual realm. As technology continues to improve, more specialized
healthcare services will become accessible through virtual platforms, meeting
the diverse needs of patients.
Telehealth in Chronic Disease Management
Managing chronic diseases is a
significant challenge in healthcare. Telehealth is expected to play a pivotal
role in chronic disease management by enabling continuous monitoring,
medication management, and regular virtual check-ups. This trend is expected to
reduce healthcare costs and improve the quality of life for individuals with
chronic conditions.
Telehealth Equity and Inclusivity
Ensuring telehealth equity and
inclusivity will remain a top priority. Efforts will be made to bridge the
digital divide by providing technological access to underserved populations and
addressing disparities in healthcare delivery. Initiatives to offer
multilingual virtual healthcare services will also gain prominence.
Segmental
Insights
Service Type Insights
Based on the category of Service Type, the
urgent care sector was the dominant player in terms of service type, holding
the largest share of revenue in 2022. The surge in demand for virtual visits
within urgent care can be attributed to the convenience and accessibility they
offer patients. By seamlessly incorporating technology into urgent care, people
can now access medical advice and treatment remotely, eliminating the necessity
for physical visits to healthcare facilities.
The allergies sector is expected to
exhibit the most rapid growth in terms of CAGR during the forecast period.
Allergies, a prevalent health issue affecting a significant portion of the U.S.
population, can range from causing mild discomfort to severe reactions. Virtual
visits provide individuals with the option to receive medical guidance and
treatment for allergy-related conditions without the need for in-person visits
to healthcare facilities. These virtual appointments enable individuals to
communicate with licensed healthcare providers through various online
platforms, smartphone applications, and telecommunication channels. Those
seeking care for allergies have found this increased accessibility to virtual
appointments to be highly advantageous.
Commercial Plan Type Insights
In the realm of commercial plan types,
the self-funded/ASO group plans category emerged as the dominant force in the
market in 2022, holding the largest share of revenue. This can be attributed to
the rising prevalence of chronic illnesses, the steep escalation in healthcare
costs, and a growing demand for affordable healthcare solutions.
The small group commercial plan segment
is expected to experience the most rapid CAGR over the forecast period. The
demand for virtual healthcare services has been steadily rising, particularly
due to the impact of the COVID-19 pandemic. Numerous initiatives, undertaken by
both public and private entities, aim to alleviate the healthcare cost burden
on small businesses and their employees. This, in turn, is expected to drive
the growth of the small group commercial plan segment.
Despite the various advantages offered
by telehealth and virtual consultations, it's important to note that Medicare
and Medicaid programs do not comprehensively cover all the expenses associated
with these services. This coverage gap places a financial burden on patients
and their caregivers. However, the implementation of specialized healthcare
plans designed to address this issue has led to improved access to healthcare
services and greater patient adherence. Consequently, the utilization of such
plans has contributed to the expansion of this segment, creating more
opportunities for individuals to access essential medical care through
telehealth and virtual consultations.
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Regional
Insights
The North-East region is poised to
dominate the United States Virtual Visits Market for several compelling
reasons. Firstly, the North-East is densely populated, with a significant
concentration of healthcare providers, making it an ideal region for the
proliferation of virtual healthcare services. Secondly, the region has a
well-developed healthcare infrastructure and a high level of technological
readiness, creating a favorable environment for the adoption of virtual visits.
Additionally, the North-East has a history of being at the forefront of
healthcare innovation, with numerous prestigious medical institutions and
research centers driving advancements in telehealth and virtual care
technologies. Furthermore, the region's urban areas often experience heavy
traffic and long commute times, making virtual visits an attractive and
convenient alternative for patients seeking medical care. Lastly, the
North-East's proactive approach to healthcare policy and regulations has
facilitated the integration of virtual visits into the healthcare ecosystem,
further propelling its dominance in the market.
Recent
Developments
- In March 2023, Royal Phillips, a
subsidiary of Koninklijke Philips N.V. specializing in health technology,
unveiled Philips Virtual Care Management. This offering comprises a versatile
array of services and solutions tailored to facilitate remote connections
between employer groups, payers, providers, and health systems and their
patients. With a primary emphasis on efficient chronic illness management, this
comprehensive suite of tools aids in curtailing healthcare costs and
alleviating the burden on hospital staff by decreasing emergency department
admissions.
Key
Market Players
- American Well
- MDLIVE Inc
- Doctor on Demand Inc
- Evisit LLC
- Teladoc Health Inc
- MeMD LLC
- HealthTap Inc
- Vidyo Inc
- PlushCare Inc
- Zipnosis Inc
|
By Service Type
|
By Commercial Plan Type
|
By Region
|
- Cold and Flu Management
- Allergies
- Urgent Care
- Preventive Care
- Chronic Care Management
- Behavioral Health
|
- Small Group
- Self-Funded/ASO Group Plans
- Medicaid
- Medicare
|
- North-East
- Mid-West
- West
- South
|
Report Scope:
In this report, the United States Virtual Visits
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- United States Virtual Visits
Market, By
Service Type:
o Cold and Flu Management
o Allergies
o Urgent Care
o Preventive Care
o Chronic Care Management
o Behavioral Health
- United States Virtual Visits
Market, By
Commercial Plan Type:
o Small Group
o Self-Funded/ASO Group Plans
o Medicaid
o Medicare
- United States Virtual Visits
Market, By Region:
o North-East
o Mid-West
o West
o South
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the United States Virtual Visits Market.
Available Customizations:
United States Virtual Visits market report
with the given market data, TechSci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
United States Virtual Visits Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]