U.S. Virtual Care Market size is expected to reach USD 46.3 billion by 2030

 U.S. Virtual Care Industry Overview

The U.S. virtual care market size was valued at USD 4.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30.75% from 2022 to 2030. Continuous development of advanced technologies, rising patient demand, and regulatory reforms are primary factors driving the market growth. According to the Association of American Medical Colleges, there will be a shortage of about 124,000 and 37,800 specialty and primary care physicians by 2034. The anticipated physician shortage in the U.S. is poised to surge the market growth in the coming years.

 

The U.S. government is making massive investments in digital health and boosting healthcare IT adoption, which is expected to stimulate market expansion. For instance, in February of 2021, the United States Department of Agriculture (USDA) spent USD 42 million on telemedicine infrastructure and remote learning to improve health outcomes and education. Through the Distance Learning and Telemedicine (DLT) program, the USDA financed 86 projects in rural regions to help individuals by offering healthcare education and grants to purchase telemedicine interactive telecommunications distance learning technology.

 

Gather more insights about the market drivers, restrains and growth of the U.S. Virtual Care Market

 

In recent years, digital healthcare has played a significant role in advancing health equity by providing timely treatment and clinical assessment, particularly to the most vulnerable population. To strengthen telehealth services and rural health in the U.S., the Biden-Harris Administration invested over USD 19 million through the Health Resources and Services Administration (HRSA) of the U.S. Department of Health and Human Services (HHS) in August of 2021.

 

The COVID-19 pandemic has highlighted the significance of virtual healthcare services. Before the pandemic, the country made minimal use of telemedicine services. The industry has witnessed tremendous growth in response to the pandemic. Throughout the pandemic, telehealth has been viewed as an emergency tool. Hence, the government took proactive measures to support telemedicine utilization. The Centers for Medicare & Medicaid Services (CMS) provided a temporary extension of Medicare coverage and treatment done through telehealth during COVID-19. This allowed physicians to swiftly transition to offering health services virtually to their patients.

 

With the advent of technological advancements, the significance and utilization of virtual care in the healthcare industry continue to increase. Virtual care services such as video consultations, chats, and messaging are becoming more accessible for both patients and healthcare organizations. In addition, the rising incidence of illness and rapidly growing geriatric population are propelling the market growth.

 

The rising geriatric population is creating a burden on the current healthcare workforce. This coupled with a shortage of medical professionals is resulting in increased waiting time. As per a 2017 Survey of Physician Appointment Wait Times, a new patient has to wait an average of 24 days for a physician’s appointment in the U.S., up from 18.5 days in 2014. Online video or audio consultations helps in reducing the burden on the current workforce as well as provide easy access to the patients. Virtual care technologies offer the potential to improve patient-physician collaboration, patient access and health outcomes, patient satisfaction, and medical expenses. This is anticipated to boost the market growth.

 

Browse through Grand View Research's Healthcare IT Industry Research Reports

  • Virtual Fitness Market: The global virtual fitness market size was valued at USD 16.4 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 26.72% from 2023 to 2030. 
  • Disease Management Apps Market: The disease management apps market is expected to grow at a significant rate owing to a growing trend of individuals prioritizing a healthy lifestyle. The widespread use of tablets, wearable technology, and smartphones, along with the existence of mobile apps, is also driving the market growth. 

 

Key Companies Profile

Some prominent players in the U.S. virtual care market include:

  • Teladoc Health, Inc.
  • American Well Corporation
  • MDLIVE
  • Doctor on Demand, Inc.
  • Virtuwell
  • CVS health
  • MeMD
  • HealthTap, Inc.
  • iCliniq
  • Sesame, Inc.

 

Order a free sample PDF of U.S. Virtual Care Market Intelligence Study, published by Grand View Research. 

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