U.S. Virtual Visits market: Overview
The U.S. virtual visits market is likely to expand at an exponential growth rate during the forecast timeframe, from 2020 to 2029. Surging cases of virtual visits have been observed during the outbreak of global pandemic, Covid-19, which is likely to augur well for the market in the forthcoming years. In addition, introduction of high-end audio-video technologies are anticipated to foster growth of the U.S. virtual visits market. A phenomenal rise in the use of smartphones together with the augmented adoption of latest communication technologies, such as 4G/5G technologies is further driving demand of the product.
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Technological progress achieved in the virtual space is likely to play an important role for the market in review. These breakthroughs in the field of technology are generating a plethora of opportunities for the women and men living in urban as well as rural areas to gain access for several health conditions. Virtual spaces can be utilized for treating conditions like irritable bowel syndrome, metabolic syndromes, yeast infections, migraines, fatigue, prostatitis, chronic illness, erectile dysfunction, and birth control. Ability to treat so many diseases sans any physical visits is likely to make drive the growth of the U.S. virtual visits market.
Service type, commercial plan type, age group, gender, and region are the five key parameters based on which the U.S. virtual visits market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
U.S. Virtual Visits market: Notable Developments
The U.S. virtual visits market has witnessed prominent developments in the last few years. A market development that has played an influential role in determining the future course of the market is mentioned below:
In July 2020, US-based prominent virtual healthcare company, Teladoc Health, Inc. acquired InTouch Health, a leading telehealth vendor. The acquisition is expected to provide support in developing comprehensive strategies for virtual visits and telemedicine.
Some of the key players in the U.S. virtual visits market comprise the below-mentioned:
American Well Corporation
eVisit Telemedicine Solution
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U.S. Virtual Visits market: Key Trends
The following drivers, restraints, and opportunities characterize U.S. virtual visits market over the assessment period, from 2019 to 2029.
Market to Ride on the Back of Technological Progress Made in the Field
In addition, rising demand for personalized and specialty care, particularly in the far off areas, is estimated to emerge as growth factor for the U.S. virtual visits market over the forecast timeframe, from 2019 to 2029. These services assist patients establish a connection between specialty experts and certified medical professionals. In addition, augmented penetration of internet coupled with recent progress made in video conferencing systems in the US is expected to work in favor of the U.S. virtual visits market in the near future. Considerable progress has been made in the 5G or 4G technology and their respective networks is likely to propel development of the U.S. virtual visits market.
Increased awareness about the advantages of this service is likely to open up plethora of opportunities for the market in the years to come. American Medical Association published data on virtual visits in February 2020, which reflects doubling of adoption of virtual / tele visits by physicians from 2016 to 2019.
U.S. Virtual Visits market: Geographical Analysis
The virtual visits market in the US is likely to observe immense growth due to the presence of advanced infrastructure and increased spending on healthcare. In addition, rapid adoption of healthcare technologies in the country is another factor for immense growth of the regional market.
The U.S. virtual visits market is segmented as:
Cold and Flu management
Chronic Care management
Commercial Plan Type
Self-funded/ASO group plans
Medicaid and Medicare
Age 65 and above
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