Competition, Forecast & Opportunities, 2018-2028

Dublin, Nov. 24, 2023 (GLOBE NEWSWIRE) — The “United States Virtual Visits Market, Competition, Forecast & Opportunities, 2018-2028” report has been added to ResearchAndMarkets.com’s offering.

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 11.22% 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.

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.

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.

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Key Attributes:

Segment Highlights

Service Type Insights:

• Urgent Care: Dominated in revenue in 2022.

• Virtual Visits within urgent care are popular for their convenience and accessibility.

• Technology integration allows remote access to medical advice and treatment, reducing the need for physical visits.

• Allergies Sector: Expected to have the highest CAGR during the forecast period.

• Virtual visits offer accessible medical guidance and treatment for allergies.

• Remote communication with healthcare providers through various online platforms.

Commercial Plan Type Insights:

• Self-funded/ASO Group Plans: Dominant in revenue in 2022.

• Growing demand for affordable healthcare solutions and rising healthcare costs contribute.

• Small Group Commercial Plans: Expected to experience the highest CAGR.

• Increasing demand for virtual healthcare services due to COVID-19 impact.

• Initiatives to alleviate healthcare cost burdens on small businesses drive growth.

• Medicare and Medicaid Coverage: Does not comprehensively cover all expenses associated with telehealth and virtual consultations.

• Specialized healthcare plans addressing coverage gaps improve access to healthcare services.

Regional Insights (North-East US):

• Dominance: Poised to dominate the US Virtual Visits Market.

• Densely populated with a significant concentration of healthcare providers.

• Well-developed healthcare infrastructure and high technological readiness.

• Prestigious medical institutions and research centers driving telehealth advancements.

• Heavy traffic and long commute times in urban areas make virtual visits convenient.

• Proactive healthcare policy and regulations support virtual visits integration.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the United States Virtual Visits Market.

• American Well

• MDLIVE Inc

• Doctor on Demand Inc

• Evisit LLC

• Teladoc Health Inc

• MeMD LLC

• HealthTap Inc

• Vidyo Inc

• PlushCare Inc

• Zipnosis Inc

Report Scope:

United States Virtual Visits Market, By Service Type:

• Cold and Flu Management

• Allergies

• Urgent Care

• Preventive Care

• Chronic Care Management

• Behavioral Health

United States Virtual Visits Market, By Commercial Plan Type:

United States Virtual Visits Market, By Region:

• North-East

• Mid-West

• West

• South

For more information about this report visit https://www.researchandmarkets.com/r/ngmg42

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