In 2021, the U.S. virtual visits market was valued at over $5 billion. Around $250 billion in healthcare spending could be saved by using virtual care, which in turn, lead to high adoption of virtual visit across U.S.
Chicago, Aug. 03, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, U.S. virtual visits market is expected to grow at a CAGR of over 27% during 2022-2027. An increase in the growth rate of virtual visits can be observed in the US. The introduction of virtual visits has led to cost-effective treatment, high adoption of home healthcare services, and low expenditure on infrastructure development. The adoption of virtual visit services is expected to rise with advances in technology and the high penetration of internet connectivity with greater speed and smart gadgets.
U.S. Virtual Visits Market Report Scope
MARKET SIZE (2027)
MARKET SIZE (2021)
Component, Application, Patient Group, Health Plans
The US is the leading revenue contributor in the virtual visits market. The use of virtual visits has increased at a significant rate in the US. It is expected to expand at an exponential growth rate in the next two years due to the increasing demand for virtual visits. The surge in virtual visits in the US has been mainly observed during the outbreak of the COVID-19 pandemic, which is likely to augur well for the market in the upcoming years.
Most vendors are originally from the US and are offering a wide range of virtual visit services in a wide range of specialties. The vendors are also coming up with more connected or integrated devices for self-screening, the data of which can be transmitted to a physician through a virtual visit platform that includes connected imaging equipment.
Rising Use of Telehealth Kiosks
During the COVID-19 pandemic, telehealth kiosks played an important role in keeping people safe and healthy. At the WellPower Mental Health Center of Denver, it has multiple telehealth kiosks across its locations, each with a computer, monitor, webcam, phone, and speakers in a private room. In the event of a pandemic, it has implemented telehealth kiosks at several of its sites for the people it serves to access their services virtually.
Funding has become highly available for telehealth kiosks. Moreover, insurers, medical professionals, and patients are accepting telehealth kiosks. Health insurers such as Anthem, Anthem Blue Cross/Blue Shield, and United Healthcare are offering coverage for telehealth services. Hence, increasing demands for telehealth kiosks across the US and increasing funding associated with telehealth kiosks have opened the prospects for virtual visit services growth in the upcoming years.
Increasing Reimbursements by Insurers and Governments for Virtual Visits
The US is the only developed country that does not have a universal healthcare system. The country instead consists of a hybrid public-private system. With this system, individuals get their health insurance from their employer or through a public program, such as Medicaid or Medicare. Insurance coverage in the US for virtual visits has an impact on federal and state laws and insurance company policies. All insurance companies have varying progressive levels. These days, many state legislatures and private health insurance providers are recognizing the potential of virtual visits to reduce costs and keep patients in good health. Even the federal government is taking a new look at how virtual visits might be used more broadly under Medicare.
Market Size & Forecast by Revenue | 2022−2027
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Segmentation – A detailed analysis by component, application, patient group, and health plan
Competitive Landscape – 4 Key Company Profiles and 33 Other Prominent Vendors
Hardware & Software
AMD Global Telemedicine
Other Prominent Vendors
Blue Sky Telehealth
Doctor On Demand
Walmart Health Virtual Care
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